INVESTMENT OPPORTUNITIES
INDONESIA
SEA'S BIGGEST ECONOMY
Indonesia is officially an upper-middle income country with GNI per capita of USD$4,046 – USD$12,535. Poverty rates have fallen below 10% and the middle class has grown to 52 million individuals.
RISE OF HEALTH AND WELLNESS
Consumer expenses has increased by more than 80% for fitness classes, gym memberships and sports facilities. The surge in subscriptions for boutique gyms was seen as millennials of today are more attracted toward the aura, community, atmosphere and the enhanced socialisation.
MALAYSIA
INCREASING BOUTIQUE PREFERENCE
Boutique gyms have been growing in popularity in Malaysia, especially in the Klang Valley. Demand for having a workout community and getting personalized services leading to the rise of boutique fitness is huge.
CONSUMER TRENDS
Millennials current assume the largest proportion of the consumer market in Malaysia. They have disrupted the gym and ‘studio norm’ as their behaviors are more focused on community, flexibility and a craving for a unique experience.
PHILIPPINES
MORE BUSINESS PARTNERSHIPS
Corporate tie-ups offering discounts are expected to increase market penetration by 2023. Similarly, the disposable income of Filipinos has been anticipated to increase at a growth rate of 14% with consumers opting for costlier membership packages offering supplementary facilities.
INCREASING HEALTH CONSCIOUSNESS
Esquire has ranked the Philippines as the 13th most health conscious country in the world. The fitness market is picking up steam at a surging record pace with the increase in consumer population coupled with increasing preference for female centric fitness activities.
SINGAPORE
GROWING DEMAND
Revenue in the fitness segment is projected to reach USD$184M in 2022, showing an annual growth rate of 9.89%, resulting in a projected market volume of USD$295M by 2027.
CONSUMER TRENDS
Studies have shown that 70% of Singaporeans are more comfortable visiting gyms and health clubs as it allows members to tap on scheduled workouts which limits the number of people in each session.
THAILAND
CONSUMER TRENDS
Fitness operators in Thailand are catching on to increasing expenditure by the Thai middle class. This is largely due to consumers acquiring more knowledge about the benefits of exercise and an aging population.
COMPLIMENTARY INDUSTRY OPPORTUNITIES
Purchases of wearable devices are booming in Thailand, where people are concerned about fitness and health tracking. Increased awareness for health and wellness has also fueled the fitness industry in Thailand, with multiple studios cross-selling products such as sportswear and equipment
VIETNAM
FIRST MOVER ADVANTAGE
There are currently no boutique spin studios in any of the major cities in Vietnam despite a vibrant and thriving fitness scene.
GROWING MIDDLE CLASS
36 million more consumers have joined Vietnam’s consuming class, defined as consumers who spend at least USD$11 a day in PPP terms. This is projected to surge as the country’s urban population rises from 37% in 2020 to 44% by 2030.
INVESTMENT OPPORTUNITIES
INDONESIA
SEA'S BIGGEST ECONOMY
Indonesia is officially an upper-middle income country with GNI per capita of USD$4,046 – USD$12,535. Poverty rates have fallen below 10% and the middle class has grown to 52 million individuals.
RISE OF HEALTH AND WELLNESS
Consumer expenses has increased by more than 80% for fitness classes, gym memberships and sports facilities. The surge in subscriptions for boutique gyms was seen as millennials of today are more attracted toward the aura, community, atmosphere and the enhanced socialisation.
MALAYSIA
INCREASING BOUTIQUE PREFERENCE
Boutique gyms have been growing in popularity in Malaysia, especially in the Klang Valley. Demand for having a workout community and getting personalized services leading to the rise of boutique fitness is huge.
CONSUMER TRENDS
Millennials current assume the largest proportion of the consumer market in Malaysia. They have disrupted the gym and ‘studio norm’ as their behaviors are more focused on community, flexibility and a craving for a unique experience.
PHILIPPINES
MORE BUSINESS PARTNERSHIPS
Corporate tie-ups offering discounts are expected to increase market penetration by 2023. Similarly, the disposable income of Filipinos has been anticipated to increase at a growth rate of 14% with consumers opting for costlier membership packages offering supplementary facilities.
INCREASING HEALTH CONSCIOUSNESS
Esquire has ranked the Philippines as the 13th most health conscious country in the world. The fitness market is picking up steam at a surging record pace with the increase in consumer population coupled with increasing preference for female centric fitness activities.
SINGAPORE
GROWING DEMAND
Revenue in the fitness segment is projected to reach USD$184M in 2022, showing an annual growth rate of 9.89%, resulting in a projected market volume of USD$295M by 2027.
CONSUMER TRENDS
Studies have shown that 70% of Singaporeans are more comfortable visiting gyms and health clubs as it allows members to tap on scheduled workouts which limits the number of people in each session.
THAILAND
CONSUMER TRENDS
Fitness operators in Thailand are catching on to increasing expenditure by the Thai middle class. This is largely due to consumers acquiring more knowledge about the benefits of exercise and an aging population.
COMPLIMENTARY INDUSTRY OPPORTUNITIES
Purchases of wearable devices are booming in Thailand, where people are concerned about fitness and health tracking. Increased awareness for health and wellness has also fueled the fitness industry in Thailand, with multiple studios cross-selling products such as sportswear and equipment
VIETNAM
FIRST MOVER ADVANTAGE
There are currently no boutique spin studios in any of the major cities in Vietnam despite a vibrant and thriving fitness scene.
GROWING MIDDLE CLASS
36 million more consumers have joined Vietnam’s consumer class. This is projected to surge as the country’s urban population rises from 37% in 2020 to 44% by 2030.
