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Number of pages : ~ 40 pages
Format : Digital and PDF versions
Last update : 22/10/2024

Summary and extracts

1 Market Summary

1.1 Definition and presentation

The term "fitness" refers to a health and wellness condition of the body, which many people pursue by enrolling in specialized centers. These centers, in addition to providing exercise equipment, offer a wide range of additional services, such as personal training, group classes, and wellness areas such as spas. In 2023, the size of the global health and fitness club market was estimated at $98.14 billion, with projected growth to $172.95 billion by 2028, with a compound annual growth rate (CAGR) of 12.00%. The main factors driving this growth are rising disposable income, increasing urbanization, and growing awareness regarding obesity and health.

The fitness market in Italy reflects these global trends, with the average annual expenditure on fitness reaching 2,532 euros per person, of which 700 euros are spent on gym subscriptions and 1,061 euros on supplements. This puts Italians at the top of the European ranking for dedicated fitness spending, spending significantly more than consumers in the United Kingdom and Portugal. Although the industry was hit hard between 2020 and 2021, with a drop in sales due to forced closures, 2023 saw a major recovery, with sales growth of 29.1 percent over 2022. This recovery was supported by increased demand for fitness-related services and a return to operational normalcy in gyms.

2 Demand analysis

3 Market structure

4 Supply analysis

5 Rules and regulations

6 Positioning of actors

List of charts presented in this market study

Global fitness market
Global fitness equipment market value
Number Enrolled Gyms
Expenditure top five European countries fitness sector
Value of production - fitness sector
Value of sales - fitness sector
Increased prices of gyms
Producer prices for the manufacture of sporting goods
Expenditure item in sporting goods
Annual expenditure on health and fitness
Most Widespread Sports Practices
How often do you engage in physical activity?
Devices most used by Italians during sports activities
Number of Sports Applications Used
Frequency Use of Sports Applications
Most purchased type of connected devices
Brand with most sales volume for wearable electronic devices
Best-selling wearable electronic device brands on Amazon UK
Worldwide sales of FitBit devices
Sports and wellness applications turnover September 2022
Active businesses - Fitness facilities
Legal form active enterprises - fitness sector
Number of employees active enterprises - fitness sector
Average contract cost (12 months)
Preferences for home workouts

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Latest news

Shares, Technogym rises in the stock market. Analysts raise target price after accounts, Banca Akros moves from sell to neutral - 26/03/2024

In 2023, Technogym reported consolidated revenues of 808 million euros, marking a 12 percent increase over fiscal 2022.

- Adjusted EBITDA was 152 million euros, an increase of 15 percent.
- Net income reached 78 million euros, up 18 percent.
- The net financial position improved to 127 million euros compared to 122 million in 2022.
- a dividend was proposed that corresponds to 70 percent of profits, or 52 million euros, comparable to 26 cents per share.
- Technogym's stock has risen 1.6 percent since the beginning of the year, and 12-months by 21 percent, with a market capitalization of 1.87 billion euros.
- The latest target price adjustments by analysts include:
- - Banca Akros: changed from "sell" to "neutral" with target price from 8 to 9 euros.
- - Mediobanca Research: remains "neutral," but increases target price from 8.3 to 8.9 euros and earnings per share estimate to 2024 by 4 percent.
- - Goldman Sachs: remains "neutral," raising target 5% to 10 euros.
- - Equita SIM: maintains "buy" rating, raising target 3 percent to 10.8 euros.
- - Intesa Sanpaolo: confirms "hold" rating and target at 9.8 euros.

Technogym bursts with health: more revenues, profits and dividends - 25/03/2024

Consolidated revenue in 2023: €808 million (+12% year-on-year).
Adjusted gross margin (Adjusted Ebitda) in 2023: €152 million (+15.2%).
Adjusted pre-tax profit in 2023: €101 million (+18%). - Net income in 2023: 78 million euros (+18%).
Net financial position as of December 31, 2023: positive 127 million euros, 4% improvement from 122 million euros in 2022.
Proposed dividend distribution for 2023: €0.26 per share, totaling €52 million (70% of net income).
Relevant events for 2024:
- Participation as exclusive supplier in the Paris Olympics.
- Celebration of Technogym's 40th anniversary during Milan Design Week with the "Design to Move" event.
Forecasts and strategies:
- The company expects to confirm the growth trend in the medium to long term as well.
- Emphasis on sustainable and profitable growth in the long term.
- Confidence in the continuation of the profitable and sustainable growth path through a rich program of appointments and innovation for 2024.
- Positioning as a luxury brand in design through the "Design to Move" event.
- Support for wellness and healthy longevity as a global lifestyle.

