The report states “…industry growth has been largely stimulated by the advent of budget 24-hour gym chains, which have grown exponentially over the past five years as consumers have been attracted to their affordability and accessibility.” They suggest that health awareness and rising obesity combined with the 24-hour gym has created the 4.8% yearly growth in the fitness industry.
They further reported that the gym and fitness industry is worth an estimated $1.31 billion in 2013-2014.
In saying this however they are suggesting that the market has become saturated, which is overall stifled revenue growth forecasts of 2.2% over the next financial year of 2013- 2014. This is further expected to contribute to an industry slow down over the next 5 years.
Further more they suggest that the gym and fitness industry is characterized by a moderate level of market concentration. “The growth of medium-sized companies and foreign entrants to the industry has increased industry concentration.”
The report suggests that there are 2,834 gym and fitness industry businesses who employ 19,573 people.
Interesting figures right? How much do you know about the gym and fitness industry? Want to know more? You can download the Ultimate Guide to the Fitness Industry in Australia and New Zealand here.