FIBO

22
Oct

FIBO

Last week, Rob and I attended FIBO, a global fitness conference in Miami Beach. We’ve gone for the past two years in order to keep a pulse on what’s going on in the fitness industry. Although the vast majority of attendees operate “traditional” globo-style gyms, we always get ideas and takeaways.

In sitting through some of the panels and walking the expo floor, it was apparent that gimmicks abound in this industry. Franchises are popping up that market things like an electric stim suit that you wear for 20 minutes per week and voila! you are fit. Supplements promise elite health. Gyms rely on things like custom music and technology to lure potential members. It makes me feel good that we are true to ourselves in preaching that good old fashioned work, a sound diet and a commitment to moving well are the answers to health and fitness.

The CEO of Les Mills (a huge and impressive global fitness brand) delivered a “state of the industry” keynote address and here is some of his data:

  • 79% of millennials and Generation Z do a “gym type” activity. 
  • 60% of gym-goers are age 35 and under. Obviously, this data point isn’t applicable to our community where the median age is 54.
  • 32% of all adults go to a fitness facility. Man! What are the other 78% thinking? That’s a huge opportunity to get more people moving.
  • Retention is the biggest issue in gyms, including ours. And it’s all about motivation. ATTENDANCE is key – the more someone comes to the gym, the more likely they are to stay. 

While the fitness industry is tough, as many people have great intentions in joining a gym, but find it hard to commit long-term, we are happy to have found a livelihood that impacts people in many ways and also builds community.