I want to ride my bicycle
Updated: Oct 16, 2020
“All I wanna do is bicycle, bicycle, bicycle”, Freddie Mercury once sang.
That’s never been truer than in the past 6 months. With gyms across the globe shut down, fitness lovers are racking up indoor equipment to stay fit and healthy while at home.
What does this mean for retail sales?
Sales of sporting goods and fitness equipment have skyrocketed in the last few months, and with good reason. More time at home means less time to travel to a gym or fitness center, and sporting goods retailers are answering the call.
Dick’s Sporting Goods is a prime example of adapting to shifting consumer trends. The company enjoyed its best-ever Q2 sales, as Bloomberg noted, by tapping into changing behaviors like social distance-compliant outdoor exercise.
Virtual personal training is also getting a boost, with hi-tech solutions like Kemtai giving users an exceptional workout experience at home. The increasing popularity of workout apps is leading to a rise in consumer purchases of workout clothes, gear, and athleisure wear.
But sudden product demand can have the opposite effect.
Having a tough time buying a bike? You're not alone. Consumers are spending more on stationary bikes and many retailers simply can’t keep up with sudden demand. Decreased inventory means bikes are out of stock and shoppers are put on a waiting list.
What will happen when gyms reopen?
Although some gyms have reopened, memberships are down. People are slow to return to fitness centers because they’ve grown accustomed to exercising at home. This trend is likely to continue. We’re seeing a similar trend in the restaurant industry, with restaurateurs turning to take out and delivery to meet new demand.
Consumers have become more health conscious and focused on hygiene. Even when public transportation restrictions are lifted, it’s likely that people who have recently bought e-bikes, e-scooters, and bicycles will continue to use them as alternate modes of transportation rather than risk exposure to their health.
Humans are nothing but resilient.
In the face of a global pandemic, they don't give in to despair - they create solutions.