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Summary and extracts
1 Market Summary
1.1 Definition and presentation
Generally, the term fitness refers to a state of health and well-being of the body. To achieve this state, people used to join specialized health and fitness centers that not only provide their members with workout facilities in exchange for a membership and subscription fee, but also offer their members a wide range of additional services such as personal training, group classes, and spas.
In2022, the global fitness market isworth $83.24 billion and is growing significantly, with forecasts projecting a compound annual rate (CAGR) of 7.67 percent for the period 2023-2030 .several factors are contributing to this expansion, including the gradual exit from pandemic-related confinement, the importance given to physical appearance, and the role of social networks that encourage the search for an aesthetically pleasing body [ Deloitte ]. The global market, however, is not homogeneous: on the one hand, there are countries such as Germany, the United Kingdom, and the United States that have very high membership numbers; on the other hand, in many countries, such as those in Latin America, there is a distinct lack of fitness centers.
Today, the Italian market is characterized by the presence of 5.3 million active members and high fragmentation: the vast majority of facilities dedicated to fitness in Italyare independent clubs, while as many as 28 percent are modestly sized yoga or pilates studios. These numbers, as a result, significantly reduce the presence of large franchises. The Italian regions with the largest number of sportspeople turn out to be Lombardy, Veneto, Emilia, Romagna and Lazio.
The growth of the market is certainly linked to a greater propensity of people to take care of themselves and a greater awareness of the benefits associated with fitness. The fitness market has evolved significantly in recent years through the creation of new business models and training methods. In particular, 2020 was a crucial year in this respect: the losses associated with the Covid-19 pandemic, which caused fitness clubs to close for long periods of time, were enormous. Despite this, the fitness market has shown great adaptability by taking full advantage of the potential of the digital world, offering virtual classes and workouts.
1.2 The Global Market
The size of the health and fitness club market is estimated at $**.** billion in ****. It is projected to reach $***.** billion by ****, registering a compound annual growth rate (***). Factors such as increasing per capita disposable income, growing urban population, increasing obesity, increasing fitness clubs and gyms, and a tilt toward health clubs ...
1.3 The Italian market
In ****, about ** million Italians exercised at sports centers, gyms and swimming pools with a total turnover of about ** billion euros. Considering the induced activity of the whole system, the turnover is around ** billion euros or *.* percent of the national GDP.(***).
Average monthly spending on recreational and sports services and sporting goods Italy, ...
1.4 The impact of the Russian-Ukrainian conflict
The outbreak of the Russian-Ukrainian conflict in February **** led to a general increase in the consumer price index, among other things. As for the fitness sector, between **** and ****, prices for gym memberships increased by an average of *.* percent. In particular, the annual membership has the highest price increase, with an average ...
2 Demand analysis
2.1 Consumption Habits
In ****, **.* million people practice physical-sporting activity in their leisure time. The practice of a sport continuously stands at **.* percent, occasional practice is on the rise, accounting for more than one in ten cases (***), while the performance of a physical activity stands at **.* percent. Moreover, in ****:
**.*% of women and **.*% of men ...
2.2 Demand trends
The graph represents the proportion of searches for a given term in a given region over a given period of time, compared to when it was most searched (***). Thus, a value of ** means that the keyword was used less often in the region, and a value of * means that there is ...
2.3 The development of connected devices
WEARABLE DEVICES
The Anglo-Saxon term "wearable" is used to define all those wearable technological devices that measure and monitor a person's sports performance. By means of sensors, connected to the athlete, they transmit a series of data that allow monitoring one's performance, state of health, fatigue, stress and performance in ...
2.4 The impact of the pandemic : the rise of domestic sports
As a result of the restrictions and lockdowns imposed, the fitness industry has had to reinvent itself. Efforts were made to reach Italians directly in their homes through apps and websites. Demonstrating the boom in digital training during the lockdown is data on the number of visits to diet or fitness ...
2.5 Online classes
As mentioned in precendeze, the rise of one-on-one workouts is becoming increasingly popular. A new development are streaming or live fitness classes that offer the convenience of having a workout available **/* via a live or prerecorded class. these are being offered by gyms, apps, and even sports equipment manufacturers themselves.
In ...
2.6 The New Gyms and Apps
news from the gym world concerns both the classes offered and the type of workouts.
