A Unique Opportunity for the Home Exercise Market

Annelise Spargo

The unlikely winner of the coronavirus recession? The home exercise application and equipment market. As the novel coronavirus is labeled a pandemic, and President Donald Trump calls for a National state of emergency, Americans have become panicked. Many are bulk purchasing groceries and everyday essentials with the fear that full quarantines will go into effect. While many industries stand to suffer for the already looming economic recession brought on by COV-19, Google searches for gym safety during the pandemic, home exercise routines, and home workout apps/ equipment sales have all soared. Clearly, Americans are concerned enough about contracting the coronavirus to avoid crowded gyms altogether, but equally as concerned about maintaining a healthy lifestyle enough to purchase home exercise aids. 

Home exercise system, Tempo, has increased their ad spending in the last week, claiming that they hope they are able to help millions of Americans feel less stressed, by giving them the opportunity to get a great workout at home, without exposing themselves to the germ filled gym. Tempo CEO, Eldeeb, states that he does not feel as though his company is taking advantage of the panic, but again, providing a solution, as social distancing at a gym is virtually impossible (Rosman & Bromwich, 2020). 

Tempo is not the only company to take notice of the opportunity, though. App based fitness provider, “Obé, offers live and on-demand classes in cardioboxing, barre, yoga and other workouts, is [also] seizing the moment, offering new users a free month if they sign up for its platform,” (Rosman & Bromwich, 2020). Competitor, The Mirror, has seen an increase in “exercise frequency” and new product purchases in the last two weeks (Rosman & Bromwich, 2020). According to their website, The Mirror is also offering a special discount for the month of March, $350 off a product purchase. 

Even small, Instagram fitness influencer platforms are using the opportunity to market their fitness apps. Fitness influencer and owner of the fitness app “Alive,” Whitney Simmons has been sharing videos of at home workout routines on Instagram as a way to promote her app, which houses countless of at home workout routines. 

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Is this the opportunity small, app based exercise and home exercise equipment companies have been looking for to gain traction? They can only hope that if enough people try their product during the COV-19 panic, they will be hooked, thus not feel the need to return to the gym when the virus panic has passed. 

References

Koncius, J. (2020). How gyms and yoga studios are preparing for the coronavirus. Retrieved from https://www.washingtonpost.com/lifestyle/wellness/how-gyms-and-yoga-studios-are-preparing-for-the-coronavirus/2020/03/06/c6ea033e-5f26-11ea-b29b-9db42f7803a7_story.html

Regensdorf, L. (2020). With Coronavirus, the Work-Out-From-Home Movement Has a Captive Audience. Retrieved from https://www.vanityfair.com/style/2020/03/soulcycle-bike-equinox-fitness-app-coronavirus-wellness

Rosman, K., & Bromwich, J. E. (2020). Maybe Now You’ll Stop Mocking Peloton. The New York Times. Retrieved from https://www.nytimes.com/2020/03/12/style/coronavirus-fitness-gyms.html?auth=login-google