We have made a big scene about the experience era that we are entering. The ideology of buying a personalised experience as appose to lesser, price-driven products and services.
That would appear to be a trend that is increasing within the luxury gym and boutique studio space. This has also been linked with another Y-o-Y drop in fashion sales, with the UK market keen on the gym, restaurants and entertainment according to The Guardian.
We have all signed up to long term contracts with big gym chains and struggled to negotiate an exit strategy! A rising number are now focused on higher end workouts and the flexibility it brings. Paying per workout, monthly rolling options and ad hoc personal sessions are all on the rise.
The long-term commitment is less desirable when you have options being offered at both ends of the market. Providers such as PureGym and EasyGym are prospering at the low end of the market, while there has been a significant rise in the private, exclusive boutiques providing an experience for the wealthier customer.
The consumer is generally getting more from a £15/£20 personal workout than a £100+ a month gym membership. There is more growth ahead within the private health and fitness market. Mintel is forecasting a rise from £3.1bn last year to £3.9bn by 2022.
Flexibility is key
The keyword is flexibility. Whether in the workplace or in our personal lives, there is a law of attraction towards a more accommodating approach. We are living busier lives and consuming more content than ever, meaning there is more on offer.
Those that are all for working hard to keep their customers and clients happy, providing a personal service through an excellent journey and experience will thrive in this era. That is certainly the case in the luxury workout space. It’s not easy at first, but by sticking at it and being true to your brand, you will reap the rewards. High-end HIIT gym Trib3 is now seeing theirs!