The fitness industry has seen some casualties during the coronavirus pandemic, but an industry survey suggests many are working through COVID-19 challenges successfully. In the Sports & Fitness Industry Association’s most recent survey of more than 160 companies in the sports and fitness industry across the U.S. regarding the impact of the pandemic’s effects, 56% of respondents reported sales growth from April to May.
Still, the bankruptcies of Gold’s Gym and 24 Hour Fitness are indicators of struggles felt across the industry as 60% of respondents project sales to return to pre-COVID-19 figures in 2021 or later. To combat that lag in sales, companies are investing heavily in e-commerce: 50% have invested in their website since the start of the pandemic with 36% investing in digital or mobile advertising.
Other Survey Findings:
- 51% reported May 2020 e-commerce sales higher than May 2019.
- 76% expect gyms, health clubs, and boutique studios will be back this summer.
- 80% expect youth sports will be back in September or October.
- 39% expect to finish 2020 with revenues down between 1%-25%.