With New Year's resolution season in full swing, the fitness studio and gym industry is firmly back on its feet, having survived the existential crisis brought by the pandemic.
could drive consumers toward cheaper fitness options, such as big-box fitness chain Planet Fitness or more at-home workouts.Soul Cycle and Orangetheory have historically targeted more affluent customers, whereas Planet Fitness advertises memberships for $10 a month.
"Planet Fitness should benefit from customer tradedown in a recession given price accessibility," Bank of America analyst Jill Carey Hall wrote Tuesday in a research note, noting that the 2,000-location Planet Fitness has a "rising royalty rate" and is popular among Generation Z.I asked Long about the premise that fitness centers actually don't want their members to come in — because they make more money on people who pay but stay at home.
"The whole business is about getting people results," Long says. "If people are not coming in regularly, they're going to cancel pretty quickly."The darkest days are over for the fitness and health industry even if a recession hits.
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