Question

Describe forecasting in the club industry.

Answer 1

Consumers are willing to spend more on health and fitness club, with health aspect playing as a key role to drive the market growth across the world. The rising number of health clubs and gym with personal training and the latest fitness equipment is attracting consumers to join the health and fitness clubs, which is likely to influence the market growth in upcoming years.

Increasing equipment and facility spaces in fitness clubs, such as hot yoga studios, high altitude training rooms, metabolic testing equipment, medical exercise areas, and day spas are gaining popularity among the consumers, which is further supporting the market growth. Attractive membership fees offered by fitness clubs, increasing spending on marketing and advertisement, are helping the health and fitness clubs to generate more revenue.

Globally increased consumption of unhealthy food is causing obesity, which leads to diabetes, heart disease, and high blood pressure. The rise in awareness among people has resulted in an increase in expenditure on healthy lifestyle and fitness activities, which is encouraging them to join fitness clubs.

Increasing health awareness and increasing obesity among consumers in the United States are likely to support the market growth in the region. The number of adults aged from 20 to 64, who are the largest gym-going demographic, has increased, spurring demand for gym memberships in the recent past. As a result, many baby boomers are expected to sign up for health club memberships, as they become more health conscious with age.

Global health and fitness club market is projected to grow at a CAGR of 7.8% during the forecast period.