Thailand's media reports that since the outbreak of COVID-19, there has been a significant increase in Thai consumers' focus on health and wellness, with the sports equipment market expected to see substantial growth in the coming years.
Kitti Charoenpornpanichkul, Chairman of the Thai Sports Trade Association, stated that in 2022, the market for sports equipment in Thailand was valued at approximately 30 billion baht, significantly higher than the pre-pandemic value of 25 billion baht in 2019. Kitti noted that the heightened awareness of physical health since the pandemic has promoted active lifestyles, boosting sales of sports equipment in 2023, with sports shoes accounting for half of the sales.
Kitti projects that the market value will reach 32 billion baht this year, an 8% increase. He attributes this growth to the rising number of elderly people engaging in sports and recreational activities and the increase in youth sports academies. Additionally, the rise in sports tourism activities has contributed to higher expenditures on sports equipment.
"I believe the sports equipment market could grow by more than 8% if Thailand does not face an economic slowdown," Kitti said. Post-pandemic fitness trends have shifted, with consumers prioritizing public health and safety, seeking convenient ways to stay active and healthy without needing to visit gyms or sports facilities, thus driving demand for home exercise equipment.
As gym usage declines, fitness operators have adapted by modifying their business models. Some gyms have reduced the number of fitness machines to create more space for personal or group training sessions.
In conclusion, with the rising health consciousness and diversified market demand, the Thai sports equipment market is poised for continued growth.