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Gym memberships account for half of Australian fitness industry revenues
Gym membership was the largest revenue generating stream for the Australia fitness industry in 2018, accounting for more than half of the overall revenue during the year, while the ongoing growth of personal training saw it account for more than one third of acquired revenue.
Revealed in a new report, Australia Gym and Fitness Centre Market Outlook to 2023, published last month by Ken Research, growth in the market is attributed to an increase in the proportion of those living unhealthy lifestyles, the rise in health consciousness among the adults, growth of household disposable income, changing lifestyle and fashion trends, innovative marketing strategies being implemented by major fitness centres in the country, higher demand for fitness services by women and the growing number of penetration of international brands across the country.
The report explains “the market is currently at maturity stage due to the presence of a large number of players existing and fierce competition among each other (while another) major contributing factor to the boost in revenue had been the addition of integrated fitness services such as yoga, Pilates and swimming, provided under one roof.
“Additionally, an increase in the demand for personal training and increasing disposable income and various other factors have supplemented growth.”
The report predicts single digit compound annual growth rate (CAGR) to the period to 2023, driven by unhealthy eating habits, growing demand for personal training, the expansion of major fitness chains and diversifying services portfolios.
After 2023 it predicts that the revenue share of gym memberships will decrease as demand for personal training increases due to daily monitoring of progress, extra attention and customized exercises given to the customers. The revenue share of personal training is expected to increase with a double-digit CAGR in the period to 2023.
The report is aimed at fitness centres, potential entrants and other stakeholders to align their market-centric strategies according to ongoing and expected trends in the future.
Indian-based Ken Research Pvt. Ltd. is a global aggregator and publisher of market intelligence, equity and economy reports. It has also published fitness market outlooks for Vietnam, the Philippines and Oman.
Click here for more information.
Main image shows Virgin Active Norwest in Western Sydney.
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21st November 2017 - Fitness clubs that reinvest are top global performers
17th September 2016 - Exercise offsets some of the cancer and mortality risks associated with alcohol
23rd June 2015 - One in four fitness club members would pay more for single-sex gyms
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