As Number of Gym Goers Rise, At-Home Fitness Wanes

    • Gyms are approaching pre-pandemic levels.
    • That is cutting into the profits of at-home fitness companies like Peloton.

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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.