Virgin Active presents Reformer Pilates, the fitness of the future - 02/02/2024

**Popularity of Reformer Pilates:** The discipline has gained the endorsement of celebrities such as Cristiano Ronaldo, Adele, LeBron James, Harry Styles, highlighting a growing interest in Reformer Pilates as a fitness practice.
**Benefits of Reformer Pilates:** This discipline helps improve muscles, strength, flexibility, prevent injuries, improve stability, increase physical performance, as well as benefit the mind by teaching proper breathing and control.
**Rebranding Reformer Pilates Athletic from Virgin Active:* In 2024, Virgin Active Italy will introduce Reformer Pilates Athletic, a new formula that combines Pilates with functional training, creating a high-intensity fitness experience.
*Training Formats Offered:** Three different levels are available to accommodate both beginners (Fundamentals) and those already familiar with the Reformer (Align) and those seeking a more intense and advanced workout (Athletic).
**Target Demographic:** The offerings vary to appeal to a wide range of customers, from novices to professional athletes, demonstrating an inclusive approach while still focusing on specific customer segments.
**Innovation in Fitness:** The Athletic class is described as "the real revolution," a class that will "sweep away all preconceptions about the sport," highlighting a strong element of innovation with the integration of functional training into Pilates.

McFIT turns 10: hiring and looking for new properties - 16/01/2024

**History and Growth of McFIT in Italy**

First location opened in Verona in 2014.
Currently, McFIT has two clubs in Verona, serving about 10,000 Verona residents.
In Italy, McFIT operates 44 centers under the umbrella of RSG Group Italia Srl, including the McFIT, John Reed Fitness and Gold's Gym brands.
In a decade, McFIT Italy has reached more than 170,000 subscribers.

**Investment and Expansion**

Beginning with a strategic role in Northeast Italy.
14 centers in the Northeast out of a total of 44 in Italy, 12 of which are McFIT and 2 John Reed.
Total investment of more than 40 million euros to date.
Additional 10 million euros planned for investment in the Northeast, aiming to open 4 new gyms in locations such as Trento, Bolzano and Padua.
Two new centers planned for 2024 in Trieste (McFIT) and Mestre (Gold's Gym), with an investment of about 10 million euros.

**Social and Economic Impact**

Generation of more than 300 jobs between direct and indirect employees in the two Northeast regions.
Collaborations with municipalities to promote sports and wellness.
Over 300 direct employees and about 170 VAT numbers for group courses in Italy.

**Objectives and Future Vision**

Opening about 4/5 gyms per year in the first 10 years of operation in Italy.
Goal to reach 100 gyms in the coming years.
Mission to make Italy more sporty, with state-of-the-art gyms at affordable prices.
Provide global business and job opportunities.

McFIT opens in Como, opening today with dignitaries - 28/09/2023

Total number of McFIT gyms in Italy: 40.
Location of the new gym: Como, at 2/A F.D. Roosevelt Street.
Date of opening to the public: September 29.
Area of the new gym: 2,000 square meters.
Redevelopment of former industrial area: former Ticosa industrial area.
Features of McFIT gyms: hi-tech centers, avant-garde design, focus on sustainability, reduction of CO2 emissions, Zero Energy.
Special offer at launch: free access to services for 6 days, Sept. 29 to Oct. 4, with no subscription obligation.
Cost of standard annual subscription: 39.90 euros per month.
Attributes of the new gymnasium: great sense of space, large skylights, economic and social spin-offs for the city of Como.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Abeo

TechnoGym

FITINN ITALIA SRL

MiaFit

Prime Exclusive Wellness

Ceresio 7

Virgin Active Italia SPA

Fitactive

WebFit SRL

Fit Express Holding SRL

McFit Italia

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