24 hour Fitness Clubs are enjoying a renaissance as a high-growth segment of the stable fitness industry.
Consumers are keen to splash cash on various fitness options, with IBISWorld forecasting Australians will spend $6.6 billion on the health and weight-loss industries in the 2013-14 financial year.
It expects boom businesses will be personal training, gym memberships, weight-loss products and weight-loss counselling services such as wellbeing and nutrition advice.
It forecasts spend on gym memberships in 2013-14 will be $858 million, increasing to over $1 billion in 2018-19.
IBISWorld also predicts personal training is set to build momentum, with the 2013-14 spend forecast at $390 million, rising to $501.3 million in 2018-19
Keeping Aussies healthy and fit is big business. The fitness industry in Australia generates an average of about one billion dollars in revenue on an annual basis. Altogether there are 2,856 gyms and fitness centers across the country, which collectively provide employment for more than 17,000 people. In 2011, about 3.3 million Australians used a professional exercise service.
The Australian fitness industry is expected to grow by 4.8 percent between 2009 and 2014, despite a decline in 2009 when consumers sought more affordable health and fitness alternatives because of the bad economic climate.
Although the economy is recovering, experts predicted that the revenue of the industry will only grow by 1.4 percent to $1.31 billion this year, because of increasing market saturation.
According to a study conducted by the United Nations, Australia is the fifth most obese country in the world, with about 24.6 percent of its citizens considered obese. If the current trend is not slowed down or reversed, it is estimated that almost three out of four Australians will be obese or overweight in 2025.
The popularity of weight loss reality TV shows, efforts by the government to promote healthy living and weight loss, and the household outsourcing trend are some of the factors that have contributed to the increase in demand for fitness services and products.
Fitness centers provide a cost-effective way for Australians to improve their health and fitness, and it has been proven that they can collectively reduce direct healthcare costs by up to $108 million a year. The increasing availability of fitness centers and low-cost fitness alternatives has made it easier for Aussies to keep fit.
Stepz Fitness competes the following ways: