Our primary data source for this report is our quarterly consumer recall survey (Durable IQ), which measures market share across 100% of the market through consumer awareness. We also tap into SKU-level market share insights (Hybrid POS) as well asour pricing, promotions, product, and placement (4Ps) data.

For the purposes of this report, we reviewed the Home Improvement market through the lens of an aggregate of all the Consumer Durables categories relevant to Home Improvement businesses. For more details on what categories comprise the Home Improvement product aggregate, see pages 6 and 31.

Summary

The goal of this report is to provide a high-level snapshot of the state of the Home Improvement (HI) industry as we approach the end of 2024. To access all the insights and data available for the Home Improvement industry contact our team at OpenBrand.

The Fitness Equipment market is poised for growth with brands like Tesla gearing up to enter the field, and consumer preferences shifting toward working out at home instead of at the gym.

With that in mind, let’s look at the current state of the Fitness Equipment market, including who’s buying, where they’re buying it, and what drives their purchase decisions. Download our free US Fitness Equipment market infographic to see all the insights as of September 2023 or read on to discover current trends in the industry, including the top brands, retailers, and more.

Source: All data in this article was pulled from the TraQline Durable IQ^TM platform using the rolling 4Q ending Q3 2023, Exercise Total category. The TraQline Exercise Equipment – Total category is an aggregate of several products. For 4Q ending September 2023 this category consists of the following products: Stationary Bike, Weight Bench, Multi-purpose Gym, Rowing machine, Elliptical Machine, Stair Climber/Stepper, Treadmill, and Other Exercise Equipment. For the most recent insights or further dives into the data, please contact us.   

 

Who are the top retailers by share in the US Fitness Equipment market? 

As of September 2023, the top retailer for US Fitness Equipment was Amazon in both unit and dollar share.

In unit share, Amazon saw an increase of 5 percentage points from the same time prior year. The major online retailer continues to lead all other outlets with a share of 34%.

Dick’s enjoyed the next highest retailer unit share (6.8%). Peloton saw the largest unit share decline year-over-year (YOY), with a drop of nearly 2 points, putting them just behind Dick’s at 6.6% share.

Amazon took the lead over Peloton as industry dollar share leader, gaining 6 percentage points YOY for a total of 23.5%. In contrast, Peloton lost a dramatic 6 percentage points compared to prior year, bringing their dollar share down to 18.3%.

Outlet Draw/Close Rates

Amazon and Walmart lead all other outlets for highest draw rate, attracting the most consumers shopping for Fitness Equipment. The draw rate for Amazon is up significantly, reaching 41% in September 2023. Walmart’s draw rate was mostly flat compared to the prior year, holding steady at 19%.

As for close rates, Peloton and Amazon saw the greatest success. Though drawing in only 7% of consumers, Peloton continues with the highest outlet close rate of 89%. Amazon, leader in market share for Fitness Equipment, saw its close rate significantly increase from last year, reaching 83%.

Notably, with increases in both Amazon’s draw and close rates for Fitness Equipment, this means the online retailer is drawing in more shoppers looking to buy Fitness Equipment and closing more sales with them.

Who is winning the most Fitness Equipment manufacturer market share?

As of September 2023, the most popular Fitness Equipment manufacturer continued to be Peloton, in both unit (11%) and dollar (25%) share.

However, as seen with outlet share, Peloton saw decreases in brand share. In dollars sold, Peloton saw the largest decrease in share across all Fitness Equipment brands, with a loss of 4 points YOY; in dollar share, Peloton lost 1 point.

NordicTrack holds the second place in unit and dollar share, with 5% unit share and 10% dollar share (though decreasing 1 percentage point YOY in both). Bowflex came in as the third top brand in share, with just under 5% unit share and 6% dollar share.

Brand Consideration Rates

Peloton continues to lead as the most considered brand with 15% brand consideration rate. However, once more, the brand saw a decrease YOY.

While Peloton was down in brand consideration, the brand’s close rate did increase significantly, reaching 73%. This shows that while less people are considering Peloton when shopping for Fitness Equipment, those that do consider the brand are more likely to buy than consumers in past years.

