In an economy that is continuously changing, one industry that has remained dependable and almost eternal is the fitness industry. According to a study, Vietnam recorded the highest growth in obesity in Southeast Asia from 2010-14 with a 38% increase, according to Saigoneer.
This can be attributed to economic growth, the impact of the COVID-19 pandemic, and the rise of fast-food chains in the country. An increasing number of people now recognize the dangers that unhealthy lifestyles can produce. It is because of this that the health and fitness businesses are becoming more in demand.
If you’re not convinced that investing in the health and fitness industry is a good investment, take a look at Vietnam’s fitness industry statistics. According to the report published by Statista research department, December last year, the market size of the health and fitness industry in Vietnam is $186 million in 2020 with over 640 clubs and 3.99 million VND spent on average annual expenditure membership cards among consumers in Vietnam. The fitness industry will continue to grow, expanding its national reach and impact.
Despite the pandemic’s impact, the health and fitness industry has kept on doing admirably well and has become a force to be reckoned with. This largely due to growing urban development, increase in middle class growth, increasing disposable incomes, also because Vietnamese have become more aware and conscious about their health and lifestyle. These and more have prompted a more noteworthy demand for health and fitness franchises.
The Fitness Industry in Vietnam: Why Is It Growing and Why You Should Invest
When a specific area of the market or industry is flourishing, it’s critical to understand the explanation or reason. This assists you with discovering whether the development you’re seeing will be consistent or if it might be a bubble set to pop any second.
In the following segment, we will discuss why the wellness and fitness enterprise is booming and why it’s the best time to get involved by investing in the sector.
Technology Advancement in Fitness Industry
Advancement in technology has greatly impacted the fitness industry. We now have wearable technology, smart fitness clothing, high-spec home gyms, and personal coaching backed by AI. With wearable technology devices such as Fitbit, Apple Watch, and Garmin, users’ are now more aware of their health and fitness.
With the capacity to track every step taken, calories burnt, what the heartbeat rate and blood pressure are, and how to improve one’s health, users now have far easy access to their personalized health data through these devices.
Organized fitness service centers in Vietnam such as Elite Fitness, California Fitness and Yoga Centre, Fit24 have amplified and advocated for the use of these devices to improve the health and fitness status of the clients and also the quality of their service delivery.
Growing Penetration of Organized fitness Centres
Penetration of organized fitness service centers are also on the rise. These gym centers are focusing on expanding their services into sub – urban areas and it is expected that the number of organized fitness gyms will be more than 600 by 2023. This upsurge in fitness centers will lead to a further growth in awareness and mindfulness about health consciousness among Vietnamese. Some notable fitness brands that have expanded successfully in Vietnam in the last 5 years include California Fitness and Citigym. Furthermore, 2021 was marked by the entrance of the world’s largest fitness franchise, Anytime Fitness with plans to open up over 200 gyms across the entire country.
The increase in demand of at home workouts will also contribute to fitness service centers to providing additional services to its customers. These services will raise the awareness and the confidence of Vietnam people to achieve better health and well-being
Let BGA help you kick start your journey in the Fitness Industry
No one can deny that the fitness business is huge in the business world at the moment. As the fitness landscape changes with advancements in innovation, shifts in purchaser demands, as a business owner or investor, you are in a good position to exploit and capitalize on the ever-expanding business. Speak with a BGA consultant today to kick start your journey by registering your fitness business in Vietnam.