Millennials are using their $200 billion buying power for activewear?
Yes, you read that right. According to PR Newswire, millennials have made a monetary impact in the health and fitness industry. Currently, demand for health club memberships has increased within the age 20 to 65 demographic.
According to Yahoo News, part of this new development is the rise in popularity of gyms like CrossFit and other classes like barre fit. Companies across the board are trying to capitalize on this new trend. Take for example Nike who reported global double-digit currency-neutral revenue growth during its first quarter.
Exosleeve makers, Exolifestyle, Inc. has also identified a niche within the Crossfit community.
“[T]he name alone represents a potential $4-Billion-dollar industry. EXO was born out of, and has grown from within the CrossFit community. Looking ahead, we will continue to strengthen and nurture the relationships forged within this industry but will also expand our reach,” said CEO Vaughan Dugan.
Other companies exploiting the mainstream popularity of activewear are Underarmour, which released their third edition of Steph Curry signature sneakers, Gildan Activewear Inc., who recently established a partnership with Cotton LEADS and Old Navy also recently put out a line of activewear.