The fitness industry is positioned for incredible growth in the coming years as fitness trends undergo a seismic shift away from commercial gyms. Before the pandemic only 18% of gym membership holders actually went to the gym, and since the pandemic, that statistic has not rebounded. In fact, gyms are still down 22.5% of members. Meanwhile, online fitness apps are growing at a significant rate as more and more people want to workout at their homes, work, and places of convince. Because of this shift, how much is the fitness industry going to grow?
In 2019, the fitness industry was worth approximately 159.10 billion. Projections estimate that the industry will reach a revenue of 434.74 billion by 2028, growing over 170%.
Knowing the fitness industry is reaching such high revenue, fitness companies are expanding to include other industries, and corporations are expanding to include fitness.
Life Time Fitness, yes the giant membership gym, has extended their company into the multi-family real estate industry by creating Life Time Living. Life Time living is the new multi-functional living branch of Life Time Fitness that is opening nationwide. They not only have a massive fitness facility onsite, but to every resident they offer a diamond level membership to every Life Time gym nationwide. By creating an apartment centered around health and fitness, they were able to charge a higher rent and are still at max capacity with a long wait list.
Google is notorious for its employee perks. Their goal is “to create the happiest, most productive workplace in the world.” With that goal in mind, it’s no wonder they have an extensive fitness center in almost every one of their offices. One Google employee said they were able to have more of an opened mind after working out and felt more productive at work than they ever have been. By investing into the well-being of their employees, Google has been named one of the most productive and successful companies on the planet.
Equinox Fitness is now entering the hotel industry by creating what The Wall Street Journal calls “The Fittest Hotel on Earth”. They found a way to incorporate health and fitness into every aspect of their hotel from a huge fitness facility to yoga mats and foam rollers in every room. They also offer fitness classes and provide onsite private trainers to their guests. By focusing on the highest revenue industry, it is no wonder the hotel is already being named “The Best New Hotel in the World”.
Everyone needs to up their fitness game, no matter their current industry, to generate higher revenue. Fitness is where the money is! If you have a fitness center currently, upgrade it, promote it, draw attention to it. If you don’t, build one! Follow in these major corporations’ steps. They are your top competitor, so how will you compete?
One way to stand out is to provide a digital gym guide to your clients. Premier Fitness Service offers a free VirtualFIT QR platform to guide users through workouts and using equipment. By putting this free platform on the fitness centers walls, it draws attention of clients and shows them you are putting effort into their health and well-being. The QR platform is a great first step in using fitness to market your property.
The fitness industry is the top growing industry, and you need to take advantage of it. Health and fitness is growing revenue in multiple industries and will continue to expand into every industry. Get ahead of the curve by using your fitness amenity to your advantage now.