Fitness: The Top Growing Industry
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.
Apartments
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.
Corporations
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.
Hotels
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”.
