Earnest Analytics’ Head of Marketing, Michael Maloof, sat down with Peloton’s Senior Manager of Partnerships & Corporate Development, Jacob Wax, to discuss macro spend trends in the health & fitness category, pre- and post-pandemic trends, and leveraging third-party data to support a members-first mentality.
Jacob Wax on macroeconomic trends in spending data beyond health & fitness: “There was a recent article in the Wall Street Journal that highlighted a trend we’ve seen borne out in transaction data for the last several months: we’re increasingly prioritizing experiences. Led by millennials and Gen Z, consumers are spending more in the Travel and Events categories than before the pandemic, and there’s been a surge in growth in the last 2 years in particular. It’s one of the many reasons we were excited to announce Peloton on Tour this summer—bringing classes, panels, and community events with instructors to cities across the world, and meeting our members where they are.”
Jacob Wax on how the Peloton team leverages transaction data: “Transaction data helps sheds light on what’s reallyresonating with our members and fitness consumers overall. It’s also a great resource to support how we think about partnerships. When we think about the realm of possibility, we want to focus on categories and brands that our Members care about—and Earnest’s share of wallet data is one piece of the puzzle to help inform that.”
Jacob Wax on pre- and post-pandemic shifts in the Health & Fitness category: “As the dust has settled and we’ve started settling into normalcy, we’ve seen a heightened overall focus on health & fitness—more people than ever are spending on fitness memberships and subscriptions…in the last few years, one of the top areas of focus in the industry has been the recovery of in-person fitness: gyms, studios, and fitness centers. It differs by operator, but one of the interesting themes we’ve seen is an increasing polarization across the value spectrum. Some gyms have focused on price advantage, appealing to a wider audience, while others are focused on delivering a premium experience—investing in new amenities and finding other ways to increase the value and price of their membership. Both of those sub-categories have seen members return and new members join at a faster pace than other gyms that straddle the line.”
Jacob Wax on the growth of omnichannel fitness: “Convenience is key, and it’s increasingly important to meet members where they are – whether that’s at home, outdoors, in a fitness center, or on-the-go – because people want and deserve the optionality. Brick & mortar operators have invested in their digital ecosystems to enhance the in-person experience, but also to connect with their members beyond the four walls. From our standpoint, we’re focused on making it easier than ever to experience Peloton. You can download the Peloton app and join for free to access a selection of sample classes, and you can sign up for one of our App membership to experience the full content library without needing equipment.”
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