During times of economic stress such as that of a recession, individuals will cut back on items that are discretionary but not the things that are necessary for preservation of health. It stands to reason, though, that health club goers will look for added value in a gym membership during tough times.
Throughout the recession induced by the pandemic, HOTWORX has proven to be a durable business that has continued to deliver profits on an increasing scale for its franchisees in spite of the tough times. One of the reasons for this is the brand continues to deliver on its MORE WORKOUT, LESS TIME motto. Saving people time, and delivering more for them will never go out of style.
As a boutique fitness center, HOTWORX has a very reasonable monthly fee, which is about half that of the competition, yet it delivers an incredible variety of workout types,12 in all, 24 hours a day to its clients with the added benefit of an infrared environment from patented workout sauna technology. One investment banker friend told me a couple of years ago, “Steve, the reason why people love HOTWORX is because it checks off all of the boxes for the customers’ needs.”
Not all of the health club brands fared as well, but the industry itself remains solid. I am grateful every day, as a workout person, to make a living in an industry I love, but also to know that our product is changing lives for the better in terms of the health and confidence of our customers! People still want to look good and feel good in tough times, and a gym that can deliver the most value in that respect will win, especially during a recession.
According to Custom Market Insights (CMI), the Global Health and Fitness Club Market size was estimated at USD 78.0 Billion in 2021 and reached an estimated USD 83.24 billion in 2022 with expectations to hit around USD 125.23 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. (1) That speaks volumes as to the future of fitness as an industry. Demand continues to rise as more and more people discover the benefits of working out.
HOTWORX, the first 24 hour infrared fitness studio franchise, is a resilient brand in a solid industry!
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