The planet fitness industry is booming.
Fitness enthusiasts are selling equipment and products that allow them to perform workouts at a more moderate level.
And, as more people join the trend, so do the demand for fitness gear.
The result has been a steady growth of fitness equipment that fits all fitness levels, but is more expensive than it used to be.
But the industry may not be in crisis.
Many fitness products are becoming cheaper, and there’s still room for growth in the industry, says Neil Clements, global head of research and development at the fitness retailer Planet Fitness.
The world fitness market is set to overtake the fitness market in 2020, according to Planet Fitness’ annual global market forecast, which forecasts the annual growth of the fitness industry at 25 per cent.
That is about double the pace of the growth of its own sales.
The growth is largely fuelled by new products and services that people are using, says Clements.
Planet Fitness is one of the few retailers that provides both fitness equipment and fitness products in the same store.
“When we started out, the fitness gear was very expensive, so we didn’t have a very large market, and the product we sold was not well-designed,” says Cines.
“So we did a lot of trial and error, and we discovered we had to make the product better to get people to buy it.”
Clements says the new Planet Fitness fitness equipment is aimed at the middle-class, and it is aimed specifically at women.
“The best part is that it’s not just for women, it’s for all genders,” he says.
It is a niche market.
Fitness equipment is used in many countries, but in the US, Australia and New Zealand, most people are not looking to buy fitness equipment.
Planet does have some good options for women.
There are fitness shoes and equipment for women with a few exceptions.
But Clements cautions that there are not many options for men.
“There are lots of products for men that are not for women,” he adds.
Planet also offers a range of fitness bands and products, including its new Planet Fit Fit, which features a mesh waistband, a foam cushion and straps.
“We’ve had a lot more women join the market, so I think we’ve just gotten a bit more of a foothold in that market,” says Dr Sarah Brown, who is the general manager of Planet Fitness in the UK.
She says the company has had a strong presence in the fitness space since it opened its first UK store in 2014.
Planet has also developed a range to cater to women in developing countries, including a range for women in Asia and a range specifically for women who live in the developing world.
“Our aim with Planet Fitness was to make it a better option for people to look at and be more involved in fitness,” she says.
“And it’s helped us build a more global market.”
Planet Fitness also has a global sales force.
The firm has its headquarters in London, which is well known for its yoga studios, and also sells fitness equipment through its online store, Planet Fitness UK.
Planet sells fitness gear in the United States, Canada, Mexico and Brazil, and sells fitness products through its main online store.
Planet, which also has other retail outlets in the Philippines, Malaysia, Singapore and India, says its business has grown by about 25 per one per cent each year for the past four years.
In terms of its revenue, Planet says its annual growth is driven by the sale of fitness gear and fitness equipment to the public.
“In the past, we were able to generate a lot on our own, so the sales of fitness products have been relatively strong, but we’ve got to build on that and grow that further,” says Brown.
Planet says it is investing in its business in order to “ensure that we have the best equipment for the people who want it, the people with the money to buy the equipment, and, importantly, the health and fitness professionals who want to work with us.”
Planet has had strong sales growth in China, and in Europe and Australia, as well as Asia.
But it has not been able to build a strong market in the rest of the world, and Clements expects that to change over the next few years.
The company also plans to open more stores in the future.
“What I think is really exciting is that we’re now at the point where we have a lot and a lot is being built on top of what we have already built,” he explains.
“I think the biggest opportunity is in Asia, because there is a huge amount of interest there in the concept of personal training and physical activity, and I think Planet is one example of that.
Planet is now the world’s largest fitness retailer, with about 7 million members worldwide.
Planet’s annual global sales are forecast to grow at 25-30 per cent a year over the coming five years.
Planet was founded in 1987 and now owns three stores in London.
Its stores now sell