Home Exercise Equipment for Boomers
Assist the justification for a new piece of fitness equipment in the US. This will be geared towards sedentary over 55-years-old Americans that may or may not be mobility limited, may or may not be overweight, and may be active and health conscious to continue engaging their muscles while seated.
Therefore, the report should provide information on the Boomer/Active Aging (>55 market) specifically. Focus will be on total revenue/money spent on home exercise equipment and wellness activities. Information should be current, preferably including the impact of COVID-19 but at least 2018 onwards. Ideally there should be a breakdown of the market size of fitness equipment, wellness in general, and consumer spending habits all localized to this age group.
The report should NOT go into naming the fitness manufacturers or equipment providers as that information is already known.
- 28.9% of Americans are 55 years or older, or 94,710,476 Americans. While less than one out of four health club members come from this group, they are the fastest growing membership group and have the highest rate of frequent attendance.
- Generation X spends around $127 a month on fitness. Baby Boomers spend around $63 a month. According to the US Census, there were 73 million Boomers in the US as of 2019, meaning we can estimate $4,599m monthly revenue ($55,188m annual revenue) from this cohort.
- The so-called "longevity bonus" means this cohort has the mindset and the physical capability to continue to maintain active lifestyles longer than previous generations.
- In senior living facilities, 90% of CEOs and upper management surveyed by the International Council on Active Aging (ICAA) said that lifestyle and wellness programming was a crucial strategy to grow business. 88% of them said they were going to increase their investment in wellness.
- For those adults past middle age (40+), 69% of them continued to believe exercise was extremely or very important (40% of this survey was 60+). 54% of them focused on continuing to reach out as a function of wellness. New challenges/hobbies, connecting with others who share their goals (56%) and volunteering (44%) were ranked as extremely or very important.
- Wellness is so important that it can become the determining factor for where seniors choose to live. 44% of those in continuing care retirement communities said that the wellness program was a primary reason they chose the community. 43% of those in independent or assisted living facilities said the same.
Attractive Fitness Activities for Boomers
- Despite prioritizing wellness, some activities are more important than others. Weight programs will be critical, as 29% of Boomers (over 65) can't lift 10 pounds. 50% of women over menopausal 50 have osteopenia.
- For those that are members of health clubs (14.3m consumers), their favorite activities are walking, aquatic exercise, and stationary cycling.
- Boomers prioritize being goal-oriented and having measurable progress. Pedometers and accelerometers help them track that.
- As this group ages, injuries can sideline them for longer- but this cohort prioritizes speed. Items that hasten recovery while being simple to use are likely to be popular, like more high-tech compressive sleeves.
- Boomers are used to cardio and walking as fitness plans, but there is little that they do for their upper bodies. Handheld exercisers can complement their regime.
- Very few Boomers that have subscribed to a digital fitness service. Only 6% of them have, vs. 36% of Millennials. However, that might be because they lack awareness. Less than one out of three of the former group know anything about digital fitness subscription services, versus almost 8 out of 10 of Millennials.
- In North America, the total fitness/strength equipment market was worth $5.24b in 2018.
Our early research has shown that while there is significant interest in the boomer/55+ market, there is no available information on the market size for their portion of the fitness market, nor is there a full breakdown of their spend. Instead, we have provided a triangulation of the possible market size as well as several insights on their attitudes towards wellness. The below recommendations reflect these findings and build on them.
Proposed next steps:
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