Like our list of brand share leaders, the next most considered brands were NordicTrack (8%) and Bowflex (7%).

[Download the infographic to see the share percentage breakdown by all top Fitness Equipment brands.]

 

How much do consumers spend on Fitness Equipment?

As of September 2023, the industry average price paid for Fitness Equipment was $536, which is down from $606 YOY.

The average amount spent at specific retailers varies. Here are a few examples of the variance consumers can see when shopping for Fitness Equipment.

Average Price Paid for Fitness Equipment by Retailer

 

• • Consumers buying Fitness Equipment at Peloton have an average price paid of $1,525.
    
    • • This average price paid is nearly three times higher than the industry average but is also down from last year’s $1,774 average price.
      • Given the brand’s dramatic drop in dollar share, it is no surprise that Peloton’s average price saw a consistent decline over the past three years.
  • Buyers shopping at top outlets Amazon and Walmart saw average Fitness Equipment prices significantly lower than the $536 industry average, at $364 and $296 respectively.

 

How are online vs. in-store sales trending for the Fitness Equipment market?   

With Amazon as the market share leader for Fitness Equipment purchases, it’s no surprise that Fitness Equipment is most often purchased online — with 66% of purchases made using an online sales channel. Only 26% of purchases are made in a retail store.

Here are some additional trends that TraQline uncovered:

• • Historically, consumers pay a slightly higher average price when purchasing online.
    
    • • As of September 2023, consumers purchasing Fitness Equipment online paid an average price of $567.
      • While this is down compared to the prior year, it was still higher than the current industry average of $536.
      • Furthermore, the online average price paid for Fitness Equipment is higher than the average price paid by consumers making in-store purchases, which was only $483.
  • Regardless of purchase channel (online or retail store), 85% of consumers shopped online before making a purchase.
  • Additionally[AJ1] [SH2] , 71% of online purchasers shopped at only one store, while 65% of retail store purchasers shopped at only one store.

 

Other key US Fitness Equipment market insights

Which demographics are buying US Fitness Equipment?

Let’s look at the primary demographics for Fitness Equipment purchases using the census-balanced survey data from TraQline Durable IQ^TM.

 

• • 69% of Fitness Equipment purchasers are homeowners; with purchases by homeowners significantly down by 1.4 points from this time last year
  • 28% of purchasers are renters
  • 53% of purchasers are married
  • 45% of purchases are made with males only involved in the purchase decision
  • 34% of purchases are made with females only involved in the purchase decision
  • 36% of Fitness Equipment purchasers are Millennials and 28% are Gen X generations
    
    • • However, purchases by Gen Z (17%) continue an upward trend, as seen in the past few years, gaining ground on Millennials and Gen X
      • Gen Z purchases of Fitness Equipment increased significantly by 3.8 points compared to prior year

Fitness Equipment Purchase Drivers  

As seen in previous years, “first time purchase” was the most mentioned reason for Fitness Equipment purchases as of September 2023.

The top three reasons cited by consumers for purchasing Fitness Equipment were: 

1. 1. “First time purchase” (46%)
   2. “Replacement of broken” (13%)
   3. “Gift for someone” (10%)

The most mentioned reasons for purchasing Fitness Equipment at a specific retailer were:

 

1. 1. “Competitive price” (59%)
   2. “Good selection of products” (33%)
   3. “Previous experience with store” (16%)
   4. “Convenient location” (14%)

The most mentioned reasons for purchasing a specific brand of Fitness Equipment were:

1. 1. “Competitive price” (46%)
   2. “Features desired” (39%)
   3. “Quality product” (31%)
   4. “Good brand name” (20%)

 

Outlets & Brands Shopped 

Across all purchase channels (online, retail store, and others), 70% shopped at only one store and 77% shopped for only one brand.

Get more insight into Fitness Equipment trends and market share 

The market insights don’t stop here. For more retail sales data, market share, and insights on the Fitness Equipment market, download the Durable IQ-exclusive infographic below. To see insights for other industries or find out how we can help power growth for your business, contact us today.