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24/7 gyms to drive fitness industry revenues down
While the value of the fitness industry has grown to an estimated $1.31 billion worldwide, with growth of 4.8% in the last five years, a new industry survey forecasts an upcoming 0.7% revenue decline in the Australian industry – mainly due to a mass-market shift to a preference for the cheaper, 24/7 gym chains.
The findings, released in a briefing on the state of the Australian Fitness Industry, Brand Communities and a New Brand of Fitness, by Melbourne-based creative agency TANK, shows that with over four million participants in fitness activities, the Australian fitness industry now includes a wide range of different business models ranging from personal trainers to multi-national franchises.
TANK Executive Creative Director Jim Antonopoulos explains “something we have noticed in the international playing field is an industry that is moving in a range of directions, shifting and evolving into something new, with some players going about it in their own unique way, experiencing unmatched growth and carving out their own piece of a very lucrative pie that will over time, redefine the future of the fitness industry.”
The briefing also highlights that:
• Increased competition is forcing brands to reinvent themselves;
• The growth of sports apparel brands;
• The rise of functional fitness.
Established in 1997, TANK has 17 years experience in brand communications, design and the implementation of integrated communication campaigns.
TANK helps develop and nurture leading brands across a range of industries, including government, tourism, sport, manufacturing, health, property, community service, professional services, hospitality and education.
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