A recent study by the International Health Racquet and Sportsclub Association (IHRSA) observed that the USD 30 billion health and fitness industry is growing at by at least 3-4 percent per year over the last ten decades and is further bound to grow.
It is also observed that 20 percent of American adults have a fitness club membership, which is likely to double in the coming years.
What we can draw from here is that the fitness industry is going great guns but most of us are also thinking about what must be driving the success of this industry. We’ve got the answer to that question!
If you’re somebody who is looking to tap on the potential of the fitness sector, then here are some of its success-driving factors to consider in 2020:
1) Incentivizing Healthy Lifestyles
Healthy employees cost less to insure and hence reduce the burden of employers and insurers by cutting down on insurance costs. That’s the reason why most of them are providing incentives for healthy living. A majority of employers these days are covering costs of a club membership, as and when employees show them that they’ve enrolled to one.
While the compensation earned it is not as big as the income earned on running a fitness studio or club, it is definitely a great source of supplemental income.
2) Increased Demand for Healthy Food
A fitness trend observed over the years shows that there is a shift from consumer demand for processed to demand for healthy – natural or organic food. The trend is influential and many more people are being drawn to make conscious food choices.
As they get into the habit of eating healthy food, they are naturally persuaded to incorporate healthy life practices such as performing physical exercises or enrolling to a gym.
3) The Popularity of Fitness Gadgets and Devices
Like healthy food can influence healthy practices and lifestyles, so can fitness gadgets and devices. The fact that people have access to information about every aspect of their body function including, heart health, weight, calorie count, water/food consumption and step count makes them want to be more health conscious.
This results in them looking up ways on the internet to see how to maintain a healthy lifestyle or simply enroll to a fitness studio or gym.
4) Access to Exercise From Anywhere
Streaming exercise classes have put fitness within the reach of every single person. Now, a busy schedule is more an excuse to stay away from exercising. You can simply watch a fitness routine from the comfort of your home, at any part of the day.
As a potential investor in the industry, you may think that this might altogether eliminate your role or the prospects of your business but wait until you consider the following. Many fitness enthusiasts don’t only rely on virtual means to get going with their fitness plans.
They also want to keep in touch with the real world so that there’s more social interaction and variety in what they do. Additionally, the trust that comes with speaking to an instructor in person and learning from them keeps fitness advocates coming to fitness studios, clubs and gyms.
5) High-Value, Low Price Gyms
The idea of a high-value, low priced fitness studios or gym seems to click well for the current generation of fitness enthusiasts. Likewise, the rise of boutique studios is a proof of the fact that millennials are looking for niche areas of specialization that will meet their requirement in a single location even if it entails at a slightly higher price.
Moreover, such facilities do not occupy a large area. Hence a prospective investor could consider setting them up.
6) Obstacle Races
This fitness trend is becoming popular because of the energy, the hard work, the challenge and the resultant sense of accomplishment it brings once completed.
But it’s not easy to get going with an obstacle race, it takes some amount of training and consistency. Most individuals are looking to experts for help or bringing them to fitness studios or health club.
Now, that you know what factors drive the popularity and the rise of the Fitness industry, what’s your strategy to start a fitness setup of your own?
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