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: