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Room to grow for EU fitness.(Inside track)
The European health club industry is poised for continued growth, according to the 2008 European Market Report from the International Health, Racquet and Sportsclub Association (IHRSA). The study showed that while 38 million Europeans are already health club members, trends in consumer participation, a comparatively stable European economy, solid club-company development, and potential incentives from government and private insurers should facilitate growth and prosperity in upcoming years.
The report found plenty of encouragement despite the troubling economic conditions of recent months. It said: "Europeans' health is a valuable asset and many people are willing to invest additional monies in their own health. According to an OECD study from 2007, the public and private health expenditure in Europe has significantly grown in the past 10 years. Private spending in health products and services include preventive medicine, massage and physiotherapy, beauty treatments, nutrition and recreation. The health and fitness industry competes within a large market for the disposable income of millions of people interested in a healthier lifestyle. Its market share is comparably low."
In Germany, for example, total health expenditure amounted to 239bn [euro] in 2006 whereby 55bn [euro] came from private consumption. Based on Deloitte research the German fitness market has an estimated total size of about 2.9bn [euro], which is only 5% of the total private health expenditures. This is similar in many other countries in Europe.
IHRSA said: "The still highly heterogenous and fragmented European health and fitness market has further potential to grow by lobbying its services as a valuable contribution to people's health. This lobbying needs to take place on a consumer level but also on the level of national and European regulation in order to improve the conditions and framework for the industry."
One major eye catcher seems to be the significant difference in memberships and penetration rate, despite a similar number of fitness clubs, in the US and European market; another indicator for the growth potential in Europe.
The research also highlighted ...
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Source: HighBeam Research, Room to grow for EU fitness.(Inside track)