According to the IHRSA (International Health, Racquet & Sportsclub Association), the $30 billion fitness industry in the U.S. has experienced an average growth of at least 3 – 4 percent every year for the past ten years. Besides, the health and fitness industry shows no signs of slowing down soon. If anything, it’s booming.
Today, up to 20 percent of adult Americans have subscribed to a fitness club, and that number is expected to double in the next 10-15 years. Therefore, the health and fitness sector now stands as one of the world’s largest and fastest-growing industries. In this article, we shall look at the reasons why the growth of the fitness industry is accelerating.
Let’s dive right in.
Innovations in Fitness Technology
Technological changes affect almost every industry in the market and our daily activities with the invention of wearing technology, smart fitness clothing, and high-quality home gyms with personal training supported by artificial intelligence. Wearable fitness technology allows its users to be more conscious about their fitness and general well being.
The new technology can track every move, step, calorie you take, your heart rate and blood pressure, and give guidelines on improving your health. Other innovations like the Fitbit, Garmin, and Apple Watch devices encourage people to incorporate customized health and fitness data into our day to day lives.
For this reason, gyms and fitness clubs are likely to integrate their services with their clients’ wearable technology and fitness data solutions from gym software companies in the coming months for the convenience and safety of clients during the coronavirus crisis.
Once you start putting the digital feedback from your wearable technology into consideration, you will make more informed health and fitness decisions. The positive results from these innovations are encouraging many customers to seek solutions in fitness gyms and clubs.
Health Insurance Costs
Maintaining a healthy lifestyle can help you and your insurance company cut on health insurance costs. If anything, it costs less to insure a healthy individual. Most business enterprises are now paying for their employees’ fitness classes bills or gym subscriptions. Employers are continually coming up with healthy living incentives such as riding your bike to work or enlightening their employees’ on healthy eating habits. In return, employers benefit from the lower cost of insuring healthy employees.
Although this rapidly growing sector of the health and fitness industry cannot propel proper business growth on its own, it plays a significant role in revenue supplements in the industry. With the healthcare expenditure on the rise in recent times, any measure that can be put in place to increase a business’s revenue is essential to keeping operational costs low.
The various business organizations’ healthy lifestyle incentives are also great for employees who benefit from the measures. Ranging from covering the cost of health and fitness classes to entirely pushing for healthy lifestyle choices, the health and fitness incentives can positively impact you as an individual and the business.
Demand for Home Workouts
The Millenials are the most active social groups in the world currently. Compared to other generations, the millennial generation is more committed to healthy eating habits and general health and fitness. However, this generation has some central time constraints where they don’t get so much free time to walk to the gym every day.
For this reason, there has been an increased demand for home workouts. There has also been an increase in fitness companies who prefer renting gym equipment to their clients and guiding them on using the equipment. With the combination of home fitness equipment, the different fitness apps, and online streaming of fitness classes, the demand for home workouts is set to increase in the future.
As a matter of fact, the various innovations in fitness technology gives the home workout sessions a whole new and more exciting experience. With the increased number of boutique studios in the market today, you can find a class for any health and fitness topic of your interest. What’s even better, you can get access to high-quality definition content in the comfort of your house from highly trained and certified fitness instructors in a more personal way.
In the past, when you could not stream health and fitness classes, you had to find time from your busy schedule to hit the gym. In some cases where you could not get the time to visit the gym, you wouldn’t work out that day. Thanks to the invention of high technology health and fitness brands, you can now access a home gym, and that’s not all; you can follow along with your fitness instructor.
Consumers Favour Health Over Convenience
Many factors have contributed to the accelerating demand in the health and fitness industry to the enormous business sector it currently is. One of the significant characteristics of its rapid growth is the gradual shift in customer behavior to prefer health to convenience. Now more than ever, people are more conscious of healthy life choices and proper eating habits, which is evident from the dietary decisions people are making.
Over the last ten years, the health and fitness industry has experienced rapid growth. One of the reasons for this unprecedented growth is the innovations in fitness technology, increased demand for interpersonal connections, and inventive fitness approaches. In the coming days, you are likely to experience continued growth in demand in the industry, and this will be fueled mostly by customer needs and innovations in the health and fitness industry.
It is clearly evident that the health and fitness industry is massive in the entire business world today. As the fitness business sector changes with new inventions and technological innovations, consumer demands are changing. More than ever, consumers are conscious of their fitness, healthy eating habits, and general well-being.
Businesses can now capitalize on healthy living incentives to cut their insurance expenditure and enjoy more revenue. Lastly, business owners are currently in the perfect position to capitalize on expanding the health and fitness industry since the market is guaranteed.