At-home fitness companies surged during the pandemic, but now they’re facing competition from the rivals they temporarily replaced: gyms.
Gym chains like Planet Fitness, 24 Hour Fitness, and Orange Theory are seeing a long-awaited revival — partly at the expense of Peloton and other at-home brands.
- Research firm Jefferies found that traffic at gyms is at 83% of January 2020 levels and down just 6% from January 2019.
- Website visits are up for many gyms as people renew memberships and examine COVID-related policies.
- Another study from Placer.ai found that gym visits in March were down 21% from that period in 2019, though up 45% from 2020. Foot traffic to gyms grew 21.6% from February to March.
That might be bad news for Peloton and other at-home fitness companies like Hydrow, Mirror, and Tonal.
Peloton expects $4 billion in revenue for its fiscal year and reported a net loss of $8.6 million in the quarter ending March 31, despite year-over-year sales growth of 141%. The company is launching offerings targeted at office workers as it adjusts to the post-pandemic economy.
Web searches for home fitness equipment like weights and yoga mats have fallen from their pandemic highs last spring but remain elevated compared with pre-pandemic years.
California, the country’s most populous state, could cause another uptick in gym memberships. The state lifted the last of its indoor-capacity limits on June 15, allowing businesses to return to pre-pandemic rules.