Demand from China and India are expected to be the driving forces behind overall growth in the sportswear market in Asia-Pacific in the next four years, according to a report.
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According to GlobalData’s sportswear survey, the APAC sportswear market is projected to grow at a compound annual growth rate (CAGR) of 9.4 percent from US$189.8 billion in 2020 to US$297.8 billion in 2025, as a result of changes in the consumption habits in the region during the Covid-19 pandemic.
Of the 4,900 APAC respondents surveyed, those aged 16 years and above and who had purchased sportswear in the last twelve months, around 88 percent said that they will spend the same or more on sportswear in the next five years.
By market, China has rapidly recovered from the pandemic returning to a more normal retail environment, said GlobalData, adding key sportswear players such as U.S.-based Under Armour continue to report strong sales growth in the region. India is the other major market in the region, which itself is forecast to grow at a CAGR of 12.9 percent between
“India and China will drive the growth of sportswear in the APAC region on the back of a rapidly expanding urban population and the emergence of numerous local brands serving the large value-seeking consumer base,” said Ankita Roy, Retail Analyst at GlobalData.
“The sportswear market including all clothing and footwear expenditure in the APAC region will rise faster than the rest of the world as Asian markets expand their urban populations leading to a bigger consumer base for brands,” added Roy.
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The survey also found that comfort and quality are the two primary purchase drivers of sportswear in the APAC region. Some 83 percent and 88 percent of shoppers stated that comfort influences their purchase of sports clothing and footwear, respectively, while 81 percent and 85 percent of respondents said that quality is important when shopping for sports clothing and footwear, respectively.