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English|Driven by Gen Z and Winter Olympics, China’s Ski Market is on the Rise

English|Driven by Gen Z and Winter Olympics, China’s Ski Market is on the Rise
文章图片

Image: Visual China
As the Beijing Winter Olympic Games nears and more young adults are hitting the ski slopes, the ski market in China is also experiencing massive growth.
During the 2022 New Year vacation, young people flocked to ski resorts in North China, dressed in fancy ski suits and equipped with dashing ski gear, looking to capture moments of skiing that can be uploaded to social media.
On Chinese lifestyle platform Xiaohongshu, search entries that involve the keyboard ski have almost doubled since the onset of the winter.
Many ski resorts have witnessed a surge in visitors when compared with previous years. Chongli, the 2022 Winter Olympic Games venue, has seen local hotel prices soar to 23,000 yuan, almost as high as the prices during the Chiese New Year. As of October 2021, 346 million people in China engaged in ski-related activities, according to data from the National Bureau of Statistics.
The increasing popularity of skiing also boosts the sales of ski equipment. In December 2020, the sales volume of ski equipment had increased by 13 times year-on-year, according to the 2020 Winter Lifestyle Trend Report jointly released by CBNData and Tmall Sports. Emerging Chinese brands such as NANDN, Vector and Nobaday made it into the top ten list of Gen Z’s favorite ski equipment brands.
A lucrative marketCommon ski equipment includes ski wear, snowboard, snowshoes, snowboarding helmet and snowboarding glasses. Ski lovers would generally purchase their own equipment of professional ski brands like K2, Burton and Nitro, as well as luxury brands such as Dior, LV and Balenciaga. Many ski wears could cost up to 8,000 yuan. Some ski lovers enjoy collecting top-notch ski equipment.
Many people at ski resorts are only tourists who ski for curiosity rather than exercise. In China, 78% of ski activity participants are one-time learners. However, skiing as a sport has taken the center of the stage as the Beijing Winter Olympics helps popularize it. In 2019, China already had 770 ski venues of different sizes.
Ski equipment is also becoming more affordable. A complete set of ski gear can be easily found at the sports equipment chain store Decathlon. “People who are new to skiing are not advised to purchase the expensive equipment. You can just rent things like snowboard,” Serina, a skiing lover said. “For people who are going to ski for the first time, they can purchase snow wear such as ski suit, gloves, socks and glasses. It will cost you around 2,000 yuan.”
High-end ski lovers and pros contribute to the premium ski market while tourists generate revenue for the overall market. According to the Development Plan for Winter Sports (2016-2025) from the General Administration of Sport of China, the country is planning to grow its winter sports market to a scale of one trillion yuan and get 300 million people to engage in winter sports activities by 2025. As of late November 2020, there were over 5,000 businesses related to skiing in China, according to statistics from enterprise record platform Qichacha.
English|Driven by Gen Z and Winter Olympics, China’s Ski Market is on the Rise
文章图片

【English|Driven by Gen Z and Winter Olympics, China’s Ski Market is on the Rise】Image: Visual China
A market in its early stageThe ski market seems to be growing fast in China but most people who have skied are only one-time consumers. The rate of conversion from one-time consumers to actual ski lovers is less than 1%, much lower than the 5% conversion in mature markets.
In the United States, around 55 million people would go skiing every year, according to statistics from Snow Sports Industries America. In 2016, the retail volume of personal ski equipment in the United States was US$4.3 billion. Ski clothing contributed 65% of the retail revenue. In comparison, the retail volume of personal ski equipment in China in 2018 was 3.2 billion yuan.

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