Health/Wellness and the Fitness Industry: COVID-19 Impact
To have a broad understanding of how the health/wellness and fitness industry has been impacted by the global health crisis and to have some examples of how they are pivoting in response. An ideal response would include a list of statistics about how COVID-19 has impacted the health and wellness industry, as well as the fitness industry, and a few case studies of how brands in the space are pivoting to make the most of the situation.
Case Study: ClassPass
- Across the world, as millions of people are being asked to stay home to flatten the Covid-19 curve, fitness studios and gyms worldwide are being forced to close. Many of these studios are run by small business owners who may not be able to afford rent or pay their employees while shutdown, so ClassPass, the world’s leading fitness platform, is taking efforts into their own hands to help the fitness industry survive the pandemic.
General Information Surrounding The Fitness Industry
The United States federal government is working on a third stimulus package that would aid specific industries that have been affected by the spread of the coronavirus, and IHRSA, the trade association for commercial club operators, is lobbying for health clubs, gyms, studios and fitness industry suppliers to be included."
- Fitness clubs, both large and small, were already facing challenges from home exercise companies like Peloton. Now with COVID-19 protocols like social distancing recommendations, and fears of the spread of the coronavirus, this has compounded the challenges gyms and group fitness classes face.
Equinox and Soul Cycle had to close their locations in New York, New Jersey, and Connecticut, and Barry’s Bootcamp cut capacity in half. In Los Angeles, the mayor ordered all gyms to be closed. Gold’s Gym and Orangetheory shuttered all corporate-owned locations. Planet Fitness stock lost 48% of its market value.
Summary Of Our Early Findings Relevant To The Goals
- As we were not given a definition of what was meant by health/wellness (though the fitness industry is self-explanatory), our first hour of research focused exclusively on the fitness industry. A definition for the health/wellness space should be clearly communicated to us in any reply. For example, is this about vitamins and supplements, perhaps spas? A clear definition will give us a starting point for a very broad term.
- As this was unclear to us, if research for this is required, we are asking that this be clearly communicated ONLY in the area in the scoping section set aside for our clients to address any research they would like above and beyond what we suggest.
- We noted, while completing our initial hour of research that there are no statistics available, generally, about the impact so far on the fitness industry, which is likely due to the newness of this situation. However, there is an abundance of examples of fitness brands and companies that are pivoting to adapt to this pandemic. We included one example of this with Class pass. We strongly encourage the research to focus on this.
- As there was no geographic focus provided to us, we assumed a global view. If a more targeted approach is desired, for example, the United States, this would have to be clearly communicated to us in any reply.
- Please select one or more of the options provided in the proposed scoping section below.
Proposed next steps:
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