27% of Homes Have Unused Equipment and Growing = $5.3 Billion
Jan 22, 2024
We have a pile of unused exercise equipment at homes going to waist and our industry does not have a solution like other appliance markets. Reports show no less than 27% of exercise equipment is not used and on the low end this equals $5.3 Billion and its only growing as 80% of homes have bought fitness equipment.
Where Is The Unused Exercise Equip?🏋♀️
More than 27% is Collecting Dust = $5.3B
I Think We Have A Problem❗
In The U.S. no less than 27% of the exercise equipment at home is not used and that is on the low-end. At the low-end equip cost avg this is a $5.3 Billion market and only growing as 80% of homes have reported buying fitness products according to Statistia 💵
To validate this; you can look at the UK market as it is at 27% and the unused exercise equipment value is £3.6 billion. 💵
WHY DOES THIS MATTER
A Jobs To Be Done research project revealed the pivotal decision point when it came to making a purchase of a piece of fitness equipment and it was "making space" for the equipment purchase.
So why are homes not getting rid of the equipment and it is becoming expensive clothes hangers, collecting dust, taking up space...❓
CONSUMER REPORTS
According to Consumer Reports Exercise equipment falls under this category of household appliances that really don't have a great recycling and takeback markets. The EPA categorizes is under "other misc durable goods" so there is a sustainability issue too.
💡Professor Miller from University of Michigan says "This represents a major opportunity to reclaim these materials" and "manufactures need to do a much better job about coming up with a plan for the end of life equipment".
➡With traditional appliances they have recycling rebates of $50 for large and $15 for small appliances and they take the product for you. So what are the options for exercise equipment...
- Trash, Scrap, Re-Use, Donate, Sell Online...
📌 Fitness Equipment manufactures what are you doing about take-back programs, recycling, trade-ins, rebates, etc. Because the research shows when you make room in the consumers home, you create a buying opportunity...