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I need to look at trends in the fitness industry around servicing baby boomers.
Hello! Thank you for asking Wonder to research trends in the fitness industry around servicing baby boomers. In short, this market has become increasingly appealing to the fitness industry due to their sheer number and increased awareness about the health benefits of being fit. this is a viable segment that folks need to stop sidelining and start empowering. In general, boomers have the money, time and motivation to stay healthy and physically active, so make sure you're not overlooking this demographic and the potential members it includes.
METHODOLOGY
I searched extensively through US Census data, reports and studies from ACSE, Pew Research, US News & World Report, to name a few. I also turned to senior-specific organizations such as ICAA (International Council on Active Aging) and AARP for data and support. And lastly, I read through many multiple articles from trusted media sites.
BACKGROUND ON BOOMERS
This massive demographic is made up of highly intelligent, highly inquisitive, active and vibrant people. According to Pew Research, there are currently 74.9 million Baby Boomers. They were always the largest segment of the population and they hit a peak of 78.8 million in 1999.
Boomers began turning 70 in 2016. And according to U.S. Census data, more than 20 percent of U.S. residents are projected to be aged 65 and over by 2030 (compared with 13 percent in 2010 and just 9.8 percent in 1970). And this shift toward an older population is expected to continue into the future. By 2056, the 65 an older population is expected to become larger the 18 and under population.
35% of Boomers have a household income of $100k+ and according to Neilsen, Boomers control about 70 percent of all disposable income in the U.S. On top of that, Boomers are set to inherit about $15 trillion dollars over the next 20 years.
And good news for workshops and retreats offered by Second Half Fitness: AARP says Baby Boomers spend $120 billion annually on leisure travel, and 99 percent of them plan to travel in the coming year.
On the other hand, seniors have concerns as well. According to Nielsen, the biggest concerns include: "not having the self-reliance it takes to care for our basic needs in old age (58%)", I (57%)" or "mental competence (51%)".
FITNESS TRENDS FOR SENIORS
The amount spent on wellness-based services will also increase from $200M to $1 trillion annually. And 82% of adults over age 50 who use the Internet use it to research health and wellness information online.
Fitness Center membership and usage on the rise: 25 percent of 41 million health-club members in the United States are over 55 years old. Experts say this is the "fastest-growing segment of health-club memberships since they began studying fitness gym trends in 1998". Additionally, those 55+ year- olds who visit the gym 100 times per year jumped 33 percent, compared to just 13 percent for the under-34 group.
Increased awareness: Among this demographic, there is an increased awareness about how being fit will improve one's quality of life, especially for those with chronic illness such as diabetes and hear disease. Findings that motivate Boomers include: 1) Journal of the American Geriatric Society reported that inactivity will double risk of mobility issues as we get older, while vigorous activity works opposite. 2) In another study, published in the journal Neurology, doctors found that exercise keep minds sharper for longer.
Specific fitness trends:
The Top 5 fitness trends for 50+ people (from the American College of Sports Medicine) include Body weight training (using your own body weight as a form of resistance, an help to build muscle, improve mobility and boost strength); Yoga (with many health benefits from increased flexibility to improved posture and stress reduction); Wellness Coaching; Ballet Classes (low impact, high-intensity workout); Functional fitness (to help with improved balance, power, coordination and endurance); and Treadmill training
HOW THE MARKET IS RESPONDING
Based on my research, there is a huge gap in market for Baby Boomer fitness and wellness. I was able to find only a limited number of Apps, Online workouts, Wellness coaches and fitness centers specifically for this segment of the population.
However, there is a shift with more fitness centers adapting for seniors . The fitness and wellness connection has been realized, and as such, awareness around exercising the mind as well as the body. More centers/gyms are now offering meditation classes help to support holistic health. Helping seniors become comfortable and calm in body and mind, helps them become more "present and positive".
Mainstream gyms are also catering more to this group by offering an environment that is more quiet, with more "safe" options (i.e., stair steppers vs. treadmills) and group fitness classes that focus on low impact training.
An additional note on demand: 75 percent of Americans who are 50+ are seeking information about exercising safely, and 50 percent want customized exercise plans.
THE MARKET: PROGRAMS, FITNESS CENTERS, APPS
After extensive research on this market, I have found that there are very few quality fitness solutions dedicated exclusively to this demographic. There were a handful of fitness centers, and a few online offerings and apps designed for seniors. Listed below is an overview of my findings:
Fitness Clubs/Studios:
-- Nifty After Fifty - founded in 2006 and is based in Garden Grove, CA, the chain has grown from one locations to 38 locations in Arizona, California, Nevada, Texas, Virginia and New York, with plans for more locations. (The website lists 29 addresses). Nifty has partnered with senior health insurance companies including CareMore Health Plan, Monarch HealthCare, and TexanPlus to provide their members with Nifty's offerings. Their programs target "muscle power, muscle strength, reaction time, balance and cognitive skills". Nifty caters to older members, playing softer music than typically found in a gym, and they use smooth, air pressure-driven equipment for strength training instead of metal weights.
