With the onslaught of at-home connected fitness innovations–everything
from Peloton to smart rowing machines, even weight lifting systems–one
wonders: Will Americans soon prefer working out in their living room
versus going to the gym?
As the health and wellness category continues to explode, the U.S.
fitness market has swelled to more than $30 billion, with approximately
16% of the population holding a gym membership card, reports the
International Health, Racquet & Sportsclub Association (IHRSA).
We’re sweating (or simply paying gym fees) more than ever before:
Membership increased more than 10% over the last three years.
But how many Americans will really ditch the gym for these new smart
cardio tools, many of which cost well over a $1,500? Will convenience
soon trump the neighborhood boutique fitness studio?
A new report from user insights platform Alpha looks at whether
consumers are ready to bunker down inside, as well as the biggest
obstacles facing the $14 billion home fitness equipment market. In their
findings, analysts learned that 54% of Americans who work out at least
once a month are interested in buying an at-home fitness system, but
several concerns keep them from pulling the trigger.
Of those surveyed, 34% claimed they have “no room in their home or
apartment” for the equipment, while 24% said the trendy systems were too
expensive. In third place, 11% said they simply preferred the live
environment of fitness classes.
While those all seem like reasonable objections, it’s interesting that
the majority did not single out price, notes Alpha cofounder Nis Frome.
“The rest of the objections seem easier to overcome than being too
expensive,” says Frome via email. He also echoed what many industry
insiders have said before: Prices will continue to drop as tech advances
and adoption continues to grow.
Space is one issue already being addressed by this still burgeoning
industry. The newly launched Mirror is one startup attempting to reclaim
living spaces with a $1,495 full-length connected mirror that can be
hung on one’s wall. It’s essentially a virtual personal trainer the size
of a yoga mat.
Price, meanwhile, doesn’t seem to hold back companies like Peloton,
whose popular $1,995 stationary bicycles (and soon-to-be released $3,995
treadmills) propelled it to a $4 billion valuation. The company boasts
over 1 million subscribers and 32 showrooms in the United States. It
plans to further appeal to more income levels with the addition of a new
monthly financing program.
“Right now, this tech is very early in the adoption cycle, and it may
never make sense for everyone,” explains Frome, “but for early adopters,
the enthusiasm is pretty next-level, so the tech looks promising. What
these companies are doing in almost all cases is making consumers’ lives
easier.”
Alpha’s report found that 27% of those who work out at least once a
month have a gym membership–the same percentage as those who claim to
have gym at their apartment building or home–while only 7% say they
subscribe to an in-home fitness class like Peloton. The remaining 10% is
evenly split between those who take individual classes and those who
depend on a class membership model like ClassPass.
Men were said to be more inclined to work at home and therefore more
likely to purchase an at-home fitness system. But companies such as
Mirror report increasing demand from women–including young moms–who
prefer the convenience of living-room workouts.
While 46% of those surveyed reported “never” or “rarely” working out,
there might be a way to appeal to a new form of keeping (mildly) fit,
adds Frome. “There’s an opportunity for home fitness systems to
reeducate almost half of the marketplace on what constitutes ‘working
out’–it doesn’t have to be an hour at the gym, it can be as little as 5
or 10 minutes at home for results to occur,” he says.
Despite the relatively smaller pool of buyers, Frome is optimistic about
the growth potential of the market, particularly one specific advantage
it has over standard gym competitors: customization. It’s a trend
that’s swept nearly every sector–fashion, beauty, food, tech–with
fitness being no exception.
“Generally speaking, over the last 15 years, products that offer a
tailored, individual experience–think Netflix or, earlier, the iPod–tend
to perform better over time than those offering a generic experience,”
says Frome. “Clearly most of America doesn’t own a Peloton or attend
SoulCycle. But at some point that was also true of cell phones or
HDTVs.”
https://www.geezgo.com/sps/43828
Join
Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your
Closenets (friends, relatives, colleague etc) in personalized ways.>>
from Peloton to smart rowing machines, even weight lifting systems–one
wonders: Will Americans soon prefer working out in their living room
versus going to the gym?
