Consumers are turning to apps for workouts as a result of the pandemic, which has resulted in the closure of approximately 9000 gyms in the United States.
According to the International Health Racquet & Sportsclub Association, 9,000 gyms across the United States have closed since the coronavirus pandemic began, accounting for 22% of all gyms in the country. According to the Associated Press, the closures have resulted in the loss of 1.5 million employment and an increase in the use of apps and at-home workout equipment.
Peloton, a fitness equipment and training class provider, has gained popularity as an at-home alternative to the typical gym during the pandemic. Peloton reported a 141 percent increase in revenue in the first three months of 2020, and on Monday, the firm broke ground on a factory outside of Toledo, Ohio, that will begin manufacturing in 2023.
John Foley, the creator and CEO of Peloton, believes that technology-based ways for exercising at home will overtake traditional gyms. “Fitness is one of the few remaining categories where a digital experience will have a significant impact,” he said.
See below for more Associated Press reporting: Kari Hamra used to go to the gym every day until last year’s government-ordered shutdowns forced her to replace her workouts with regular rides on her Peloton stationary bike.
That’s when she realized something unexpected: she didn’t miss going to the gym. At least not the back-and-forth driving, filling water bottles, changing clothing, and, most importantly, taking time away from her husband and two sons.
She’s cautiously returning to her gym in Springfield, Missouri, now that it’s open again. However, she is reconsidering how much she needs the gym after finding a more convenient training regimen at home and observing a spike in coronavirus infections in her community this summer. She believes she would still be a gym rat if the coronavirus outbreak had never happened. The pandemic has transformed how Americans exercise and upended the fitness sector, hastening the rise of high-tech home training equipment and virtual classes.
Will they be able to withstand the onslaught of apps and high-priced bikes and treadmills, or will they succumb to the fate of arcades, video rental stores, and bookstores?
Peloton’s next moves include expanding its equipment into hotels, housing complexes, and college campuses, as well as introducing new workouts via its app. It was purchased late last year. This is a condensed version of the information.