The turnover of retail of sports and recreational articles in China has shown significant fluctuations over the years. From 2013 to 2023, it experienced both substantial increases and decreases. Notably, there were sharp declines in 2016 and 2017, followed by a remarkable recovery in 2018 and 2020. The turnover stood at 31.0 hundred million Yuans Renminbi in 2023, reflecting a nominal increase of 0.077% compared to the previous year. Over the last two years, the market has shown relative stability with a 26.15% rise in 2021 and a subsequent 24.02% decline in 2022. The five-year CAGR ending in 2023 was modest at 0.33%.
Future trends to watch for include:
- Sustained stability in the market with marginal growth, as indicated by the forecasted 5-year CAGR of 0.03%.
- Industry players should monitor consumer preferences for innovative and technologically advanced sports equipment.
- Impact of e-commerce and digital transformation on sales channels.
- Effects of China's economic policies and global trade dynamics on the retail industry.
