Vietnam: Consumers spending more on healthcare, sportswear
Interest in healthcare rose during the pandemic, leading to higher profits in the sportswear industry.
At a recent international exhibition on sports and cycle, Do Van Hoang from Hanoi bought a VND30 million bicycle. Hoang said he was not a professional cyclist but was ready to pay for a quality bicycle. The price was equal to a motorbike.
Bicycle sellers at the exhibition said that products of VND10 million were favored but models priced over VND30 million also sold well.
Nguyen Thanh Duy, a provider of equipment for gym and fitness centers in Hanoi, said demand for practicing physical exercise and playing sports is very high, especially from young clients with high income.
Some families have set up private fitness rooms, using equipment imported from the US and Europe. Such equipment is priced up to VND100-200 million.
At the exhibition, a young woman named Tran Thi Huong from Hanoi sought to buy equipment and sportswear as she had just joined a golf class. According to Huong, low-cost products are priced at VND7-30 million, while middle-end products are VND30-80 million, and high-end VND100 million. Golf outfits are priced VND7-10 million/product.
Nguyen Hong Minh, deputy general director of the General Directorate of Sports and Physical Training, said playing sports to improve health has become popular in Vietnam. The market for sportswear has great potential.
Randy Dobson, president of CMG.ASIA, said Vietnam has the highest proportion of family GDP spent on healthcare and fitness annually in Southeast Asia.
A report from McKinsey showed that, in 2021, despite the impact of the pandemic, sporting goods grew by 8.8 percent. It is estimated that the world’s sporting goods market will have a value of $400 billion by 2025 and will be $321 million for Vietnam.
A Vinaxad official said international brands from China, South Korea, Singapore, Japan and the UK want to enter Vietnam. Some local firms are jumping into this field, including smartphone distributor Mobile World and Rita Vo.