Going with a different theme and focusing on the number of boutique fitness streaming devices or in-home equipment. The fitness industry is a huge (and growing industry) and boutique fitness has taken the world by storm. Specifically, the in-home boutique fitness market is booming. Technology has allowed for your favorite fitness instructors to coach and guide you from the comfort of your living room. Peloton comes to mind, very quickly, but in-home fitness led by your favorite instructor has existed for years. From Tammy Lee Webb’s “Abs of Steel” VHS tapes to streaming services like LEKFit and apps like Nike’s run app to today’s market of high quality exercise equipment in your home with live classes and instruction, the in-home boutique market is not showing any signs of slowing down. The demand for convenient and quality workouts in the comfort of one’s home continues to exist and grow.
With the launch of Soul Cycle’s in-home bike and Variis app this week, I began to think about all the options for the in-home fitness equipment and was amazed by it. I really liked various aspects of each product. I go back and forth about the pros and cons of having an in-home gym versus traveling to a gym or studio. This pro-con list usually results in me deciding to get a multitude of products so I can get various aspects of each product: a spin class, a boxing class, weights, cardio, etc and the list continues. This lasts all of about 10 seconds and then I realize this cost, not only of the products but also the subscription, is insane and I immediately change my mind. And then, I think wouldn’t it be nice if there was a way to get all of this fitness equipment in one place but not completely break the bank?
It’s the gym and therein lies the problem. While the gym has everything I would want to do to workout, it lacks the quality that specialization provides. As consumers, we have become used to quality products that are specialized and customized to our needs and wants. Boutique fitness provides that convenience and customization, but the overall price typically increases. Gyms have the equipment and depth but because they are catering to a larger group of people, there is less specialization. It is the problem that companies face now: providing customization and specialization on a mass scale. I want the quality of the Soul Cycle class with the boxing class and the flexibility to use weights or other cardio equipment. I want it all. So, I will cancel my gym membership to get the better quality workout, only to spend an equal or greater amount to achieve the same thing I had with the gym!
Companies have capitalized on providing specialized and curated content whether it is fitness or entertainment. Gyms, which cater the masses, cannot compete with specialized content that boutique fitness or entertainment offers. I think it will only be a matter of time before the technology advances that have enabled in-home fitness companies like Peloton to excel will be included in regular gyms. The combination of technology with the convenience of having the equipment available to you at a reasonable price is something that few would turn down. The gym that could combine the specialization and curated content that boutique fitness offers with the technology that convience affords but with a reasonable price would be quite the competition.
References
Foley, K. E. (2020). The boutique fitness industry’s mission to monetize community. Retrieved from https://qz.com/1773355/boutique-fitness-companies-are-trying-to-monetize-community/
Hanbury, M. (2019, September 6). Pressures are mounting for boutique fitness companies — and experts say we’re beginning to see casualties. Business Insider, Retrieved from https://www.businessinsider.com/boutique-fitness-market-facing-pressures-2019-8
Vennare, A.The numbers behind the boutique fitness boom. Retrieved from https://insider.fitt.co/boutique-fitness-boom-numbers-statistics/