As interest in at-home workouts fades, Americans are returning to gyms. According to Jefferies,
New data shows that when Covid restrictions loosen across the country, vaccines are injected into arms, and fitness centers remove mask-wearing policies, more individuals are returning to the gym.
Jefferies has been tracking gym searches on the internet and digital exercise programs like Peloton, as well as visits to gyms like Planet Fitness and 24 Hour Fitness. During the health crisis, many Americans bought in the latter, hoping to work up a sweat at home, but that demand looks to be waning.
According to Jefferies, online searches for "gym near me" increased in May compared to April, returning to all-time highs extending back to January 2020. Jefferies said the search interest in locating a gym close by resembles what is generally observed at the start of the New Year — a time when many individuals pledge to living a healthier lifestyle. Crunch Fitness and Blink Fitness have had the highest year-to-date rebound among the national gym chains, according to the firm.
Meanwhile, the number of people visiting fitness centers has been steadily increasing this year. According to Jefferies, gym traffic was back to 83 percent of January 2020 levels last month, and only 6% down than the same time last year.
Traffic at Fitness Centers Across the United States
According to Jefferies, gym visits are highest in Georgia, Florida, and Texas, where Covid regulations are less stringent than in many other areas in the Northeast and throughout the West Coast.
Equinox, a high-end fitness business, is the group's greatest laggard, owing to its clients' migration to the suburbs, according to Jefferies. Equinox has most of its locations in and around New York City.
According to Jefferies' data, as more individuals leave the house to return to the gym, searches for at-home fitness equipment and digital fitness players are decreasing. Exercise balls, dumbbells, yoga mats, jumping ropes, massage guns, weights, foam rollers, and exercise bikes have all been searched for by the corporation. And since January, interest has been dwindling.
Interest in Fitness Equipment for the Home
More people are visiting the websites of gym companies like Orange theory Fitness, possibly to rebook a membership or learn more about a location's mask policy, while traffic to digital training platforms like Tonal and NordicTrack is decreasing. According to Jefferies, interest in at-home exercise equipment peaked in April 2020 and has since declined to an all-time epidemic low.
"We expect individuals will use a hybrid approach, combining a variety of digital concepts with traditional gym experience," said Randy Konik, a Jefferies analyst. "In years to come, gyms that advocate this approach will emerge as winners."
Businesses such as Peloton and Hydrow, which garnered enormous benefits from consumers shopping for at-home fitness equipment last year, are attempting to maintain the pace. Peloton, for example, is expanding outside of the United States and continues to add additional teachers and material to its roster, such as Pilates.
Peloton's stock has lost more than 28% year to date, while Planet Fitness' stock has decreased roughly 4% in the same time frame.
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