In order to reduce the degree of damage during the epidemic, sports brands have actively deployed new marketing methods such as new retail and live e-commerce. After the epidemic, health awareness is expected to increase. The e-commerce live broadcast format will accelerate maturity. At the same time, industry concentration continues to increase, and industry demand can rebound. period. In the medium and long term, the sportswear industry has received policy support and the development logic remains unchanged. Per capita expenditure and penetration rate are expected to continue to increase. The scale of the industry is expected to continue to expand, and it is still far from the ceiling.

The market scale continues to grow

The domestic sportswear industry rebounded strongly after the adjustment in 2013. With multiple favorable factors such as the strengthening of health awareness, the rise of national fitness trends, policy support and consumption upgrades, the sportswear industry has grown rapidly in recent years, and it has accounted for the largest share of the overall apparel market. Than steadily improve. According to Euromonitor statistics, from 2013 to 2019, the market scale of China's sportswear industry continued to expand. In 2019, China's sportswear market reached 133.6 billion yuan. Health awareness is expected to increase after the epidemic, industry demand may lead to a rebound, sportswear is a high-quality investment track in the apparel market.

According to Euromonitor statistics, Nike/Adidas' market share continued to increase in 2019, reaching 22.9%/20.4%, and Skechers increased to 6.8%. Among domestic brands, Anta has accelerated its shareholding and further distanced itself from Nike/Adidas, with a market share of 16.4% (Anta brand/FILA has a market share of 11%/5.4% respectively). Li Ning/Xtep has stabilized and rebounded, and its market share in 2019 The rate is 6.3%/4.9%.

In the sportswear industry, due to the functional attributes of products and the scarcity of marketing resources, industry barriers are high, and concentration continues to increase. With the competition of various brands and the reshuffle of the industry, the top brands continue to deepen their barriers and expand steadily. At present, the upper, middle and lower reaches of the sportswear industry have formed high-quality leaders. International leading brands have cooperated with domestic upstream and downstream leading manufacturers and distributors to build barriers. Local brands have grown rapidly with geographical and local advantages, and the scale effect is prominent. The multiple and deepening barriers in the industry are good for leading companies and generate companies with large market capitalization. Since 2013, the concentration of the domestic sportswear market has increased significantly, with CR5 increasing by 24.3% to 72.7%. Compared with the international market, the domestic sportswear industry has a higher concentration and a greater degree of improvement.

There is still room for improvement in per capita spending

From a consumption perspective, according to Euromonitor statistics, from 2013 to 2019, China's per capita spending on sports shoes and clothing showed a fluctuating upward trend. In 2019, China's per capita spending on sportswear reached US$32.43, which is about three times the average spending per capita in 2007. .

Benchmarking developed countries, the ceiling of China's sportswear market is still far. But it is still only 2/3 of the global per capita expenditure, 1/4 of Japan, 1/5 of Germany, 1/6 of the United Kingdom, and 1/12 of the United States. There is huge room for future growth.

According to the gap with the global average, the per capita annual consumption of sports shoes and clothing still has a gap of 12.3 U.S. dollars from the global average. From a nationwide perspective, China's sports shoes and clothing market still has room for growth of 17.22 billion U.S. dollars.