Equinox CEO touts membership development

Consumers are returning to the gym in search of community and holistic wellness.

The newest: Equinox CEO Harvey Spevak says the luxury gym chain’s recovery from the pandemic is nearing completion.

  • Club membership sales hit record levels in six of the last seven months.
  • Monthly membership sales hit an all-time high in September ahead of the opening of the first new location in over a year.
  • Equinox will have recovered 90% of its pre-pandemic members by the end of the year.

What’s trending: Personal fitness recovers. However, the recovery has been patchy — just 35% of fitness companies have returned to pre-pandemic sales levels, according to Mindbody.

Key Findings: In terms of at-home fitness, Spevak targeted competitors:

“I think the peloton trend speaks for itself right now… people crave community.”

When asked about the looming economic uncertainty, Spevak said the company posted record profits during the Great Recession of 2008 and he expected Equinox to do well in a downturn.

Even after fees were increased to counter higher costs of doing business — wages for talent retention, new programs, etc. — Spevak said there had been “no resistance,” adding:

“People want to be personal. People want a unique experience and are willing to pay for it.”

And to meet the growing demand for wellness services, Equinox is already focusing on optimization and longevity, according to Spevak:

“What you will see from us and others is the how [we] Helping people live with the extremes. It’s not about moderation. It’s about sleep. It’s about “How do I get more energy? More clarity?”

Bring away: When it comes to fitness and wellness, consumers have never had so many choices. So for many brands, it’s all about convincing people to show IRL to give them an experience they can’t get anywhere else.

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