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ContentTaking a closer look at China's health and wellness market through a consumer lensTaking a closer look at China's health and wellness market through a consumer lens
From young generations adopting a new lifestyle: pengke yangsheng (朋克养生) or punk health and more, Zarina Kanji, Head of Business Development and Marketing for Tmall Global, Alibaba UK and Nordics tells us all.
China's economy has expanded to become the second-largest in the world. With 1.4 billion customers in the country, different marketplaces are expected to continue rising and taking up a sizable percentage of the consumer market with time. Health and wellness is one of these emerging markets; a segment that has just lately experienced a growth in China. The bulk of wellness expenditure in the Asia-Pacific area, according to a survey by the Asian Development Bank, is on the Chinese wellness sector.
According to the same ADB research, fitness technology was a significant source of expenditure among Chinese consumers. The ADB discovered that in 2018, spending on fitness and health technologies increased to $10.8 billion. These numbers have increased significantly as online buying reaches previously unheard-of levels in 2020 and 2021. Health and fitness appear to be recreations for Chinese customers, with the exception of medical services.
The second-largest wellness market in the world, according to Kanji, the Chinese health and wellness market is presently estimated at $683 billion (£577 billion), with the majority of transactions being made online.
Watch full interview below to learn more about China's rapidly evolving health and wellness market:
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