Bouncing Back Strong: The Recovery of the Physical Activity Market
Krissy Vann | Host, All Things Fitness and Wellness
In the aftermath of the economic disruptions caused by the pandemic, one sector that has made a remarkable recovery is physical activity, with a particular focus on health clubs and gyms. Within the broader wellness industry, this sector, valued at $976 billion, experienced an initial 11% decline in 2020 but rebounded swiftly between 2020 and 2022, achieving a substantial annual growth rate of 14.3%. It has now reached 111% of its 2019 market level and is expected to continue its growth with a projected annual rate of 6.7% to reach $1.4 trillion by 2027.
Physical activity encompasses various components, including fitness, mindful movement, sports and active recreation, fitness technology, apparel & footwear, and equipment. During the pandemic's initial impact, health clubs and gyms experienced significant challenges as closures and shifting consumer preferences towards online platforms disrupted their operations. While some segments, like fitness, have not yet fully recovered, others like fitness technology and the apparel & footwear and equipment markets have not only rebounded but now exceed their pre-pandemic levels.
The significance of physical activity extends beyond economic considerations. Health clubs and gyms have played a crucial role in promoting physical fitness and well-being for individuals. They have historically been central to fitness routines, offering equipment, expertise, and a supportive environment. Despite the challenges faced during the pandemic, they remain a key part of the physical activity landscape.
From an "Exercise is Medicine" perspective, engaging in regular physical activity, whether at a health club, gym, or through other means, is associated with a reduced risk of chronic diseases and can contribute to improved mental health, better sleep quality, and overall well-being. Amid the ongoing challenges of the mental health crisis, physical activity emerges as a valuable tool for addressing mental well-being.
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