A recent 2017 AFS (Association of Fitness Studios) report shared the “Buying Habits of Fitness Studios” owners in the U.S.
The report (sponsored by SportsArt), is the first ever of it’s kind. It has been put together to provide a greater understanding of the relationship between fitness studios and fitness industry equipment suppliers.
For all our Aussie studio owners reading this article, this is a great insight into your U.S counterparts, allowing you to identify what programs, services, habits and business-building differentiators are introduced to enhance profitability and build a stronger business.
Here are just some of the finding of the 2017 AFS report:-
Annual Studio Revenue
Revenue at studios averaged just under US$300,000 (AU$395,000) per year. Owners, rather than managers, have the most say in buying new equipment, but they are very price sensitive.
How Much Do You Spend Annually on Fitness Equipment?
- 34.83% (the biggest group) spend between US$1,000 – $5,000 (AU$1,300 – AU$6,500)
- 29.21% spend less than US$1000 (AU$1300)
- 16.85% spend between US$5,000 – US$10,000 (AU$6,500 – AU$13,000)
- The remaining percentage are recognised as fitness professionals in homes of other peoples studios while those reporting over US$20,000 (AU$26,250) in annual spend are deemed to be more traditional health clubs
What Type Of Fitness Equipment Do You Buy?
As expected, the answer to this question are all over the board. Not surprising given the small annual spend, “Accessories” (balls, bands, tubes etc.) is the leading category with 87.64% of studios purchasing here. Functional equipment followed at 64.034%, again in line with current workout trends. Strength and Cardio, the staples of the industry for 40+ years, showed remarkable staying power with still significant purchasing.
Do You Sell Supplements?
Just over one-third (36.1%) of studios reported they did sell supplements, despite the significant profit potential. As with accessories, we see this date as consistent with the “too busy t bother” mentality of many studio owners.
Do You Sell Accessories?
Two-thirds of studios are not in the business of selling workout accessories to their clients/members. Anecdotally, we believe studio owners (the “gotta do everything” people) don’t see the value proposition working in their favour. The time, financial investment and space required are not offset by the big number profits.
Do You Sell Apparel?
Oddly enough, when it comes to selling apparel, 60.2% of studios are actually in this business. Research indicates that logo’d apparel is viewed as a form of marketing and therefore, such expense not only has profit potential, it has visual impression value absent from the other ancillary sales opportunities.
Want more? You can purchase the full report with more about average studio sizes, membership types, numbers of studios, software and insurance buying habits, buying influencers and more – click here.