Brits are looking for alternative ways to keep fit in a bid to save money, as 51% of the UK population expect the cost-of-living crisis to impact their exercise regimes in 2023, according to new research from customer insights platform, QuMind.
Rising costs are set to shift the workout habits of Brits as they look for more affordable ways to achieve their fitness goals.
More than one in two (53%) say the costs of exercise have risen over the past 12 months, of whom one quarter saw their gym membership (28%), club membership fees (26%) and price of exercise classes (22%) increase.
As a result, the survey found the nation is planning to take up or do more free exercise activities this year, such as walking and hiking (79%) and exercising at home (53%).
Commenting on the findings, Mark Ursell, CEO of QuMind, said: “With the cost of gym and club memberships increasing across the country, it’s unsurprising that many Brits are changing their exercising habits to focus on lower cost or free options.
This will catalyse a shift in the fitness market that retailers are likely to benefit from – a surge in purchases for home workout equipment that we previously saw during the pandemic when gyms were closed.”
At-home fitness investments driven by Gen Z and Millennials
To keep fit– at a lower cost than memberships – Brits plan to invest in items and equipment to exercise at home or in the outdoors.
The survey reveals the top 10 pieces of exercise equipment shoppers are buying to keep fit in 2023:
- Running shoes
- Exercise bike
- Yoga / Pilates mat
- Skipping rope
- Resistance bands
- Hula Hoop
- Rowing machine
Gen Z and Millennials (of the 18 to 34 age group) will be driving this boom in sales. They are set to make the greatest investments in equipment this year, with 84% of 18 to 34-year-olds surveyed saying they will make a fitness-related purchase, compared to only 53% of 35 to 54-year-olds and 24% of +55s.
Appetite for fitness content on streaming channels
Many Brits will also be turning to online workout videos to help them stay motivated at home. This presents an opportunity for streaming channels, with 54% stating they would use streaming services – such as Netflix or Prime Video – if they offered exercise videos and fitness content on their platforms. This rose to 78% among 18 to 34-year-olds.
Further, over a third (36%) of respondents say they would be more likely to subscribe to a streaming service if fitness content was available, rising sharply again to 63% amongst those aged 18 to 34.
QuMind CEO, Mark Ursell continued, “Knowing that Brits are going into 2023 keen to try new ways of exercising that help them to save money is a vital insight for many brands, from media providers to retailers.
Those that can act quickly on consumer demand for cheaper, alternative methods of keeping fit will be the ones who maintain a competitive advantage in this evolving fitness market.”