With people becoming more self-aware and health-conscious, the past few years have seen an upsurge in the fitness industry’s growth. It is estimated that the fitness industry generates over $80 billion each year. It indicates that now more people prefer a healthier lifestyle and join gyms and fitness centers more often than before.
The fitness studios with plenty of modern and specialized gym equipment allow you to perform workouts of your choice and help achieve personal fitness objectives. Besides, many people set up home gyms with all the essential pieces of gym equipment to maintain their workout routine. If you want high-quality gym machines for your fitness studio or home gym, you should check out https://www.northernfitness.ca/.
Further, the boom in the fitness industry is not only because of the shift of focus among people to a healthier lifestyle. Many other factors have played a crucial role in the expansion of the fitness industry. This article will highlight the top five reasons that have led to the growth of the health and fitness industry. So, let’s dig in a little more.
Top 5 Reasons For The Fitness Industry Growth
1. Advanced Fitness Technology
The advancement in technology has significantly contributed to the growth of the fitness industry. Now you have wearable gadgets and high-quality home gyms that come with smart features, making it easy for you to track your overall wellness.
Devices like the Apple Watch and Fitbit have made it possible to stay informed about your fitness level at all times. These devices have built-in trackers that could monitor your calories, blood pressure, heart rate, and steps taken in a day.
This detailed digital feedback on health makes people cautious and drives them to consider options like joining a health club or fitness studio. As a result, it has immensely increased the demand for fitness clubs and gyms.
2. Rise In Health-Conscious People
Today people are more informed and aware of the importance of maintaining a healthy lifestyle. This shift in mindset has led to the growth of the fitness industry in the last few years.
The young people emphasize greatly on staying fit and eating healthy. They engage in fitness activities to make sure they maintain their overall well-being.
Further, the baby boomers are also getting more inclined toward maintaining a healthy lifestyle. Many people after their retirement feel the need for daily exercise and a healthy diet more than ever. Doing so minimizes the risk of various health diseases that one may be prone to at an old age.
3. Precautionary Health Care Measures
Regular exercise helps in mitigating the risk of various health problems experienced as you reach old age. In addition, along with improving physical health, exercise also improves mental health. Exercise releases feel-good hormones called endorphins that help boost your mood, alleviating problems like depression, anxiety, insomnia, and stress.
This has led people to adopt an active lifestyle to overcome physical and mental health problems. Now more people, regardless of their age, join gyms and health clubs to gain benefits like improved cardiovascular health, strong muscles and bones, healthy weight, increased energy levels, and many more.
4. Sedentary Lifestyle
Today people lead a sedentary lifestyle having little to no movement in their workplaces or home offices. As a result, the obesity rates have increased along with chronic diseases. In such a case, maintaining health and fitness has become significant.
Due to the sedentary lifestyle, more people have started to get gyms membership and made regular exercise a part of their routine. Millennials with a sedentary lifestyle are usually more inclined toward maintaining a fitness lifestyle to help overcome mental and physical health issues.
5. Social Media Influence
With the rampant use of social media, one cannot deny its powerful impact on the growing fitness industry. Social media plays a key role in shaping up people’s lifestyle preferences. People are more attracted to a healthy and fit lifestyle ever since different brands partnered with celebrities and social media influencers.
The hashtag #fitness had more than 300 million posts on Instagram in 2020. It indicates that social media has significantly affected the fitness industry’s growth.
Social media influencers and celebrities are now promoting a healthy diet and exercise routine on social media platforms, awakening the desire in people to appear lean and fit. Consequently, there is an increase in people joining gyms and fitness centers to achieve their health goals.
6. Health insurance costs
Employers and insurers have finally learned that encouraging healthy lives can reduce insurance costs because healthy people are far less expensive to insure. The fact that health care spending keeps rising is significant for every company’s bottom line and fantastic for those who get to gain from the incentives.
As long as an employee can demonstrate that they actually use a health club membership or studio sessions, many companies and insurers now pay for them. This market area is expanding very quickly; while it typically isn’t big enough to sustain a fitness club or studio’s profitability on its own, it has developed into a highly valued source of extra income in the sector.
7. New demand for healthy foods
Consumer demand has been shifting away from industrially produced processed food in recent years in favor of healthier, more natural, and/or organic alternatives. This change is making individuals more aware of what they consume across the nation, which has increased interest in fitness as a side consequence. Consumers naturally begin considering additional ways to improve their health as they begin to carefully consider the nutritional choices they make. One simple method? Figuring out a way to be more physically active, which may require joining a gym or fitness center.
8. Streaming exercises classes
For a long, workout sessions have been streamed here and there, but they are now finally becoming popular. That’s fantastic news for those of us who lead hectic lives, which pretty much sums up to all of us. People who couldn’t find that hour to get to the gym probably just wouldn’t exercise before there were adequate streaming options. However, someone can now watch an exercise class on TV via streaming. before having to get the kids to school, in their living room. or during lunch. Or after midnight, and so forth.
Contrary to popular belief, virtual exercisers frequently also keep a membership at a health club or studio. You would believe that those who stream exercise sessions have disintermediated the gym itself. It makes sense because this mixture offers them diversity, promotes social interaction, and keeps them active for a longer period of time. Today, many proponents of physical activity—including beginners—use a variety of platforms to keep on track with their fitness goals.
9. Budget-friendly Gyms
Boutique fitness studios and “high-value, low-price” (HVLP) health clubs have been primarily responsible for the fitness industry’s recent rise in both the number of facilities and members. HVLP gyms are gaining members as a result of their affordable membership fees, which are often in the $10 to $20 per month range, and their value for money in terms of amenities, classes, and equipment. Budget gyms have been around for a while, but this new generation of HVLP gyms often outperforms the more seasoned budget competitors in terms of the variety of exercise machines and classes they offer, as well as the all-inclusive pricing structure.
Traditional cheap gyms typically provide a sizable club with a wide range of equipment as well as some other perks like tanning, hydro massage loungers, dry saunas, and several other advantages. In addition to providing all the same amenities as the “low price” category, the HVLP category also provides a wider selection of exercise equipment, group fitness courses, small group training, and personal training. It’s hardly surprising that HVLP clubs are rising to the top of the health club market given their superior value proposition.
10. Outdoor obstacle races
You must know someone who recently participated in a mud-splattered, high-flying obstacle course race. The training for and competition in these races, as well as the feeling of accomplishment and teamwork that comes from finishing one, have all attracted sizable crowds to these events. Since they now come in all different levels, from novice to expert, these races—which have been gaining popularity for many years—have increased their appeal by offering various distances and levels of difficulty.
But why do these one-off occasions have such a significant influence on the expansion of the fitness industry? You must put in serious training for them; frequently, people do this in a fitness club. The fitness business is expanding more quickly than it ever has thanks to a combination of all these causes. There are currently 32,000 health and fitness facilities in the United States, but there are probably thousands of boutique studios that haven’t been counted. In the next ten or two years, expect that number to significantly increase and possibly double.
The Bottom Line
Undoubtedly, the fitness industry will continue to grow due to rising health concerns, advanced fitness technology, and changing consumer preferences. Now people prefer incorporating a fitness lifestyle into their hectic work schedules. Therefore, it is also an opportune time to invest in the lucrative fitness industry and benefit from it in the long run.