BULB
Bulb, an Italian startup born in ****, in the midst of a pandemic, provides users with workout-equipped spaces on a pay-per-use basis. Just download the App and see which centers are free on that given day ...
3 Market structure
3.1 Market Structure
According to Robert Fitness is a "set of activities aimed at maintaining physical fitness by means of exercises performed with the help of equipment," however, there are different places and rooms, here is a quick overview.
All these centers and gyms have the same activities, although some prefer to specialize, but ...
3.2 Geographical Distribution
In ****, **,*** sports activities are active in Italy. Just as with demand, a territorial imbalance can also be seen in supply. In fact, **.* percent of activities are concentrated in the North (***), **.* percent in the Center, **.* percent in the South, and just *.* percent in the Islands.
3.3 A very fragmented market
Different types of players can be differentiated: very high-end gyms that present the most comfort in place, intermediate gyms, and low-cost gyms that disrupted the market a decade ago (***). The democratization of fitness and the exacerbation of competition have allowed this steady decline in subscription prices, which has been happening for ...
4 Supply analysis
4.1 Prices and Various Strategies
the clubs' offerings and the type of subscription (***) vary widely. However, only **% of clubs have more than half of their customers with an annual subscription. This makes it a financially "fragile" market. The average price for an annual subscription is about *** euros per year.
In general, Italians are the biggest spenders ...
4.2 Sports Nutrition as Leverage for Fitness Centers
Several centers have partnerships with sports nutrition brands, this is a booming market in Italy where there are more than ** million, on average, people who use sports supplements, with numbers growing all the time[***]. When it comes to sports supplements, there is a multitude of products available, not only in terms ...
4.3 Different business strategies
This part will look at the various types and business strategies of companies and how they have responded to the Covid pandemic.
LARGE FITNESS CHAINS
ITALIAN CHAINS
5 Rules and regulations
5.1 Regulation
Anyone can open a gym or fitness center, as long as they have adequate premises that comply with current workplace safety regulations and ASL health and administrative authorizations.
Specifically, the opening of a gymnasium requires the submission to the SUAP, in the municipality of residence, of a SCIA underLg ***/**** art. **, which ...
6 Positioning of actors
6.1 Segmentation
- Abeo
- TechnoGym
- FITINN ITALIA SRL
- MiaFit
- Prime Exclusive Wellness
- Ceresio 7
- Virgin Active Italia SPA
- Fitactive
- WebFit SRL
- Fit Express Holding SRL
- McFit
List of charts presented in this market study
- Global fitness market
- Global fitness equipment market
- Evolution turnover market of sports activities
- Increased prices of gyms
- Production prices sporting goods
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Latest news
Shares, Technogym rises in the stock market. Analysts raise target price after accounts, Banca Akros moves from sell to neutral - 26/03/2024
In 2023, Technogym reported consolidated revenues of 808 million euros, marking a 12 percent increase over fiscal 2022.
- - Adjusted EBITDA was 152 million euros, an increase of 15 percent.
- - Net income reached 78 million euros, up 18 percent.
- - The net financial position improved to 127 million euros compared to 122 million in 2022.
- - a dividend was proposed that corresponds to 70 percent of profits, or 52 million euros, comparable to 26 cents per share.
- - Technogym's stock has risen 1.6 percent since the beginning of the year, and 12-months by 21 percent, with a market capitalization of 1.87 billion euros.
- - The latest target price adjustments by analysts include:
- - Banca Akros: changed from "sell" to "neutral" with target price from 8 to 9 euros.
- - Mediobanca Research: remains "neutral," but increases target price from 8.3 to 8.9 euros and earnings per share estimate to 2024 by 4 percent.
- - Goldman Sachs: remains "neutral," raising target 5% to 10 euros.
- - Equita SIM: maintains "buy" rating, raising target 3 percent to 10.8 euros.
- - Intesa Sanpaolo: confirms "hold" rating and target at 9.8 euros.
Technogym bursts with health: more revenues, profits and dividends - 25/03/2024
- Consolidated revenues in 2023: €808 million (+12% year-on-year).
- Adjusted gross margin (Adjusted Ebitda) in 2023: €152 million (+15.2%).
- Adjusted pre-tax profit in 2023: €101 million (+18%). - Net income in 2023: 78 million euros (+18%).
