Amid cooler temps, it’s time to break out the jeans—but after a summer of barbecues and work-from-home snacking, some consumers might be having a little trouble zipping up. Enter home fitness brands, which have been ramping up their marketing in an effort to attract exercise-eager loyalists at a time when few are visiting the gym. Even Peloton, which has been so popular during the pandemic that it dialed down its marketing, is introducing new lower-priced products for more mass appeal.
While last year Peloton was the only marketer breaking ads between May and September, this summer has seen the likes of Bowflex, NordicTrack and Mirror—the home fitness startup recently acquired by Lululemon—as well as Peloton run new TV ads, according to Ace Metrix, which tracks advertising.
“The pandemic created opportunities for people to try out these products,” says Jake Matthews, a senior intelligence analyst at CB Insights. “I don’t think these at-home fitness products are going to wipe the gym off the earth, but they will play a larger role in the fitness ecosystem and they will certainly start to take market share away from traditional gyms.”
In a recent report, CB Insights highlighted the investor attention that digital and at-home wellness solutions are receiving amid coronavirus lockdowns.
While many gyms across the country have reopened—and the International Health, Racquet & Sportsclub Association recently ran a report that found only 0.0023 percent of positive cases from 49.4 million health club visits—consumers are still leery of working out in a shared indoor setting until a COVID-19 vaccine exists. In addition, some consumers might have already reinvested the funds that would normally go into a monthly gym membership into a home fitness product.
Such products are typically prohibitively expensive—Peloton’s original bike exceeded $2,000—but are easier to justify without a monthly health club fee as well.
“Moving forward these companies are going to take greater share of the fitness market,” says Matthews, noting an opportunity for connected fitness players to use data to create a personalized fitness program for users. “You’ll start to see a lot of these companies like Peloton or Mirror build products that are more affordable.”