by Matt Weik
Over the past few weeks we've seen some sad news in the fitness community where gyms have announced closings (forever). One such gym chain that seems to be taking the pandemic worst is Gold & # 39; s Gym, which has come out and said it will close more than 30 locations as the president and governors say gyms are in the process Have to close time. One area that exploded in the past month is home fitness equipment.
Good luck finding home fitness equipment in stock online
Adobe Analytics data has shown exponential growth in the home fitness equipment category. With a quick online search you will find that if you are looking for your own home fitness equipment and find that all are sold out this is correct. Adobe Analytics has released information indicating that e-commerce sales of home fitness equipment increased 55% in five days during the pandemic. Even more astonishing is that they also showed that sales increased 535% over the same period this year over the same period last year (which increased 70% from February to March 2019).
It doesn't matter what brand of home fitness equipment you are looking for, everyone seems to be sold out or have an extremely low inventory. While no one has cracked prices, demand has skyrocketed as more and more people are looking for ways to stay healthy at home. Even used fitness equipment companies sell their inventory quickly and have had to upgrade their staff to handle any additional supplies.
Consumers buy ellipticals, bicycles, treadmills, kettlebells, resistance bands, dumbbells, squats, universal gyms, barbells and weight plates – whatever they can get their hands on. Even eBay, Craigslist and Facebook Marketplace are wiped out by home fitness equipment sold by private sellers.
Then you have all the home fitness brands that have interactive software that allows athletes to stay fit through videos and interactive platforms. You can think along the lines of Peloton, NordicTrack, and many other companies that offer subscription-based software that motivates users, keeps them on the right track, and gets the results they want, while the software is fun and entertaining.
How will the growth of the hockey stick in the home fitness equipment market affect gyms and gym membership?
The death of the gyms has only just begun
I am a gymnastics rat – I love being in gyms. I love working on new devices and trying new things. However, I also have my own gym, which I spent thousands and thousands of dollars building. That said, it makes me sad to say or even think about it, but I feel like there will be many gyms that will never recover after this shutdown. And not necessarily because of the shutdown itself and the fact that they still have to pay for their overheads and costs during the pandemic. I tend to see people who see that they can actually do a great workout from the privacy of their own home without having to get in their car and drive to the gym. This will result in many people giving up the gym and quitting their membership.
As previously mentioned, Gold’s Gym closes some of its locations. Gold & # 39; s is a HUGE fitness chain and has always been around. If they hurt, imagine what happens to the smaller mom and pop gyms on the corner of smaller cities. While most gyms shut down their membership and don't charge members, some still collect monthly fees, which frustrates members and causes them to cancel their gym membership. What do they do after they cancel? Go online and buy home fitness equipment.
People do everything they can to fit into a workout and move in some form. There are many gyms, trainers, and experts in the industry that publish free workouts, exercises, and programs online that everyone can use at home or even outside. What does it make? Well, it helps people through a difficult time, but it also shows that many people may not need a gym membership to do great workouts, stay in shape, and lose weight effectively.
This in turn will lead to a mass exodus of people from gyms and drastically reduce the number of memberships. In the same breath, die-hard athletes will not be affected at all and they will likely be sitting in front of the TV and waiting for their governor's announcement that the gyms will reopen and they will immediately jump into their cars and jump straight to the gym to open their swole to get.
Another thing we have to take into account is that people are looking at their expenses. Of all memberships that a gym can have, a small percentage are active members who use the gym regularly. What does that mean? It means people go to the gym, pay the monthly fee and don't go. While that's good news for the gym, it's bad news for the person who pays for something they don't use. This then becomes bad news for the gym because the person who just found that they have a gym membership that they never quit is now going online or calling the gym to immediately cancel their membership.
Even if the gyms are reopened, people cannot rush back
Even if the green light is given and the gyms are reopened, I don't think everyone will rush back on Black Friday like a group of eager shoppers when retailers unlock their doors. Home fitness equipment will continue to be in play and people will hold back and see what happens in their gym and whether people will get sick before considering returning (if they return at all).
One thing I have recommended my customers to buy over the past 15 years has been home fitness equipment. Now I'm not asking them to spend $ 10,000 on tons of pieces, but to invest $ 100 in a good set of resistance bands so you never have an excuse why you can't exercise. Still good luck finding resistance bands, but if you find a good set, I would strongly recommend buying them as a solid home fitness machine that you and the whole family can use and benefit from.
It will be interesting to see how it all develops and what happens to the private gyms and chains out there. Will they come back strong or will home fitness equipment eliminate many of them?
What are your thoughts? Let us know in the comments. And do you miss the gym or did you improvise?