Boutique Fitness Research
To understand the current state of the boutique fitness industry and the key players (top brands) in this industry. To determine the growth drivers, the average revenue per square foot for moderately successful boutique studio, and the long term outlook of boutique fitness versus more modern at home technology connected systems; tonal, peloton, and mirror, in order to inform a new business concept that is focused on the boutique fitness space.
- Millennials have played a great role in the growth of boutique fitness studios.
- This growth is constantly increasing as their appetite for variety and energy intensifies. They have an incline toward bundling multiple fitness experiences and associating themselves with brands that reflect their individualism.
- As of 2018, 71.5 million consumers used approximately 40,000 health clubs.
- In the fitness industry, the boutique segment is the fastest growing.
- Between 2017 and 2018, the number of members increased by 2.6% to reach 62.5 million members.
- These studios are small and specialized. They have become a go-to for social destinations.
- In a recent survey 78% of members were willing to try out new workout routines with a friend.
- Examples in this industry include Barry’s Bootcamp, SoulCycle, Orange Theory, Zengo, Pure Barre, [solidcore], Club Pilates, Shadowbox, and PlateFit.
- Boutique consumers pay the premium price for their services. This price can sometimes be twice the price of an average gym subscription.
- In the past five years, the number of studios has increased from 20 to 60. They plan on opening 100 studios across the globe within five years.
- This company has seen a 40% growth and 10 new locations within the past one year.
Growth in the Boutique Fitness Industry
- There have been economic, social, and cultural factors that have played a role in the popularity of this industry.
- 63% attend boutique fitness centers for the sense of community and 47% attend these gyms because of the atmosphere.
- In 2017, four of the top ten fastest growing brands were held by fitness brands and franchises.
- A competitive landscape of these brands is presented in this spreadsheet.
Proposed next steps:
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Our initial research was able to provide general insights into the boutique fitness industry. We recommend continued research providing 4-5 insights into this industry. Our insights will address the growth of the industry over the past few years and what the long term outlook of boutique fitness studios are versus a more modern at-home technology connected systems like Tonal, Peloton, and Mirror.
Additionally, we will determine the average revenue per square foot for a moderately successful boutique studio, keeping a US-focus.
Additionally, we will identify the top 6-8 franchising brands in this industry. "Top" will be defined as those that are generating the most revenue as well as have the most number of franchises across the US. Separate requests will be providing insights into these brands as outlined in the attached spreadsheet. We will also provide insights into the four brands already provided.