Trends & Insight

Fueling the Fitness Economy: Capitalize on 2024's Growth Surge

Written by Brad Higdon | Oct 7, 2024 3:48:43 PM

Certain events each year drive predictable, reliable and undeniable impact on retail commerce. Holidays, tax season, sports seasons, back to school, and other tentpole events yield significant increases in consumer buying behavior.

One often overlooked event is the surge in fitness activity that accompanies the start of each new year. Each Q1 over 15 million people, flush with resolutions and ambitions for self-improvement, rush out to join a gym. And this dynamic is accelerating, with a 20% YOY increase in memberships for Q1, 2024.This Q1 surge is a big part of the  $36 billion fitness industry,but is also a key driver of the broader economy and related products.

The impact on fitness-adjacent sectors; including athletic apparel, fitness equipment, footwear, personal care, vitamins and supplements, nutrition, wearables, and tracking devices is profound. This is the “The Fitness Economy,” a financial ripple effect extending far beyond the confines of fitness centers and impacting a huge swath of the economy.. And brands in these categories  should be laser-focused with marketing strategies to capitalize on growth opportunities. Below are just a few examples:

Impact on Athletic Wear

The demand for athletic apparel has surged in tandem with increased gym memberships. The global athletic wear market is expected reach $250 billion by 2025. This growth correlates with a 40% increase in sales directly linked to gym memberships, where 72% of gym-goers bought new apparel within the first 3 months of joining a gym. The rise of athleisure has made activewear a staple, not only for workouts but also for daily wear, enhancing market potential among active lifestyle and image-conscious consumers. 

Fitness Equipment Market

The fitness equipment market, valued at approximately $11 billion in 2022, has seen growth driven by ancillary equipment at home, in tandem with their gym memberships. Nearly 85% of gym members seek additional equipment for home use, and the sector anticipates a growth rate of 3.5% annually. In Q1 2023 alone, sales of fitness equipment reached $2 billion, largely attributed to new gym members investing in personal training and equipment for home workouts.

Footwear Sales

Athletic footwear sales are another area benefiting from the fitness boom. In 2022, the U.S. athletic footwear market was valued at $19 billion, with growth linked directly to the increasing number of gym-goers. New members typically invest in quality shoes to prevent injuries and enhance performance, contributing to an estimated 15% increase in sales directly associated with gym memberships. By Q1 2023, sales in this segment approached $5 billion.

Vitamins and Supplements

As awareness of fitness, health and wellness grows, so does the market for vitamins and dietary supplements. Valued at around $50 billion in 2022, this sector is projected to grow at a rate of 8.5% annually. The link to gym memberships is evident; studies show that 66% of gym members regularly purchase supplements. In Q1 2023, this market saw approximately $12 billion in sales, with protein powders and vitamins being the most popular products.

Nutrition and Meal Plans

The nutrition industry, including meal kits and specialized diets, has also seen a boost from the fitness sector. The market for nutrition products was valued at around $20 billion in 2022, with gym members more likely to invest in meal plans and healthy eating options. In Q1 2023, this market experienced a 25% increase in sales, reflecting a trend toward holistic health among gym-goers.

Wearables and Tracking Devices

The rise of wearables and fitness tracking devices further illustrates the economic impact of the fitness industry. This sector reached a value of $30 billion in 2022 and is projected to grow by 15% annually. Gym members are particularly inclined to purchase these devices, with studies indicating that 55% of fitness enthusiasts use wearables. Q1 2023, sales hit approximately $8 billion, driven by a surge in demand for data-driven fitness insights.

Personal Care

People who are members of a gym are 2.67x more like to purchase body treatments, 2.72x more like to purchase a massage, 2.77x more likely to purchase a facial, 2.84x more likely to pay for laser hair removal.

And the list goes on. Just think of the active lifestyle and image conscious decisions that lead to purchasing a smoothie versus a slushie, or sandwiches versus burgers. There are so many downstream implications for so many brands who embrace the fitness frenzy and can leverage successful marketing programs to capture a moment in time, among a focused group of consumers in a self-improvement mindset.

Conclusion

The fitness industry significantly impacts various adjacent markets, fostering economic growth and innovation. The unprecedented surge in Q1 gym memberships is more than a passing trend; it is a key indicator of a broader societal shift towards health, fitness, and wellness. For brands within this ecosystem, the opportunity to ride this wave is immense. But to succeed, companies must recognize that the modern fitness consumer is looking for an integrated approach that crosses over multiple categories and industries. 

The real winners in this space will be those who can craft seamless, multi-channel experiences that cater to this audience’s evolving needs. By aligning their products with image-conscious and active lifestyle consumers, brands fitness adjacent categories will continue to see economic growth in tandem with this fitness boom. The best marketers know this and should leverage informed data sets and bespoke audiences to reach these coveted target consumers.