As the health and wellness category continues to explode, the U.S.
fitness market has swelled to more than $30 billion, with approximately
16% of the population holding a gym membership card, reports the
International Health, Racquet & Sportsclub Association (IHRSA).
We’re sweating (or simply paying gym fees) more than ever before:
Membership increased more than 10% over the last three years.
But how many Americans will really ditch the gym for these new smart
cardio tools, many of which cost well over a $1,500? Will convenience
soon trump the neighborhood boutique fitness studio?
A new report from user insights platform Alpha looks at whether
consumers are ready to bunker down inside, as well as the biggest
obstacles facing the $14 billion home fitness equipment market. In their
findings, analysts learned that 54% of Americans who work out at least
once a month are interested in buying an at-home fitness system, but
several concerns keep them from pulling the trigger.
Of those surveyed, 34% claimed they have “no room in their home or
apartment” for the equipment, while 24% said the trendy systems were too
expensive. In third place, 11% said they simply preferred the live
environment of fitness classes.
While those all seem like reasonable objections, it’s interesting that
the majority did not single out price, notes Alpha cofounder Nis Frome.
“The rest of the objections seem easier to overcome than being too
expensive,” says Frome via email. He also echoed what many industry
insiders have said before: Prices will continue to drop as tech advances
and adoption continues to grow.
Space is one issue already being addressed by this still burgeoning
industry. The newly launched Mirror is one startup attempting to reclaim
living spaces with a $1,495 full-length connected mirror that can be
hung on one’s wall. It’s essentially a virtual personal trainer the size
of a yoga mat.
Price, meanwhile, doesn’t seem to hold back companies like Peloton,
whose popular $1,995 stationary bicycles (and soon-to-be released $3,995
treadmills) propelled it to a $4 billion valuation. The company boasts
over 1 million subscribers and 32 showrooms in the United States. It
plans to further appeal to more income levels with the addition of a new
monthly financing program.
“Right now, this tech is very early in the adoption cycle, and it may
never make sense for everyone,” explains Frome, “but for early adopters,
the enthusiasm is pretty next-level, so the tech looks promising. What
these companies are doing in almost all cases is making consumers’ lives
easier.”
Alpha’s report found that 27% of those who work out at least once a
month have a gym membership–the same percentage as those who claim to
have gym at their apartment building or home–while only 7% say they
subscribe to an in-home fitness class like Peloton. The remaining 10% is
evenly split between those who take individual classes and those who
depend on a class membership model like ClassPass.
Men were said to be more inclined to work at home and therefore more
likely to purchase an at-home fitness system. But companies such as
Mirror report increasing demand from women–including young moms–who
prefer the convenience of living-room workouts.
While 46% of those surveyed reported “never” or “rarely” working out,
there might be a way to appeal to a new form of keeping (mildly) fit,
adds Frome. “There’s an opportunity for home fitness systems to
reeducate almost half of the marketplace on what constitutes ‘working
out’–it doesn’t have to be an hour at the gym, it can be as little as 5
or 10 minutes at home for results to occur,” he says.
Despite the relatively smaller pool of buyers, Frome is optimistic about
the growth potential of the market, particularly one specific advantage
it has over standard gym competitors: customization. It’s a trend
that’s swept nearly every sector–fashion, beauty, food, tech–with
fitness being no exception.
“Generally speaking, over the last 15 years, products that offer a
tailored, individual experience–think Netflix or, earlier, the iPod–tend
to perform better over time than those offering a generic experience,”
says Frome. “Clearly most of America doesn’t own a Peloton or attend
SoulCycle. But at some point that was also true of cell phones or
HDTVs.”
https://www.geezgo.com/sps/43828
Join
Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your
Closenets (friends, relatives, colleague etc) in personalized ways.>>
Post a Comment