Home>Biz Updates

Asian Games economy to give consumption a new push

chinadaily.com.cn| Updated:  September 19, 2023 L M S

With the 19th Asian Games in Hangzhou, East China's Zhejiang province, around the corner, the "Asian Games economy" is not only attracting more orders both at home and abroad, it's also expected to drive culture and sports consumption further, China Securities Journal reported.

Hu Fangjun, general manager of a sports goods manufacturer in China's small commodities hub of Yiwu, feels the spike in interest around sports. The factory where Hu works can produce more than 1,000 footballs daily, but that still falls far short of demand.

"Our overseas orders will take us up to the end of this year," Hu said, adding that the number of orders from emerging markets has surpassed that from the European and American markets, with the fastest growth registered in regions such as Southeast Asia and South America.

Customs data shows that Yiwu, in East China's Zhejiang province, exported 4.21 billion yuan ($577.4 million) of sports goods in the first seven months, an increase of 24.6 percent from the same period in the previous year. Among them, 1.42 billion yuan of sports goods were exported to Asian countries, up 12.7 percent year-on-year.

Sports goods are not only welcomed abroad but also in the domestic market.

Because people's enthusiasm for fitness and physical activity remains high, sports products are selling well in China, Ji Tingting, an official from Zhejiang ROCKBROS Sports Goods Co Ltd, said, adding even though the company operates around the clock, some top sellers were still out of stock.

Meanwhile, the Asian Games is expected to directly drive consumption in accommodation, catering, shopping, tourism, transportation, culture and entertainment, some insiders said.

Hangzhou Asian Games, scheduled from Sept 23 to Oct 8, is expected to bring in more than 20 million visitors, according to the Hangzhou Municipal Bureau of Culture, Radio, TV and Tourism.