China's sporting goods industry shows strong resilience: report

NANCHANG, China, May 21 (Xinhua) -- The total output and sales of China's sporting goods manufacturing industry exceeded 2 trillion yuan (about 277.5 billion US dollars) for the first time in 2023, marking a year-on-year growth of 2.39%, according to an industry report.

The China Sporting Goods Industry Development Report 2024, released Wednesday at the 12th China Sports Industry Conference, found that the sector continues to recover and demonstrates strong resilience.

The added value of China's sporting goods manufacturing industry grew by 7.3% year-on-year in 2022 and by 3.96% in 2023, outperforming many segments of the broader manufacturing industry, according to the report.

Exports also rebounded in 2024, increasing 6.77% year-on-year to about 28.4 billion dollars. Shipments to North America and Western Europe remained strong, while emerging markets such as Vietnam, Thailand, Mexico, Brazil, and Poland showed significant potential.

Domestic demand for sporting goods also showed strong momentum. The report cited transaction data from four of China's leading e-commerce platforms - JD.com, Taobao, Tmall, and Douyin - indicating that online sporting goods sales reached 333.7 billion yuan (about 46.3 billion dollars) in 2024, a year-on-year increase of 22.59%. Sales of domestic and foreign brands were reported to be roughly equal.

While the construction of new public sports facilities has slowed, demand for upgrades and higher-quality venues is rising. As of 2024, China has more than 4.8 million sports venues, covering a total area of 4.23 billion square meters. The per capita sports venue area now stands at 3.0 square meters.

The report also identified several trends reshaping the industry: sporting events are boosting the penetration of sporting goods; products are becoming increasingly smart; and evolving consumer demands are driving diversification in product offerings.

Despite these positive indicators, the report warned of growing external market pressures. In response, many companies are accelerating efforts to expand overseas production in order to mitigate export risks. Enditem