Fitness market ‘to grow 300 per cent’ in next decade
The global fitness market is primed for explosive growth over the next decade, as accelerated digitalisation and a convergence of big brands into the sector will spawn a billion global fitness users.
That’s according to renowned fitness and technology expert Bryan O’Rourke, who says that more consumers will buy into fitness experiences as technology makes it easier to access them. He believes the combination of wearable technology, smarter mobile apps and better use of the resultant data will profoundly affect the way people think about their wellbeing and fuel significant industry growth.
Pointing to S-Curve reinvention – whereby brands on a similar trajectory fail or flourish based on their ability to innovate – O’Rourke believes the next 10 years will see the fitness landscape alter significantly.
He says omnichannel brands with a compelling blend of digital and physical experiences – such as SoulCycle, Equinox and Under Armour – will continue to reap rewards, whereas established brands which are unable to shake-off their legacy costs will feel further pain.
“I think there are huge opportunities for cross-pollination in the market as big brands come in and re-engineer the user experience. We’ll see the health and fitness industry grow 300 per cent by 2025,” O’Rourke told Health Club Management.
“A rising tide will lift all boats, but we’ll see a marked difference between the success stories and the legacy gym operators who fail to adapt. Some will still be there, but I think many will either be taken over or bought.”
Chiming with recent research from trendspotters, O’Rourke said predicting consumer behaviour based on demographic norms such as age, gender and income, as a means to shape a business has become obsolete. Instead, he says forensic attention must be paid to the consumer journey and each of their touch-points with a brand.
“What we’re seeing in the US, and to some extent globally, is a new generation who no longer follow conventional norms,” he added.
“They’re having kids later or not at all; renting homes instead of buying; and urbanisation means that fewer are buying cars. Instead, they have more disposable income and prefer to spend this on experiences – for example paying more to work out across multiple facilities – rather than buying material goods. It’s a total reinvention of the American Dream.”
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