Summary of our market study

Since 2020, the global fitness market has faced challenges due to the Covid pandemic, leading to significant contractions in the industry, such as the 13.20% decrease in the gym sector and a substantial decline in gym memberships and fitness club revenues, particularly noted in Portugal with a 40% market value drop. Fitness clubs adjusted by offering discounted memberships and online services, while governments implemented support measures like VAT reductions and financial aids totaling 65 million euros.

The market saw a shift in preference towards larger fitness clubs, particularly chain gyms, and a pronounced growth in the low-cost sector and online fitness offerings. Pre-Covid, the Portuguese market was on an upswing with a membership increase of 65% and a penetration rate improvement from 5.4% to 6.7%. Despite the setbacks, the industry remains poised for recovery given the ongoing digital transformation and sustained governmental support. Major chains, such as Holmes Place with $58.58 million turnover in 2020, Fitness Hut ($51.15 million in 2020), and Solinca ($41.3 million), continue to dominate the market landscape in Portugal.

Growth and Challenges in the Portuguese Fitness Market

Despite this positive trajectory, the Covid-19 pandemic posed significant challenges, resulting in a substantial contraction of the market. Prior to the pandemic, the goal was to reach a milestone of one million gym members by 2021, indicative of the market's potential for expansion. The demand in this sector is influenced by several factors. Trends show that the majority of fitness club members are women, with the age distribution heavily leaning towards the younger generation aged between 16 and 30 years old, and a nearly equal proportion between 31 and 64 years old. This range could imply a heightened inclination towards health and fitness driven by social media influence and greater affordability. Frequency of gym use is balanced, demonstrating a consistent engagement in fitness activities among the members. Members exhibit preferences for different types of gyms. Larger clubs, particularly those affiliated with chains, are favored because of their extensive facilities. On the other hand, smaller, individual clubs are increasingly preferred for their personalized customer care.

Despite the evident gravitation towards more spacious facilities, premium fitness clubs boast higher retention rates as compared to their low-cost and mid-market counterparts. This suggests that while budget-friendly options are appealing, many members prioritize quality and dedicated support. Pricing strategies are pivotal within the market. The average monthly fee for fitness clubs rose substantially from around 35 euros to nearly 40 euros, largely due to increased rates within the premium sector. However, a subsequent decrease in monthly rates across all segments indicates an industry response to attract a broader customer base by making fitness clubs more accessible. Concentration within the fitness market is high, with a few major chains holding a significant portion of the market share. Holmes Place, Fitness Hut, and Solinca together account for roughly 30% of total gym memberships. This emphasizes the competitive nature of the fitness market and the significant influence of leading players. Despite facing setbacks due to the pandemic, the market is poised for recovery with support mechanisms from the government and proactive moves by fitness organizations. The evolving preferences of consumers and the adaptability of market players - as seen through the rise of low-cost options and robust online offerings - suggest a market that is responsive to changing consumer needs and geared for future growth. The potential for growth remains significant,

Key Contenders Shaping the Portuguese Fitness Landscape

Holmes Place International Ltd: A Beacon of Wellness As an international chain, Holmes Place stands as a beacon of wellness within the fitness market in Portugal. Renowned for their premium offerings, Holmes Place clubs often feature a comprehensive range of services, including state-of-the-art fitness equipment, group exercise classes, swimming pools, spas, and wellness areas. With a business model that emphasizes a holistic approach to health and fitness, Holmes Place caters to those seeking an upscale experience and more personalized attention.
Fitness Hut: Accessible Fitness for the Masses Local chain Fitness Hut has made its mark by balancing affordability with quality. Offering a modern take on gym experience, Fitness Hut provides a wide array of fitness options without the high-end price tag. Their clubs are designed to be welcoming and inclusive, allowing a broader clientele to enjoy the benefits of regular exercise, contributing significantly to the growth of the low-cost fitness segment in Portugal.
Solinca: A Steady Climb to Success Another pivotal player in the Portuguese fitness market is Solinca. This local chain has solidified its presence with an expanding number of clubs. Known for a personalized approach to fitness, Solinca offers various services that bridge the gap between the premium and mid-market segments. With customer satisfaction at heart, Solinca is recognized for its ability to retain members through a balance of quality and value.
The Code: Crafting Boutique Fitness Experiences The Code represents the boutique fitness studio sector, known for its specialized and high-focus fitness programs. With a more intimate setting, The Code attracts those who prefer a more community-oriented atmosphere and individualized attention. The boutique fitness model has been gaining traction due to the unique and tailored experiences it offers its clientele.
TimeToFitness24: Round-the-Clock Fitness Convenience On the individual gym front, TimeToFitness24 delivers a unique proposition with its 24/7 operational model. Catering to busy professionals and night owls alike, this gym provides members with unrestricted access to fitness, carving a niche for itself in a market that values convenience and flexibility.

In the evolving narrative of Portugal's fitness market, these key players exhibit a diverse range of strategies and services, catering to the varied needs of the population. From high-end luxury to accessible, budget-friendly options, and from the personalized attention of boutique studios to the convenience of round-the-clock access, these companies are the pillars shaping the current and future landscape of fitness in Portugal.

the fitness market - Portugal

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Last update : 30/04/2022

Summary and extracts

1 Market Overview

1.1 Definition and presentation

The fitness market gathers all the practices of the sports center related to the well-being of the body . Fitness clubs generally offer group sessions, weight training and cardio machines, but also sometimes personalized coaching or even relaxation areas (juice bar, spa, zen room...).

In addition to fitness clubs, the fitness market more recently includes applications that offer personal trainers, outdoor fitness communities as well as applications and connected objects for performance measurement.

The fitness industry continues to experience fairly strong growth, as evidenced by total fitness club membership, which grew by 5% in 2017, according to Deloitte.

However, there is currently a price war between players in terms of memberships. This obviously leads to a decrease in average revenue per club, going from €848,000 in 2012 to €595,000 in 2017, a 30% decrease over 5 years according to Stadline.

With a penetration rate of less than 6% of the population, growth in Portugal is still slow. since this type of service is not a priority in the population's budget, many players are focusing on the low-cost segment, without towels, pool or sauna. This is undoubtedly the fastest growing segment and, with few established players, opens the way for new competitors.

2 Analysis of the demand

3 Market structure

4 Analysis of the offer

5 Regulation

6 Positioning of the players

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