It’s fair to say that 2020 has posed some major challenges to local businesses of all sizes, not to mention the global economy at large.
That being said, certain industries have fared better than others throughout the COVID-19 crisis, and some continue to boast far more positive prospects for the near future.
Among these industries, one of the arguably most promising is the health and fitness industry. Despite the setback of temporary gym and fitness centre lockdowns, the health and fitness industry has remained largely unharmed by this year’s series of unfortunate events.
But why?
HEALTH IS WEALTH
Ultimately, health- and wellness-oriented businesses offer not only a product but a lifestyle.
This makes the health and wellness trend especially appealing to the broader Gen X-Z and Millennial demographic (aged approx. 18-45), who prefer to spend their money on experiences (e.g. travel, eating out) than on things (i.e. consumer goods).
Fitness centres, wellness hubs, and gyms, in particular, provide a service that remains in high demand regardless of broader social or political circumstances. These are a place to build healthier bodies, practise self-care, enjoy social interaction, and – perhaps most importantly given the COVID-19 pandemic – relieve stress. As they say, “your health is an investment, not an expense.”
Statistics also show that the health and wellness trend is here to stay. The fitness industry as a whole has seen year-on-year growth over the past five years, and is now worth nearly a whopping $100 billion globally. In Australia alone, combined annual revenue adds up to an impressive $2.5 billion.
Revolution quickly became Singapore’s largest indoor cycling studio, as the need to lose weight and burn calories as well as maintain a toned body is gradually becoming a necessity of society. The fact that Revolution was just established in February 2020 has been through an extremely difficult time of COVID-19 but the numbers achieved by Revolution are unprecedented in the fitness industry in Singapore.
✅ More than 32,000 new customers
✅ More than 2,000 loyal customers
✅ Over 2,000 new riders every month
✅ More than 280 classes a week
Source: revltraining
