2024 is poised to be a record-breaking year for the fitness industry in the UK and Ireland. A mid-2023 status of the industry report revealed that the UK fitness industry’s value had reached an all-time high market value, an increase of 11.5% from the previous year. Revenues were also boosted by an increase (3.9%) in member numbers. With the trajectory of growing memberships set to continue, now is the perfect time to invest in the fitness industry1.
The numbers tell a strong story, but they don’t paint the whole story. Here, Kristen Horler, Head of Sales at Snap Fitness, discusses the trends for the next year and what this means for sector demand in 2024 and beyond.
With overt two decades of industry experience, it’s clear that now is the perfect time to invest in the growing fitness industry – the numbers speak for themselves. But it is strategies behind the figures that truly do the talking. With that in mind, here are my top 7 reasons why now is a great time to invest:
Growing health awareness
An increasing global awareness of the significance of a healthy lifestyle and regular exercise is driving an increase in demand for fitness products. A recent study indicates that 59% of UK consumers now prioritise health over affordability when purchasing food, showing a growing health-consciousness
Technological advancements
The fitness industry is quick to embrace new technology. Ongoing advancements aim to enhance consumer experiences by making it more accessible and engaging. At Snap Fitness, our high-end equipment connects to fitness-tracking devices to help members improve visibility to understand their workouts better.
Personalised fitness solutions
The trend towards personalised fitness regimes ranging from personal training, nutrition plans and even DNA-based fitness insights is set to continue in 2024. Companies offering tailored fitness experiences, such as Snap Fitness with its app providing progress tracking and on-demand workouts from anywhere.
Mental health focus
The relationship between physical activity and mental health is as important as ever. Consumers increasingly seek fitness programmes that incorporate mindfulness and stress reduction.
Government initiatives
National campaigns actively promote healthy living and fitness. This gives fitness brands like Snap Fitness an additional boost thanks to various government policy-backed drives stating, “the government wants to help build a healthier nation by tackling high levels of inactivity, and by making sure that the sport and physical activity sector thrives for future generations.” For additional detail on the UK government’s report, presented to Parliament see Gov UK, Get Active, August 20233.
Global market expansion
The industry exhibits potential for global expansion. With emerging markets becoming more affluent and driving increased demand for fitness products and services. Investors focusing on growing businesses in the UK and Ireland may explore opportunities further afield.
Sustainable and eco-friendly initiatives
Environmental sustainability is gaining traction across industries. Companies that prioritise eco-friendly fitness products or practices may appeal to more environmentally conscious consumers.
Investing in a fitness franchise
The fitness industry presents a promising investment opportunity. Given the rising global health awareness and technological advancements, opting for a fitness franchise amplifies these advantages. It provides a proven business model, established brand recognition and comprehensive support systems, minimising risks and maximising your potential returns.
Our Snap Fitness franchisees attest to the benefits of investing in the fitness industry but more particularly in partnering with a franchise brand. One of our multi-club franchisees, Peter Dhillon, had no prior knowledge of the industry before investing, he says, “the level of support I received was beyond what I could have imagined, from marketing all the way to property management. And with the network continuing to grow and outperform other gym franchises in the UK, now is the perfect time to join this fantastic community.”
Investing in the fitness industry has been transformative for so many, as our franchisees can testify. Their stories showcase the industry’s true potential, the possibility to achieve both personal and financial fulfilment. As Snap Fitness gears up to open its 100th gym across the UK and Ireland in early 2024, could you be the next to take the leap?
1 State of the UK Fitness Industry Report, Leisure DB, 2023
2 Statista, Health and wellness food trends in the UK, 2022
3 Gov UK, Get Active, Aug 2023
