4 January 2016
New Year, New Me
Every New Year, almost every individual resolves to better themselves in some sort of way. These New Year's resolutions can be fun to make, however, they are hard to maintain and typically aren’t permanent. I’m sure one of you has already made this resolution for 2016 as it is the most common New Year resolution made: to become fit and healthy. Although cutting out delicious, unhealthy food and finding motivation to hit the gym can be punishing for some, the local grocery stores/markets and gyms absolutely love this time of the year as their profits flourish.
Investments in gym memberships throughout the month of January significantly spike due to wanting to get in shape for the new year. However, how long do these memberships really last and how does this affect the gym? According to the International Health, Racquet & Sports Club Association, nearly 50% of all new health club members quit within the first six months of signing up. When March comes around, new member attendance has diminished. Many fitness clubs do not mind the eventual lack of attendance because they get their money, even if you don’t show up. Because there are so many clubs in the area, there will definitely be some competition between these facilities. Most clubs see the trend of after a few months not using the facility. Because people get tired and lose interest, gyms try to sign you up for a yearly program, just to get your money. The job market of fitness centers definitely peak this time of the year as the new year greatly influences the fitness clubs demand. Although the amount of users will decay for a few months, attendance will spike again in a few months as individuals want summer “beach bodies”, or some will substitute working out in a gym and go outside for a nice run.
Grocery stores are jam packed as well at the start of the year. Everyone tells themselves that they are going to start eating clean and making homemade meals, rather than going through a McDonald's drive thru or eating out a couple nights a week. Not only do gym memberships rise at the beginning of the year, but so do grocery stores. The second day of the new year, I went grocery shopping with my mom at Good Harvest. I noticed the large amount of people shopping organically and healthy to start the new year off right. However, eating clean from grocery store and health food products won’t last long. Groceries are expensive, especially if the desired fruit or vegetable is not in season. Grocery stores will make a large profit and the demand will be at a peak for a few weeks until people slowly start going back to their old ways.
New Year's Resolutions have positively impacted the market not only for consumers, but suppliers as well. At the beginning of each new year, people decide to hit the gym to try to get the body they’ve always wanted, however this goals does not last long due to lack of motivation and laziness. Fitness centers and health stores get richer this time of the year and make their highest profits now.
"Chart of the Day: Retail Sales at Grocery Stores vs. Restaurants - AEI." AEI. Web. 5 Jan. 2016.
"New Year's Resolutions Boost Gym Memberships." New Year's Resolutions Boost Gym
Memberships. Web. 5 Jan. 2016.
"What Percentage of New Gym Members in January Stop Coming after February?" - Quora.
Web. 5 Jan. 2016.