BACKGROUND

The COVID-19 pandemic adversely impacted industry progression due to social distancing restrictions, with many establishments being forced to close to prevent the spread of the virus.

Since then, the industry has been bouncing back, with facilities reopening and fitness activities resuming some normality.

The Pandemic had a significant impact on the industry across the globe. The sub-sectors impacted the most during the pandemic were gyms, health clubs, and boutique fitness studios. However, parts of the industry flourished. The home fitness market thrived during this period, with revenue increasing by 40% (Business Wire). Digital platform adoption soared as people exercised remotely out of convenience, complimenting a lifestyle that appears only to get busier. Classes shifted to a virtual environment, using innovative ways to keep fit during the lockdown. Digital fitness platforms are forecast to be worth $59 billion USD by 2027 (valued at $6 billion before the Pandemic). This equates to a 33% compound annual growth rate - technology and changing consumer behaviours being the catalyst for this forecast increase.