Home fitness
With the gyms closed, people stopped spending their money on gym memberships, the industry seeing an average decline of 42 percent in 2020 compared to the previous year. However, closed gyms did not stop people from working out, with many of them shifting towards home fitness and purchasing home workout items. Popular brands such as Peloton, Mirror and NordicTrack had twice as much revenue compared to the same period in 2019.
Customer spending increased by an average 123% in 2020 with sales surging in September 2020 when average monthly spending reached $118 per person.
