Heading into 2023, top of mind for many people is recovering from the Thanksgiving to New Year’s indulgence period – fitness and health take precedent for many. Most fitness related products and services typically experience lower use toward the end of the year, and then rebound during the start of the new year. We look to The Crowd to get a recent read on this trend, and the fitness sectors customers favor most.
Leveraging HundredX’s proprietary listening methodology, we evaluate more than 90,000 pieces of feedback from real customer experiences across the country. We use that data to analyze insights into customers’ future Loyalty Intent¹ for the Fitness sector, focusing on Home Fitness brands, and which companies look to benefit most.
Overall loyalty intent for Home Fitness increased to 8% in December 2022, rising from a low of 0% in May 2022. The Crowd is telling us that demand growth for Home Fitness products may continue outpacing other fitness areas in the future.
We utilize Future Loyalty Intent to measure customers’ plans for purchasing a Home Fitness brand/product in the future. Loyalty Intent reflects the percentage of customers who plan to purchase a specific brand in the future minus the percentage that plan to purchase less.
Loyalty for Home Fitness increased slightly in December 2022 to 8%, steadily rising through the end of the year. The Crowd tells us they are most positive on purchasing specific companies within Home Fitness.
TRX, the current Loyalty leader by a large margin, increased from 5% in May 2022 to 31% December 2022. The popular TRX training system is now available in a more affordable, compact home kit and comes with free 90-day access to on-demand classes. For the broader Home Fitness group, TRX user satisfaction ranks #1 for Design, Equipment, and Quality. One recent satisfied customer commented “TRX has been great, with different options for home fitness. Love the products. I’ve used them both at the gym and purchased them for our home."
With price cuts and membership changes introduced in May of 2022, Peloton's Loyalty Intent remained stable throughout the year. NordicTrack has shown improved loyalty since August 2022, with customer sentiment towards value and price surging the last two months.
We next present the largest loyalty improvement for December 2022, looking at the products and brands that posted the largest three-month increase, December 2022 over September 2022.
When we compare a brand’s loyalty over time to the Industry’s intent for top performers (bottom performers), we can get a good idea of who is gaining (losing) market share within a sector. A number of brands within the Home Fitness sector appear poised to continue gaining market share, indicated by their loyalty intent rising faster than the sector average.
As people continue to prefer staying home for their workouts and more options become available for home gyms and online training services, brands such as Octane, TRX, Hydrow, Total Gym, and others appear poised to gain share.
Octane Fitness, which makes higher-end, professional-grade home equipment, had loyalty intent improve from -15% in September 2022 to +12% to December 2022. Octane specializes in elliptical machines and their zero-gravity runners. The Crowd’s sentiment became much more positive on Octane’s Equipment, Quality, Instructions, and Purchase Options.
We also find Customer Satisfaction (CSAT) for Home Fitness (4.2) has remained steady over the course of the last year. HundredX measures CSAT on a 5-point scale.
Sentiment toward a driver of satisfaction is measured by Net Positive Percent (NPP), which is the percentage of customers who say a driver (such as Quality or Price) is a reason they like a brand/product minus the percentage who say it is a reason they do not like it.
While The Crowd tells us that the overall outlook for usage intent will most likely continue its mixed trend, select Home Fitness brands making strides in the areas customers care about the most are poised to gain market share relative to the broader sector. We continue to monitor trends to see what changes emerge in 2023.
All metrics presented, including Net Loyalty Intent (Loyalty Intent), and Net Positive Percent / Sentiment are presented on a trailing three-month basis, unless otherwise noted.
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