Financial Associated Press, May 5 (Editor Tang Yetian), in the past month, the two songs "Compendium of Materia Medica" and "Dragon Fist" have spread all over the country. These two Chinese pop songs have recently become popular again, and they are used as background music for online fitness live broadcasts.
Limited by the sealing measures of some cities under the epidemic, the popularity of home live fitness has recently risen. Before the "May Day" holiday, star fitness coach Liu Ruihong broadcast the cumulative number of viewers in a single day of live fitness over 100 million, and the number of douyin personal account fans increased sharply in the past month, and by the end of the holiday, it had exceeded 60 million people. The agency believes that the live fitness boom will once again drive the attention of the whole people in the fields of fitness and sports equipment.
Han Xiaochen, a researcher at Zhongtai Securities, said that as early as the outbreak of the new crown epidemic in 2020, more people paid attention to the importance of daily exercise for the quality of life, residents' fitness awareness gradually improved, the demand for home sports and "cloud fitness" was stimulated, and the activity of online fitness and sports APP users increased significantly. The continuous advancement of the domestic urbanization process and the continuous increase of the urban population have promoted the upgrading of consumption, superimposed on the impact of the epidemic, people's attention to health is increasing day by day, and fitness has become a way and consumption used by more and more people to decompress and improve their health.
For example, the State Council has launched the National Fitness Plan to provide guidance for deepening sports reform and improving participation in fitness activities; the State General Administration of Sport has issued the "14th Five-Year Plan for Sports Development" to encourage the development of "Internet + fitness" and "Internet of Things + fitness" models to optimize the integration of online and offline fitness interaction. Driven by the increase in Internet penetration and the digitization of the fitness industry, China's online fitness market has achieved rapid development. Home fitness is gradually becoming an alternative to gym fitness, and people's demand for online fitness content is increasing.
According to the KEEP prospectus, the proportion of China's online fitness market will increase from 35.6% in 2019 to 44% in 2020, and it is expected to further increase to 60.6% in 2026. In 2021, the size of China's online fitness market will be 37 billion yuan, and it is expected to reach 89.6 billion yuan in 2026.
Observing the emerging track of fitness, Han Xiaochen concluded that online and offline channels contain the revenue generated by the sales of intelligent fitness equipment, fitness equipment and clothing, and health food, the online fitness market is sold through online channels, and the offline fitness market is sold through offline physical stores.
For online consumption, Tianfeng Securities believes that the demand for fitness VR applications is worth paying attention to, because VR forms of training fitness applications have been verified in overseas markets as early as the early stage of the epidemic. It is recommended to pay attention to the launch of overseas popular applications in China and the layout and research and development of domestic game manufacturers in the field of VR fitness. With the continuous investment of VR hardware by leading companies including Sony, Valve and Tencent around the world, we believe that the production and FOUNDG of related VR equipment hardware are expected to be produced through mainland VR equipment OEM/ODM enterprises. It is recommended to focus on the domestic VR equipment industry chain, such as Goertek, Sunny Optics, BOE, etc.
For offline consumption, sports are also becoming an increasingly important part. The consumer industry team of CITIC Securities also said that in the first quarter of 2022, the number of catering and education and training stores decreased year-on-year, while the increase in sports scene dance, yoga, and fitness indoor sports venues reached 9.4%, 7.9%, and 5.3% respectively, and were evenly distributed in first-tier city clusters and various commercial centers, and occupied the core floor. The continuous tracking of data shows that with the advent of the post-epidemic era, there have been clear changes in the domestic offline consumption scene, and sports consumption has gradually become the main offline scene.
It believes that from the perspective of the offline consumption characteristics of emerging sports, the strong dependence of the scene + high frequency + social participation is a significant feature, so the dynamic tracking and horizontal comparison based on the operation status of the store have a strong significance for the observation of the industry boom, and at the same time, in the new track scene, the consumption amount of sports clothing + equipment accounts for more than 50%, so the trend of sports clothing benefits is clear. Comprehensive 12 mainstream sportswear companies in the domestic market, the layout of domestic categories is more perfect than that of foreign products, and it is in a clear leading position in the yoga and fitness tracks. From the perspective of stores, as of the first quarter of 2022, the number of domestic brands Li Ning and ANTA stores has reached an average of 50% of Adineq. In the same period, foreign brand stores maintained zero growth, and even the number of them shrank. On the whole, the competitive advantage of domestic sportswear offline stores continues to increase, and the layout of emerging sports categories has a first-mover advantage.