The global fitness market is worth $97 billion and the more exciting, fast paced boutique fitness market is worth $22 billion of that. What’s more, for investors and fitness enthusiasts alike, the boutique fitness market offers the perfect mix of unrivalled customer experience and a proven business model with the experiential nature of the workout commanding a higher price point and stronger brand loyalty. With brands like TRIB3, one of the fastest growing franchisors in this space, franchise partners can break even at just 25% class capacity!
Boutique fitness is the industry purists’ response to large, out-of-touch chains and offers a specialist and one of a kind workout experience. Large gym brands tend to cater for lots of different customers looking to achieve a multitude of health and fitness goals. Boutique fitness brands tend to offer more niche, specialised and focused solutions and tailored fitness experiences.
Boutique fitness isn’t new but it’s certainly a serious challenger for the traditional health club style of fitness operation. Favoured by millennials and generation Z, who are attracted by the experience, community, and the atmosphere created, and as a result are less price sensitive.
This attractive and significant audience is acutely aware of the importance of health and wellbeing and prioritises it as part of their everyday lifestyle. In a recent YPulse study millennials and gen Z explained that out of health and wellness trends they were most interested in investing in exercise and fitness.
Boutique fitness brands also typically attract a higher calibre of fitness trainer and personnel, both adding to the customer experience and outcome. These factors are the driving force behind the growth of the exciting global boutique fitness market.
The goal of boutique fitness stores is to provide an unforgettable experience. They are welcoming, encouraging, and enjoyable and it’s the experience that keeps people coming back for more.
A UNiDAYS survey suggested that 65% of Gen Zers are working out using fitness apps, and 28% depending on wearable technology to track workouts at least three or more times per week. The wearable technology market is booming. According to a survey of 4,500 health and fitness professionals by the American College of Sports Medicine (ACSM) Wearable technology is the number 2 fitness trend, globally.
The wearable technology market which is expected to grow from a $36.34 bn (2021) to c.$115 bn by 2028, therefore brands which feature and embed technology into their offering can expect to see huge returns. In fact, adopting a truly gamified approach to health and fitness is where franchise owners and partners can really expect to see gains. Personalisation and gamification have been proven to increase both usage and loyalty in the boutique fitness space, TRIB3 is one brand that has capitalised on this approach with live heart rate tracking central to its workout experience. The brand has found that usage is 15% higher on average for customers who own a TRIB3 Heart Rate Monitor with their proprietary app and in-studio displays providing a personalised approach where you can track and follow performance throughout the workout sessions and on your device, not to mention share achievements and earn points for effort.
Studio design and equipment selection is also key considerations when looking at the boutique fitness market. You should expect for every single detail from building to materials to have been strategically and carefully considered and designed. Considerable attention to detail should go into every aspect of your boutique fitness business to create an environment which feels both luxurious and welcoming. Customers should expect to have access to the best in class kit that is innovative and inspiring but also easy to use and suitable for people of all fitness abilities. With franchise partners in mind, it’s reliable, durable, easy to maintain and effective.
As a franchise business or individual looking to Invest in the fitness market, the boutique segment should be seen as an attractive proposition. The highly curated fitness experiences secure long-lasting relationships with customers and not only creates a group of clients for each store but helps foster a fiercely loyal and motivated collective base for the overall brand.
Opening a boutique fitness business doesn’t happen by luck. It needs exacting standards, access to the best suppliers and equipment, ongoing innovation, and products to drive revenue and retention. Therefore, working with a brand with an experienced, high calibre team is a must.
This article comes courtesy of TRIB3 – the ultimate boutique fitness concept offering unique group HIIT workouts in signature industrial-luxe studios. TRIB3 is already active in several international markets and rapidly expanding.
