I write about how industries are being turned on their heads through three key drivers: advancing technologies, globalism and shifting demographics. Leaders in the fitness and health club industry have focused a lot on shifting demographics, namely the baby boomers. However, a potentially more impactful group is looming out there. The Millennials, also known as Generation Y or the Echo Boomers, comprise ages between 18-30. Some argue this age range a bit depending on who you talk to. I've got two children (almost 3) who fit the mold and believe me when I tell you, thier belief systems and behaviors are going to have a big impact on all businesses in the coming decade including health clubs and the fitness industry in general. What will it mean ? In a nutshell it means you better evaluate changing how your business operates to meet their needs.
As the infographic below reflects, Millennials are very in tune with technology. They see technology as making their lives better and more convenient. Therefore things like scheduling online, tweeting a brand or transacting business using a smartphone is what these customers are going to expect to be able to do with any and all brands. You might want to check out the McCann Worldgroup global study, the Truth About Youth, to learn more about the common views of global Millennials.
What is incredible about this demographic group is its massive size. This is the largest demographic group since 1960 to emerge and there are over 80 million of them in the US alone. Here are 47 interesting facts about this group, including that 80% had used an online service in the past 30 days.
So tell me Bryan O'Rourke, what do you see happening as the result of the Millennials increasing influence ? What impact will it have on the fitness and health club industry ? I think a lot as more of these folks enter affluency and demand that they engage fitness brands and clubs in the physical and digital space.
About the author:
Bryan O’Rourke is a health club industry expert, technologist, financier, and shareholder and executive in several fitness companies. He consults with numerous global brands, serves as a member of the GGFA Think Tank is Chair of the Medical Fitness Association’s Education Committee and a partner in the Flywheel Group. To learn more contact Bryan here today .