Gyms and fitness clubs were hit hard at the beginning of the COVID-19 pandemic because lockdowns and partial capacity operations caused these businesses to suffer revenue and profit declines. However, with effective vaccinations and a receding threat from the omicron variant, gyms have been reopening gradually. Also, there has been a significant increase in fitness and wellness awareness, given the remote lifestyles. Fitness companies are also investing heavily in software platforms.
Pandemic-induced consumer behavior included people exercising at home via virtual workouts and at-home equipment. This resulted in great business for interactive fitness companies. Indeed, based on a report by Emergen Research, the global interactive fitness market size is projected to reach $7.56 billion in 2028, growing at an 8.3% CAGR.
