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2021 has been a tough year for everyone. Living in a pandemic meant living with movement restrictions and border lockdowns — Covid-19 has greatly disrupted the way we live and has turned our already sedentary lifestyles into an even more sedentary(?) one. Many have neglected keeping fit due to the closure of fitness and sports facilities, and some have even gained some pounds during the pandemic. On the other hand, some have taken this opportunity to take better care of their physical health, turning to online resources and apps for fitness activities.
Thus, with 2022 fast approaching and with restrictions slowly easing, we surveyed n=1,000 respondents across six Southeast Asian countries (n=6,000 overall) to look at the resolutions they have for the new year and their spending intentions for fitness products.
Keeping fit: the top resolution for Singaporeans in 2022
Among a list of 15 resolutions, keeping fit emerged among the top 3 resolutions in each country. For Singaporeans in particular, keeping fit emerged as the top resolution for 2022.
Spending on fitness likely to increase in 2022
Among those who selected keeping fit as one of their resolutions for 2022, more people indicated that they intend to spend on fitness products and/or services in 2022, compared to those who said that they have made such purchases this year.
Additionally, 44% of those who intend to spend on personal fitness in 2022 indicated that they are likely to spend more compared to this year, and the highest among the six countries are Vietnam (53%) and Indonesia (52%).
Overall, these numbers look extremely positive for the fitness industry, which has been hit hard during the peak of the pandemic.
What type of personal fitness products/ services do people intend to spend on?
The pandemic not only fuelled the desire to spend on fitness, but it has also changed the way people spend.
Personal fitness devices/ gadgets, such as Apple watches, Fitbits etc, emerged as the top spending category for Singapore, Malaysia, the Philippines and Vietnam. With improved capabilities, such as measuring cardiovascular fitness (VO2 max), measuring body temperature and even the potential to detect Covid-19, it’s not hard to see the allure of personal fitness devices. In fact, fitness wearables make up 36% of wearable sales, and the market is only expected to grow in the upcoming years.
Fitness equipment and fitness apps are also gaining popularity as more people work out at home. Nearly half (45%) of respondents across markets intend to spend on equipment, and an average of 41% intend to spend on fitness apps.
Spending on gym memberships, pay-per-use studio/gym passes, and studio memberships rank lower in the list. The shift away from spending on gyms or fitness studios to digital fitness has been accelerated by Covid-19. Many gyms and fitness studios that were forced to close during lockdowns shifted to offering digital classes, and many people are also realising that they can keep just as fit by exercising at home, without having to go to these gyms or studios.
Spending on resolutions
Keeping fit can be a hard resolution to follow through, but for many, especially Indonesians and Vietnamese, resolutions are easier kept if money has been spent on them.
Interestingly, we can see a similar trend when we look at respondents’ intentions to spend. Countries that have a higher percentage of respondents who intend to spend also have a higher percentage of those who indicate they are more likely to keep to their fitness resolution if money has been spent.
In this aspect, we can then say that resolutions are motivators for some to spend on them. Businesses that can help consumers achieve their goals sustainably beyond the initial New-Year-resolution hype and also adapt to the rapidly changing landscape of the fitness industry will prosper in the long run.
Methodology
This survey was conducted in November 2021 via Milieu’s proprietary survey community with N=1000 respondents each from Singapore, Thailand, Vietnam, Malaysia, Indonesia, and The Philippines.
