With consumer habits trending towards physical and emotional health, the health and wellness industry continues to prosper. By definition, wellness is the state of being in good physical and mental health. Estimated as the next trillion dollar industry, primary sectors driving revenue include; fitness, mind and body exercises, healthy eating, nutrition and supplements. With the continued immersion of technology throughout our everyday lives, wearables have become an integral and growing sector of the health and wellness market space. Further promoting the wellness industry, social media has played an important role in providing non quantifiable monetary gains. In the current digital age, companies must be mindful of a smart social media strategy…show more content… Inclusive of the Equinox brand, SoulCycle’s continued growth has attributed to the rapid growth of boutique studios. With 40 locations in the U.S., boutique fitness studios like SoulCycle currently make up an estimated 21 percent of revenue in the American fitness industry.
What began as a fitness fad, crossfit has grown into a multibillion dollar industry challenged conventional big box gyms. Crossfit encompasses high intensity, dynamic and functional exercises which target your whole body. In 2005, there were an estimated 13 Crossfit affiliated gyms, however in the last 10 years the trend has exploded and today there are more than 11,000 Crossfit gyms. Like boutique fitness studios, the Crossfit brand has exploded generating and estimated $4 billion in annual revenue.
Needless to say, the competition from specialty classes such as cycling or Crossfit has been intense, however health clubs still continue to dominate the industry. It is estimated over the past five years, gym memberships have grown 6 percent annually. Besides promoting good health, fitness chains and studios have been a source of increasing employment. The job outlook of personal trainers and instructors in American is projected to grow 24 percent over the next 10 years.
Mind and…show more content… Millennials, in particular, draw a great deal of information and insight from social media platforms. As a result many startups have a sound social media strategy not only to promote their brand but create brand loyalty. With its IPO looming, SoulCycle’s growth comes not only from offering a specialty product but also intense brand loyalty demonstrating a much broader trend. On much grander scale, Nike (NKE) has moved away from traditional advertising in favor of digital marketing and social media. This tactic reaches a younger demographic, creates brand loyalty and helps gather consumer information with the hope you will continually purchase Nike