By The Nation
“As a global brand, we provide access to the most dynamic and important fitness markets worldwide,” says Hans-Joachim Erbel, chief executive of Reed Exhibitions Deutschland GmbH, the organiser of FIBO in Germany, adding: “Southeast Asia is one of the fastest growing regions in our industry and holds a vast potential for our exhibitors. We will be bringing together key markets including Indonesia, Malaysia, Vietnam and Thailand with Singapore. The demand for fitness offerings is increasing, not least on account of a growing middle class, tourism and rising health awareness.
The Southeast Asia region is expected to grow at a yearly average of 5.2 per cent from 2018 to 2022 and to become the fourth largest single market in the world by 2030 -- putting it behind only the US, China, and the European Union (EU). According to Ernst & Young (EY), Asean is in a “demographic sweet spot” with a youthful workforce and generous consumer base of more than 659 million people. Unlike more mature Asian countries, the region’s working population surpasses its older dependents, spurring economic expansion, generous consumer and investment spending and wealth accumulation. The fitness market in this region generated combined revenue of US$1.5 billion with the membership penetration rate in Singapore growing to 5.8 per cent between 2014 and 2018, and expected to hit 6.4 per cent annually by 2023. The rest of the markets in the region include Thailand (membership penetration rate of 0.5 per cent), Indonesia (0.18 per cent), Philippines (0.53 per cent), Malaysia (1.04 per cent), and Vietnam (0.50 per cent).
“FIBO Southeast Asia is positioned as the strategic business platform for international brands to serve the growing fitness and wellness community in this region. With Singapore’s international appeal as a green and sustainable city, strategic location and easy access to high-growth markets in Southeast Asia, the trade exhibition and conference will be the place to be seen at this annual industry gathering,” says Michelle Lim, managing director of Reed Exhibitions Singapore, Indonesia and Malaysia.