Remember the transition from sweaty old ‘weights-only’ gyms to multi-purpose fitness centres with a huge focus on personal training and group classes? Well, a slow but steady shift in the fitness industry seems to be taking place. While Gizmo’s like the latest smart watch, fitness band or virtual reality, treadmill experience may make headlines on #mashable or #techcrunch where there is a much bigger shift worth pondering.
The biggest shift is from annual gym membership to on-demand fitness. Also, fitness streaming is now catching on like wildfire.
Globally, on-demand fitness contributes to over 7% of total spending on workouts in 2016. According to a research done by Cardlytics in the United States, this has now overtaken the spending of yoga and Pilates studios combined. The research also stated that traditional gyms have lost 5% market share over the last two years.
Our lifestyles are such, that it makes far more sense to do a 15 minute workout just before you head out in the morning in the comfort of your home with your favorite trainer or program on your digital device as opposed to traveling half an hour to a gym for the same 15 minute workout. Unlike a professional class of kick-boxing, you have the option of selecting from multiple trainers, strength levels and various programs. In my view, fitness is truly in our pocket now.
So what does it mean for mega gyms, personal trainers and Zumba instructors? Don’t close shop just yet; given the fact that 78% of fitness expenses is still spent at gyms. However, the first adopters who start selling their services as on-demand memberships and fitness streaming services will be far ahead of the competition when the scale continues to tip even more.