- Net financial position as of December 31, 2023: positive 127 million euros, 4% improvement from 122 million euros in 2022.
- Proposed dividend distribution for 2023: €0.26 per share, totaling €52 million (70% of net income).
- Relevant events for 2024:
- Participation as exclusive supplier in the Paris Olympics.
- Celebration of Technogym's 40th anniversary during Milan Design Week with the "Design to Move" event.
- Forecasts and strategies:
- The company expects to confirm the growth trend in the medium to long term as well.
- Emphasis on sustainable and profitable growth in the long term.
- Confidence in the continuation of the profitable and sustainable growth path through a rich program of appointments and innovation for 2024.
- Positioning as a luxury brand in design through the "Design to Move" event.
- Support for wellness and healthy longevity as a global lifestyle.
Virgin Active presents Reformer Pilates, the fitness of the future - 02/02/2024
- **Popularity of Reformer Pilates:** The discipline has gained the endorsement of celebrities such as Cristiano Ronaldo, Adele, LeBron James, Harry Styles, highlighting a growing interest in Reformer Pilates as a fitness practice.
- **Benefits of Reformer Pilates:** This discipline helps improve muscles, strength, flexibility, prevent injuries, improve stability, increase physical performance, as well as benefit the mind by teaching proper breathing and control.
- **Rebranding Reformer Pilates Athletic from Virgin Active:* In 2024, Virgin Active Italy will introduce Reformer Pilates Athletic, a new formula that combines Pilates with functional training, creating a high-intensity fitness experience .
- *Training Formats Offered:** Three different levels are available to accommodate both beginners (Fundamentals) and those already familiar with the Reformer (Align) and those seeking a more intense and advanced workout (Athletic).
- **Target Demographic:** The offerings vary to appeal to a wide range of customers, from novices to professional athletes, demonstrating an inclusive approach while still focusing on specific customer segments.
- **Innovation in Fitness:** The Athletic class is described as "the real revolution," a class that will "sweep away all preconceptions about the sport," highlighting a strong element of innovation with the integration of functional training into Pilates.
McFIT turns 10: hiring and looking for new properties - 16/01/2024
**History and Growth of McFIT in Italy**
- First location opened in Verona in 2014.
- Currently, McFIT has two clubs in Verona, serving about 10,000 Verona residents.
- In Italy, McFIT operates 44 centers under the umbrella of RSG Group Italia Srl, including the McFIT, John Reed Fitness and Gold's Gym brands.
- In a decade, McFIT Italy has reached more than 170,000 subscribers.
**Investment and Expansion**
- Beginning with a strategic role in Northeast Italy.
- 14 centers in the Northeast out of a total of 44 in Italy, 12 of which are McFIT and 2 John Reed.
- Total investment of more than 40 million euros to date.
- Additional 10 million euros planned for investment in the Northeast, aiming to open 4 new gyms in locations such as Trento, Bolzano and Padua.
- Two new centers planned for 2024 in Trieste (McFIT) and Mestre (Gold's Gym), with an investment of about 10 million euros.
**Social and Economic Impact**
- Generation of more than 300 jobs between direct and indirect employees in the two Northeast regions.
- Collaborations with municipalities to promote sports and wellness.
- Over 300 direct employees and about 170 VAT numbers for group courses in Italy.
**Objectives and Future Vision**
- Opening about 4/5 gyms per year in the first 10 years of operation in Italy.
- Goal to reach 100 gyms in the coming years.
- Mission to make Italy more sporty, with state-of-the-art gyms at affordable prices.
- Provide global business and job opportunities.
McFIT opens in Como, opening today with dignitaries - 28/09/2023
- Total number of McFIT gyms in Italy: 40.
- Location of the new gym: Como, at 2/A F.D. Roosevelt Street.
- Date of opening to the public: September 29.
- Area of the new gym: 2,000 square meters.
- Redevelopment of former industrial area: former Ticosa industrial area.
- Features of McFIT gyms: hi-tech centers, avant-garde design, focus on sustainability, reduction of CO2 emissions, Zero Energy.
- Special offer at launch: free access to services for 6 days, Sept. 29 to Oct. 4, with no subscription obligation.
- Cost of standard annual subscription: 39.90 euros per month.
- Attributes of the new gymnasium: great sense of space, large skylights, economic and social spin-offs for the city of Como.
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