51% of Brits' New Year's resolutions for 2023 were money-related, overtaking more conventional health, fitness, and personal wellbeing goals. (eToro, 2022)
As we approach the end of January, finances remain front of mind for the majority and tighter purse strings mean fitness resolutions and budget-busting gym memberships and subscriptions are at risk of pause or cancellation. In response, innovative brands are exploring new fitness formats and partnerships to better align and appeal to customers’ changing mindsets and budgets.
Netflix has recently collaborated with Nike on their Nike Training Club platform, an interactive fitness series available at no additional cost to all tiered members of the streaming service. The program includes a catalogue of specialised at-home workouts such as “Two Weeks to a Stronger Core” and “Feel Good Fitness”, with a variety of lengths and intensities available to choose from, catering to differing fitness levels.
Athlo is a free app that allows people to rent out their unused gym memberships and class passes to others, allowing members to earn a portion of their monthly fee back. The brand has partnered with multiple gyms and fitness brands around London (such as F45) as a solution that acknowledges the unpredictability of day-to-day life and the work, social and travel commitments that come with it. It gives gym-goers the flexibility to get the most out of their membership whilst also helping gym providers better retain their customer base.
The cost-of-living crisis shows little sign of abating, bringing into sharper focus the need for brands and service providers, regardless of sector, to continually assess their value proposition and perception. With subscriptions and fitness memberships often the first to go in customers’ budget cuts, they must work extra hard to ensure they’re offering not just value for money, but Value-for-Living.
Get in touch with Household to explore what Value-for-Living could mean for your brand and customer base at a time when it matters most.
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Image courtesy of Netflix