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Here’s Why People are Spending So Much on Their Fitness Lifestyle

Spending on Fitness LifestyleThe fitness lifestyle industry is positively booming. People are spending a small fortune on devices and gadgets, big and small. They’re paying for videos, memberships and subscriptions to help them to achieve a more efficient, more active way of living.

According to the International Health, Racquet & Sportsclub Association (IHRSA), the health and fitness lifestyle industry in the United States is currently worth an estimated $30 billion. It has undergone a healthy growth rate of 3 to 4 percent per year for at least the last decade without any indication of slowing. In fact, many believe it is speeding up. What does that mean? Americans are becoming more interested in trying to improve their fitness levels.

Why Pay for a Better Fitness Lifestyle?

There are many factors driving this acceleration in spending on fitness lifestyle products and services, says a recent Forbes report. In fact, it’s really no mystery why there are health and fitness clubs popping up on every corner and why stores are stocking a growing number of products meant to help people to clothe and gear up to get fit.

The reasons an improved fitness lifestyle is becoming important enough for people to spend on it are widespread and varied. They include everything from financial purposes to the hope for improved longevity.

The Importance of a Good Fitness Lifestyle

The report identified the following as some of the main reasons people are paying more and more for their fitness lifestyle.

  • Insurance premiums – Many programs, plans and policies, from health insurance to life insurance, now include incentives for those who lead fitter lifestyles and can prove it. This includes gym memberships, fitness tracking devices and many other programs that policyholders can use to show that they are doing what they can to live healthier lives through an improved fitness lifestyle. When their risk to the insurer is reduced, their premiums often drop, too.
  • Health care costs – The healthier a person’s lifestyle, the less they may need to rely on health care for treating preventable conditions. This not only potentially keeps premiums down but also reduces out-of –pocket costs associated with costs that aren’t covered, that are below the deductible amount and that are the policyholder’s portion of a co-pay.
  • Popularity – Fitness trackers – like Fitbit, Apple Watch, and Garmin – fitness apps and streaming exercise classes are extremely popular and are very helpful tools in establishing and maintaining a better fitness lifestyle. Once people get their favorite gadgets involved, they are more likely to want to use them, particularly in the gamified way in which they are currently often applied.