2024 is shaping up to be a record-breaking year for the fitness industry in the UK and Ireland. A status of the industry report released part way through 2023 revealed that the UK fitness industry’s value had reached an all-time market high, an increase of 11.5% from the previous year. Revenues were also boosted by an increase (3.9%) in member numbers. With this trend 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 picture. 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.
Having worked in the industry for over twenty years, it’s evident that now is the perfect time to invest in the growing fitness industry – the numbers speak for themselves. But it is the strategies behind the numbers that really do the talking. With that in mind, here are my top 7 reasons why now is a great time to invest:
1. Growing health awareness: there is an increasing global awareness of the importance of a healthy lifestyle and getting regular exercise. With more people becoming health-conscious, demand for fitness products is likely to rise – in fact, a recent study shows that 59% of consumers in the UK are now choosing health over affordability when buying food2.
2. Technological advancements: the fitness industry is quick to adopt new technology. New advancements aim to make the experience for consumers 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.
3. Personalised fitness solutions: 2024 will continue the growing trend towards personalised fitness regimes ranging from personal training, nutrition plans and even DNA-based fitness insights. Companies that tailor their fitness experiences could see an increase in their demand. For instance, we have the Snap Fitness App – a free app for our members to track their progress, receive personalised meal plans and access on-demand workouts from anywhere.
4. Mental health focus: the relationship between physical activity and mental health is as important as ever. The number of consumers wanting to incorporate mindfulness and stress reduction as part of their fitness programmes is on the rise.
5. 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.
6. Global market expansion: the industry has potential for global expansion. As emerging markets become more affluent, the demand for fitness products and services is predicted to increase. Investors who set their sights on growing businesses in the UK and Ireland may also extend their portfolios further afield.
7. Sustainable and eco-friendly initiatives: there is a growing awareness of environmental sustainability in all 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 is a promising investment opportunity. Given rising global health awareness and industry technological advancements, opting for a fitness franchise in 2024 amplifies these advantages by providing a proven business model, established brand recognition and comprehensive support systems, minimising the risks and maximising your potential returns.
Our Snap Fitness franchisees extol the benefits of investing in the fitness industry but more particularly in partnering with a franchise brand. Peter Dhillon, one of our multi-club franchisees 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 attest. Their stories underscore the true potential of the fitness industry, and the possibility to achieve both personal and financial fulfilment. As Snap Fitness prepares to open our landmark 100th gym across the UK and Ireland in early 2024, could you be the next to take the leap?