They don't have much of a social media presence. For example, while Nifty does have a Facebook page, it has not been updated or maintained, and there are only 220 followers. According to Hoover's, their annual revenue is $6.8 million.
-- Rock Steady Boxing - RSB is a nonprofit organization that helps people with Parkinson’s disease improve their quality of life through a boxing-based fitness program. In ten years, through its affiliates, RSB has grown to more than 300 programs in 44 states, and 12 international locations. 18,000 people are training with the Rock Steady program, and there are many testimonials about how the program has helped those with Parkinson's. They maintain an active presence on social media: 10. 3k followers on Facebook, 1.3k followers on Twitter, and over 1.3k followers on Instagram. According to Owler, annual revenue is $4.5 million.
-- Boomer Fitness Clubs - Fitness programs for those 35 & older & education for personal trainers. "We have developed a system that has been proven in our own clubs and by trainers around the country". I could only find a listing for one location in San Carlos, CA. Programs specifically for improving golf and tennis game. There is a Facebook page, but it is not active (last posting 9/2015), and there are only 225 followers.
-- BoomerFitness - run by a team of fitness and nutrition experts who provide engaging fitness and wellness programs for baby boomers. They offer a 12-week Boomer Fitness™ System which consists of a DVD with workouts that can be done at home or at the gym. There is also a physical location in Vancouver, WA. They have a presence on all the major social media sites, and over 6,625 followers on Facebook; 200 followers on Twitter; and 620 followers on Instagram. (No revenue figures are available publicly).
-- Beyond Fitness - a single fitness center in Florida that caters to seniors. "We are a Specialty Gym offering classes for those that may need something more than the your every day gym. We are geared to helping you feel your best through exercise, mind body awareness classes and an overall sense of well-being in an upbeat environment. Beyond Fitness is a place that focuses on the needs of it's community in a lively setting. With a wide range of classes for all levels and different specialty groups there is something for everyone". There was no social media presence I could find. (No revenue or membership numbers publicly available).
Online Resources and Apps:
-- Eldergym.com - this is a free online resource for senior and elderly consumers that offers strengthening and stretching exercises. The site is logically organized by type of exercise and health condition. For example, a user could look under "Heart Disease" and find information on the condition, type of workouts that are best, etc. Eldergym is also working on a plan to open studios using a franchise model (see details here). They also do not have much of a social media presence, with around 700 Facebook followers and no new posts for several years. According to Owler, Eldergym's annual revenue is $6.3 million.
My research also showed that there is a lack of fitness apps designed specifically for this demographic. I found four apps that were not widely used or very highly rated:
1) Daily Senior Fitness Exercise App: an app that guides users on how to recover from pain in different body parts. It also contains daily exercise routines, with complete pictorial representation of all the exercises.
2) Norwell Senior Fitness Park: an app that helps seniors find the nearest fitness park. Also includes inspiration and instructions for the exercises, and helps seniors get maximize their training efforts.
3) Senior Fitness Workouts: with workouts for beginner, intermediate, and advanced levels. Also includes instructional coaching and animated demonstrations with detailed descriptions.
4) Yoga for Seniors: gentler, easier yoga stretches and routines, designed for adults and seniors and those with restricted mobility.
Programs:
-- Silver Sneakers - the top community fitness program in the U.S. specifically designed for older adults, SS provides members with exercise as well as social opportunities, at no charge. There are over 13,000 locations across the country. Over 14.5 million people are eligible through 60+ health plans (including Medicare Advantage health plans, Medicare Supplement carriers and group retiree plans). SS is very active on social media and has over 130k followers on Facebook and 2.6k followers on Twitter.
DIGITAL MARKETING
There is a lot of room for improvement when it comes to marketing to this generation. According to a recent Nielsen survey, Global Survey About Aging (from 2014, the latest available), 95% of marketing dollars continue to target those consumers 35-and-under. And 51% of respondents felt that advertising did not reflect older consumers.
Based on my in-depth research, senior fitness providers still have a huge opportunity with digital marketing. According to an online survey (conducted by DMN3, 2015), Baby Boomers are connected now, more so than ever. They're using smartphones and other digital devices, as well as social media. In fact, Baby boomers spend 27 hours per week online.
The DMN3 survey also found that 82.3% of baby boomers belong one or more social media sites. Statistica reports the following Social media usage: 72% of baby boomers use Facebook, 28% on Pinterest, 24% LinkedIn, 21% Twitter and 18% Instagram.
And Baby Boomers take action: 57% of those who use social media visit a company site directly, and 56% continue their search on a search engine.
CONCLUSION
To wrap it up, Baby Boomers present a significant opportunity for the fitness industry. They're savvy and choosy, and they have the discretionary income and the time to dedicate themselves to serious fitness goals. According to Alexis Abramson, PhD and expert on aging, "Even while the escalating number of retired adults may begin to strain government resources, they will provide enormous money-making opportunities for those who are offering products and services that are geared toward 50+ individuals".
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