Why your Gym & Lifestyle Business requires Market Research Services

 

Penetration of Gyms in India is still modest at around 0.5%. In contrast, USA has a penetration of around ~ 19%. China has a gym penetration of around ~ 3%. However, despite a low overall penetration, Gyms and other related business such as fitness clubs, lifestyle centres, health studios hold a strong future growth potential.

A surge in disposable income, growing awareness about health & fitness and an overall rise in urbanization, the gym & fitness clubs are set to grow fast in the country. Indians of all age-group are signing up for gym and fitness programs. Interestingly, while men traditionally dominated the market force, currently a greater number of women are enrolling for the gym programs. As per research, around 40% of the gym enrolments are comprised of women population. Besides regular gym classes, many women are also enrolling up for other related programs such as Yoga, Zumba, Pilate, Dance class, etc.

There are a host of big organized players in the market such as Talwalkar, Snap fitness, Anytime Fitness, Cult Fit, etc. However, the total footprint of organized and big size players is just 14%. The remaining market is led by smaller formats and unorganized entities. This further makes the market perfect for more organized players to start, expand and scale up fast. There is a plenty of potential for health and gyms not just in bigger metros but also Tier 2 and 3 cities, tourist destinations and upcoming urban corridors.

However, it is also noteworthy that starting large format gym or a fitness clubs comes with its own challenges. From understanding your target customers to learning about the right go-to market strategy to study about the price sweet spots that can ensure the highest ROI. Whether starting an individual brand will work or one should opt for a franchise, there are multiple questions to be addressed. How to market the brand whether to hire a fitness influencer or rely on word of mouth or build a social media campaign, these are other questions to be answered.

To successfully navigate the market and start a profitable gym and fitness business, it is always advisable to commission market research study. Starting a big gym or fitness clubs in India may require crores of investment. Hence it is always a wise decision to invest some money in market research to verify the viability of the business idea.

A Market Research study can offer tremendous insights on

·         Market size and fitness industry trends

·         Addressable market calculation: TAM, SAM & SOM

·         Major target segments and consumer behaviour

·         Customer needs, price sweet spot, needs & want, market gaps

·         Location analysis

·         Go to market strategy

·         Product & service offerings

·         Business & growth strategy

For any further information, feel free to drop us a mail at info@theindiawatch.com or paritosh@theindiawatch.com or connect 8076704267