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Harrison Co. releases research finding fitness industry must transform post COVID-19.

M2 EQUITYBITES-May 28, 2020-Harrison Co. releases research finding fitness industry must transform post COVID-19

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Harrison Co., a US investment bank, has announced findings from propriety research that shows the fitness industry will adjust post COVID-19 as consumers have shifted spending to at-home fitness options, the company said.

The survey, conducted in April 2020 of approximately 1,000 fitness club users, was released in a research report entitled COVID-19 Fitness Survey. The proprietary data reflects that USD 10bn annually could leave the club sector, much of it for home fitness options, reflecting changing consumer sentiment surrounding health club safety and cleanliness.

Other key takeaways and areas of exploration of the report include:

o 34% of gym exercisers have or plan to cancel their gym memberships after COVID-19 and more than 20m gym memberships could be cancelled due to COVID-19;

o As a result of the coronavirus, 40% of respondents exercised at home for the first time;

o More than 38,000 clubs and studios have presently shut down because of the virus. Clubs will have to adhere to increased cleanliness and safety protocols in order to successfully reopen and maintain member trust;

o At least 500,000 fitness club employees have been furloughed as a result of the club shutdowns; and

Harrison Co. is dedicated to helping clients make strategic business, M and A, and financing decisions to capitalize on the rapidly changing consumer economy. Harrison Co. specializes in consumer brands, ecommerce, healthy living, and agriculture sectors.

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Date:May 28, 2020
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