Home Gym Equipment Market after Covid 19: the interview
Daily / Interview - 30 November 2020
The home gym equipment market depends on various factors
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How did the COVID-19 affect the demand for home gym equipment?
The COVID-19 outbreak impacted the home gym
equipment market positively as gym and other fitness institutes shut
down due to the pandemic. Hence, consumers started looking to buy gym
equipment for usage at home. Moreover, gyms and fitness centers began
offering online classes through their websites and app, which also
propagated the concept of home fitness regimes. The demand for home
gym products increased on account of this, especially in Q2 and Q3 of
2020.
Globally, around 25% of gym memberships are predicted to get canceled by gym-goers due to COVID-19. Around 35-40% of new consumers are first-time buyers and have started exercising at home because of concerns for health induced by the COVID-19 scare. Until 2019, the home gym equipment market had been growing steadily, but the pandemic further encouraged people to work out from home and increased the demand for home gym equipment. The competition is expected to grow in the short term for both online and offline channels. Online marketing through social media, catalogs, celebrity endorsements, and others are anticipated to drive the sales of home gym equipment during the forecast period.
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