How Current Economic Trends Are Affecting the Fitness Industry

So you’re in the fitness industry, huh? Whether you’re running a traditional gym, teaching pilates, launching a health app, or managing a martial arts studio, it’s a great time to be in the fitness industry.

However, recent economic shifts like the ongoing post-pandemic recovery, rising inflation, and evolving consumer spending habits have impacted the fitness industry outlook. Don’t worry; it’s not all bad news. The fitness industry is nothing if not nimble. This ability to adapt is fueling the emergence of some exciting fitness industry trends.

Join us as we take a look at these fitness industry trends and how you can leverage them to overcome less-than-ideal market conditions.

Market Demand in the Fitness Industry

Before we get into the trends you need to keep an eye on, it’s important to understand the state of the fitness industry economy.

Here’s the deal: today’s consumers are different. They want convenience and the ability to buy anything from anywhere using any device. To keep pace, you need to give your members the flexibility to sign up for classes from their phones while waiting in the grocery store, make impulse merch purchases in the middle of the night, and control their gym subscriptions.

Some other trends impacting market demand in the fitness industry include:

• The Home Gym Revolution: During the pandemic, fitness enthusiasts everywhere turned their living rooms into mini-gyms
• Shrinking Disposable Incomes: When disposable income shrinks, consumers cut back on non-essentials, which may include their gym memberships

Moving forward, you’ll have to be strategic about pricing and consider offering deals or discounts. For instance, giving new members a free month or offering a discount when they pay quarterly, bi-annually, or annually could entice them to join your studio.

Technology and Innovations

Technology has permeated the modern fitness industry. From wearables and monitors to smart equipment that adjusts resistance in real-time, the fitness experience is now tech-centric.

But gym goers are not the only ones who have embraced the latest tech. Forward-thinking gym owners are modernizing their business models using robust gym management tools that allow them to sell their programs, products, and services anywhere. The best platforms even include a mobile app, which means your gym can stay connected to your members whether they are at the studio or on the go.

In keeping with the digitization trend, some gyms are also offering virtual classes. For instance, you could allow members to participate in spin classes remotely. They get to use that fancy home gym equipment they bought during the pandemic, and you retain your members. It’s a win-win.

Health and Wellness Trends

The mind-body connection is stronger than ever, and today’s consumers are eager to invest in both. The two biggest health and wellness trends impacting the fitness industry include:

• A Focus on Mental Health: People aren’t just seeking six-packs; they’re also looking for peace of mind, as evidenced by the growth of the mindfulness industry
• The Millennial Mantra: The millennial generation is all about holistic wellness, combining fitness routines with mental health practices to create a wellness-centric lifestyle

How can you capitalize on these trends? For starters, you should add a mental health and wellness component to your business. This can be as simple as offering meditative yoga or tweaking your marketing strategy to emphasize your commitment to whole-body wellness.

Also, make sure that you are specifically targeting millennials. While you shouldn’t neglect other segments of your audience, millennials deserve special attention.

Market Competition in Fitness Industry

Despite current economic conditions, the fitness industry is more competitive than ever. To keep up, you need to be strategic and member-minded. Here are a few tips for sharpening your competitive edge:

• Find Your Niche: You aren’t running a globo gym, so instead of doing what they do, find your niche and offer that personal touch that makes local gyms so appealing
• Leverage the Virtual Advantage: With online classes, you’re not limited by physical space — one class can have dozens or even hundreds of participants
• Diversify: If you want to be the best in your region, diversify your services and offer products of real value to your customer base
• Cultivate Loyalty: Earning new members is only part of the equation; to grow, you need to keep them using rewards programs, incentives, and the latest trends

The fitness industry may be competitive, but there is still plenty of room to thrive. Keep up with the latest fitness industry trends, always put the customer first, and you will be well on your way to achieving your growth goals.  

Growing Your Fitness Business Despite Economic Changes

The fitness industry economy, much like the general economy, is extremely volatile and unpredictable. However, you don’t have to let the subprime fitness industry outlook derail your business growth dreams.

Efficiency is the name of the game, especially in the current climate. Whether you want to market your current studio, open a new location, or upgrade your equipment, you need capital. Prioritizing efficiency will help you free up extra cash, cut waste, and improve your ability to scale.

While there are many ways to boost your efficiency, MyStudio's gym management tools represent one of the best paths forward. Our gym membership management technology can reduce administrative costs and empower you to build a more efficient business.

We are so confident you’ll love our gym membership management platform that we’ll let you try it for free. Start your free trial today!