As recently as March 2017, IBIS World released a gym, health and fitness club market research report that not only helped me understand the market size, growth potential and analytical properties of the fitness industry but how this can positively impact fitness professionals within the industry. The report highlights macro business industry trends within the fitness industry and these macro business trends have anticipated the future industry prospects. These future industry prospects are nothing short of positive. In fact, the report confirms that as disposable income rises, more individuals will purchase gym memberships. This is great news for fitness professionals who are starting out I the industry. As the demand outstrips the supply, the profit will be spread more evenly between fitness professionals within the industry. There are currently over 740,000 fitness professionals working for 103,077 businesses. These numbers are only going to increase and the fitness professionals like the Charles Schusterman Community and Fitness Center in Oklahoma will be sure to capitalise on this market.
We understand that the industry is growing, but how has it reached this level of interest? What has led to the formulation of the current fitness industry?
Personally, I believe that is a mix of sociological and economical happenings that is serendipitous in nature. These include:
A more health-conscious generation
I do not think that is any secret that Millennials (people under the age of 30) are more health conscious than the generations that have come before them. An annual report called, ‘Nielsen Global Health and Wellness Survey’ reinforced this hypotheses. This survey accounted for more than 30,000 consumers in more than 50 nations. In fact, the most health centric generation is the most recently established generation, Generation Z. These men and women are under the age of 20 and there survey answers found that many more of them would be willing to spend extra-money for healthier products. I believe that these findings suggest both a sociological change and economical change that directly benefit the fitness business.
Firstly, the change in conscious signals a healthy liberation from products that came before. Also this change in direction towards a more health conscious generation is not temporary with each generation being influenced by the one before it. This domino effect directly affects the fitness industry as well because it will surely increase their demographic. It might even multiply their demographic in two generations time. This brings me on to my second point.
More variety of products
The increase in health conscious individuals also enables manufacturing companies to be more explorative with their ideas, produce and marketing. New ideas will appeal to a new audience and companies will be sure to exploit the generational gap in each market. Take both this and the practice of mass-production and it is hard to disagree with ‘Euromonitor Internationals’ statement that the health and wellness industry is a trillion dollar industry. While the industries profit was facilitated by the expansion of products in fresh markets such as China and Latin America, profit was also supported by the increase in sales for health and wellness products. Statistics show that health and wellness products such as packaged food and drink are overtaking the sales of unhealthy consumables. The only time that this wasn’t the case since the millennium was after the recession of 2008.
Therefore, the sales of health products are reliant on disposable income as well. Healthier products are a lot more costly so when money is tight there is less incentive to buy a more expensive product. With a profit margin and a string demographic, companies will begin to sell more health products at a lower price. However, the contradiction of health products is that the more natural the more they cost. The toil of developing natural products is a lot more than automated machines within cold factories. This is why healthy products are not cost effective.
Change of values
The proceeding two points have confirmed that time can change some of the most important aspects of our social strata. Consciousness can change economic structures, social structures and more importantly values. Values can be determined by cultures so it is bound to change but in terms of generations I believe that younger generations have different values to others. This brings me to my point. More people, especially those who are below 40 are changing their profession to match their passion. This is why there is an influx in fitness professionals.
If there are more individuals pursuing a career in fitness there also have to be more training providers. Training providers such Origym are certificating over 1,000 students a year in a variety of practices such as Level 2, Level 3 and GP Referral. This demand has formulated an entirely new education business that aligns with the values of vocational study.
Career values are just one example, the health conscious values are another. Other values include the pursuit of happiness, the value of independence and digital marketing. There is a massive shift in values that have coincided and most certainly benefited the fitness industry.