If you’ve followed the rise of the health and fitness market, it might not come as a surprise to you that it’s an industry with explosive growth. But for those of you who are just casual observers or individual participants in the market, it can seem like the market for health and fitness products and services is the same as it has always been. Here are three statistics that might show you how impressive the industry’s growth is.
Smart Fitness Market Projected to Have 30% Growth
Hexa Research, an independent research firm, estimated that the smartwatch market would have an explosive 30% growth rate by 2024. Some of the markets that Hexa identified as being significant drivers in this trend were North America and Asia Pacific. The leading companies that Hexa Research focused their research on were Fitbit, Motorola, Azumio, and Jawbone.
Millennials Spend More on Fitness Than Alcohol
A recent survey found that British students spend $88 a month on alcohol and party-related expenses and $155 a month on fitness expenses. From 2017 to the present, students spent an average of $112 more on their health and fitness every month. The reason? Many speculate that this steep increase in cost has to do with the rise of boutique fitness classes, which cost an average of $34 per session.
Calm Raises $88 Million
The first mental health app to reach ‘unicorn’ status, Calm, recently finished an $88-million round of funding. Their new net worth, $1 billion, makes them the leader in the mental health application world. The meditation and sleep assistance app has a new user joining every second, according to details released by the company last Wednesday.
Have a story you’d like to see us cover? Leave a comment below!