How will gyms of the future look? What are the biggest changes that we expect to see in 2021 and going forward? Well, those exact questions were asked by a recent study done by a consulting firm McKinsey & Co. The study looked at multiple facets of areas where the industry is being disrupted, changed, and experiencing massive disruption. To save you the time and effort from reading the entire 80-page report, per the survey 62% of respondents believe that things are going to get better and 28% believe that they will get worse. Here are the biggest trends shaping the industry post-pandem
- Athleisure – more people are working from home and thus prefer comfortable clothing over formal
- Digital Fitness – high demand for on demand live stream classes
- Sustainability – Consumers prefer brands that are socially conscious and cognizant of their impact on the environment
Here are the biggest challenges that fitness business and sporting goods owners will face post pandemic:
- Maintaining proper social distancing in stores and facilities
- Managing disruptions in the supply chain due to international restrictions
- Creating new type of marketing and outreach to consumers
- Change in consumer preferences from indoor to outdoor activities.
- Creating new lines of profit within an already existing/established business
There is a lot to unpack here, but I think we can all agree that challenges are also an opportunity to be capitalized upon. By taking the leap into digital, fitness business owners can not only increase profits but potentially reach broader audiences. Per the study, the biggest demographic that fitness business owners should focus on are women, women are generally early adapters to new fitness concepts. Whether it be Pilates, Yoga, or boxing – women are generally more open and experimental then men when it comes to disruption in the fitness industry.
By the same token capitalizing on the digital front is paramount if you want your business to survive and thrive in the post pandemic world. For instance, Title Boxing Club provided a live stream subscription service to its members through its On Demand App so that they could do workouts from home. The club was able to provide it for free during lockdowns, and since re-opening they were able to charge members a monthly fee for using it. While Title’s exact model may not be replicated through brick-and-mortar gyms, it still something to model your business after going forward. Introduction of tech is both an opportunity and a challenge which is why you need experts who have the known passion and knowledge to guide you. Investing Over 53% of Americans plan to complement their gym routine with a digital offering. The three most important things that a fitness app can offer are:
Per the study, a disturbing trend has popped up. People within lower socio-economic classes reported truly little or no physical activity. 46% of people who make below $25,000 reported no physical activity! While people making over $100,000 reported the most physical activity. These trends are not a good sign for a healthy and well to do populous, this presents an opportunity for fitness business owners to make a real impact on society. Fitness is no longer about being shallow and looking at yourself and admiring your muscles all day, fitness is about mental health. It has been scientifically proven that when you exercise regularly, you release certain endorphins which make you happier and more excited about life! The marketplace is hungry for new and innovative ways to include more people, as a fitness business owner what are you waiting on?