“COVID-19 has had a dramatic impact on consumer markets, including health and fitness. Intentions to purchase connected health products are increasing, and consumers report high rates of participation in digital fitness classes,” says Kristen Hanich, senior analyst, Parks Associates. “These changes are likely due to inability to be in the gym, reduced appeal of exercising in gyms in general, greater awareness of health risks, and that the industry is introducing more appealing products with a greater range of choices.
Research conducted by Parks Associates also highlights a growing market for subscription-based fitness services, particularly among younger consumers and smart watch owners. New services such as Apple’s Apple Fitness Plus have launched recently to serve this growing segment.
“Roughly 20% of heads of US broadband households currently provide care for a loved one. These caregivers – and their loved ones – represent the traditional PERS market. However, there is a growing market for PERS outside of its traditional demographics,” Hanich says. “Our May 2020 survey found that the mean age of self-reported ‘panic button’ owners was 41 compared to an average age of 50 for non-owners. City dwellers, fitness enthusiasts, outdoor adventurers, and other consumers with security and health concerns represent a ripe market for device makers and service providers.”
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