Before February of 2020, I was getting into the best shape of my life. I had access to my workplace’s gym and kept to an established routine. Then, the virus hit us and though I was fortunate enough to be able to stay at home, my fitness took a hit. Initially, I could replace weight training with biking, running, and stationary exercises, but without the gym’s encouraging environment, I slowly lost the discipline to follow a strict schedule.
Like other stay-at-home socially-distanced office workers, I contemplated building a “home gym” for my mental and physical health during this time. I would keep tabs on what type of equipment was in-stock, but I struggled to convince myself to take the plunge.
My hesitation was in part because of how expensive a home gym can be, especially with sellers increasing prices during the pandemic. I feared that I would pay a significant cost premium which would be hard to recoup if I ever sold the equipment.
Some would call describe the price hikes that I witnessed as price-gouging; others would say that supply and demand simply reached a new equilibrium. Regardless of how we characterize these reactionary price changes, the parties I notice that most often enacted them tended to be smaller companies and second-hand sellers.
I expected the same to be true for premium, well-established fitness brands. After all, Covid-19 incurs substantial costs on how supply chains work, and other “non-essential items” — especially those related to remote work — experienced large markups.
But instead, we saw some gym equipment manufacturers like Rogue Fitness double down on production while keeping prices the same. I set out to understand why they did this and why they eventually raised prices when they did.
Rogue Fitness is regarded as a premium strength-equipment manufacturer with American-based production. For much of the pandemic, Rogue struggled to keep its inventory fully stocked.
Yet it had not adjusted the sticker price of most of the items that bear the brand’s name until 2021.
As a consumer looking to buy equipment during the pandemic, such behaviors were reassuring. Building a home gym that could replicate parts of a commercial gym is…
As a fitness enthusiast with a deep understanding of the industry, I can confidently address the concepts discussed in the provided article by Neeraj Shah, published on May 8, 2021, in DataDrivenInvestor. The article delves into the impact of the COVID-19 pandemic on the fitness industry, particularly in terms of home gym equipment pricing and the response of manufacturers, with a focus on Rogue Fitness.
Firstly, the article outlines the personal experience of the author, highlighting the challenges faced in maintaining a fitness routine during the pandemic due to the closure of gyms. This resonates with the broader global trend where individuals, unable to access traditional fitness facilities, sought alternatives like home gyms.
The central theme revolves around the economic aspect of home gym equipment, especially the surge in prices during the pandemic. The author expresses concerns about the cost of building a home gym and the potential difficulty in recouping the investment if equipment needed to be sold later.
The concept of price gouging is introduced, suggesting that sellers, particularly smaller companies and second-hand sellers, might exploit the high demand for fitness equipment. The article hints at the ethical implications of such practices, reflecting a broader discussion on the market dynamics during times of crisis.
The author challenges the expectation of price hikes from well-established fitness brands, using Rogue Fitness as a case study. Rogue Fitness is presented as a premium strength-equipment manufacturer with American-based production. Despite inventory challenges during the pandemic, Rogue initially refrained from raising prices until 2021, setting it apart from some smaller companies.
The discussion touches upon the impact of COVID-19 on supply chains and the increased costs associated with manufacturing and distribution. Rogue Fitness's decision to maintain prices amid these challenges is highlighted as a unique approach that contrasts with general market trends.
The article leaves readers with a curiosity to understand why Rogue Fitness chose this strategy and what factors influenced their eventual price adjustments. This suggests an exploration into the business decisions and considerations that major fitness brands made during the pandemic, contributing to a nuanced understanding of the industry's dynamics.
In conclusion, my expertise allows me to appreciate the multifaceted nature of the fitness industry, encompassing personal fitness challenges, market dynamics, and the strategic decisions of major players like Rogue Fitness in response to the unprecedented challenges posed by the COVID-19 pandemic.
The global home exercise equipment market is projected to grow at a CAGR of 5.10% during the forecast period of 2023-2030. Increased awareness about health and fitness, coupled with the convenience of working out at home, has resulted in a surge in the demand for home exercise equipment.
People are increasingly turning to home gyms for their fitness needs. The global home fitness market was valued at USD 11.3 billion in 2021 and is expected to grow at a CAGR of 4.9% from 2022 to 2030, with North America accounting for 45% of the market share.
56.1% of surveyees workout at home post Covid-19 outbreak. Walking (78%) and Running (46.3%) are the most followed fitness activities. 43.9% supplement their workouts with meditation and 31.7% with strength training. 43.9% of respondents bought suitable fitness equipment for exercising at home after the pandemic.
According to a IHRSA, the impact on the industry includes 1.5 million jobs lost until December 2021, 20.4 billion dollars in lost revenue, and 25% of fitness clubs and studios closed in the same period.
The Exercise Equipment market worldwide generated a revenue of US$47bn in 2024. It is projected to experience an annual growth rate of 6.22% (CAGR 2024-2028).
The Global Fitness Equipment Market is valued at USD 13.8 Billion in 2022 and is projected to reach a value of USD 20.54 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% between 2023 and 2030.
Here are the top 10 trends for 2024: Wearable Technology. Think fitness trackers, smart watches, heart rate monitors, and GPS tracking devices, including tech that can monitor heart rate, calories, sitting time, sleep and more.
Exercising at home can be just as effective. While gyms provide dedicated space, home workouts offer more flexibility. Using your time and equipment to maximize efficiency is the key to a great workout. Choose what works best for your lifestyle and fitness goals, says Dr.
According to a recent report by Acumen Research and Consulting, 54% of exercising Americans bought home exercise equipment in 2021, and the global home gym market is expected to continue growing at 5% a year between now and 2030.
Another study from Garage Gym Reviews shows that 61% of people now have a designated workout space in their homes, compared to only 31% of people who have a commercial gym membership. It also shows that 70% of 18 to 24-year-olds reported having some type of home gym setup.
The fitness industry is growing at a rate of approximately 8.7% per year, with a projected market value of $96.6 billion by 2024. In addition, the global number of health and fitness club memberships is projected to reach 230 million by 2023.
What is the failure rate of health and fitness businesses? According to the IHRSA, the failure rate of health and fitness businesses is 81% in their first year. Despite how often gyms fail, the fitness industry is still growing.
The global at-home fitness equipment market was valued at USD 8.07 billion in 2022 and is anticipated to grow at a CAGR of 8.3% from 2023 to 2032. At-home fitness equipment describes various exercise instruments and instructions for use in a person's residence/home.
The global home fitness market size was valued at USD 12.81 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The rising awareness of healthy lifestyles has fueled a notable surge in the popularity of home fitness.
In recent years, the at-home fitness equipment market has experienced a significant surge in growth, fueled by a combination of technological advancements, changing consumer preferences, and the global shift towards health and wellness.
The market for home fitness equipment was worth USD 10.73 billion in 2021. At a 4.6% CAGR during the forecast period, the market was around USD 11.14 billion in 2021 and will reach to USD 16.1 billion by 2030.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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