Super funds likely to embrace potential consolidations?

April 06, 2020 12:20 AM AEST | By Team Kalkine Media
 Super funds likely to embrace potential consolidations?

Summary

  • Australian Prime Minister Scott Morrison discussed reopening complete economy.
  • A non-profit organisation Fitness Australia received verbal conformation on reopening of gyms and fitness facilities at Melbourne.
  • However, it is still uncertain, how the health and fitness industry will prosper with people increasingly preferring to exercise at home.

Last week when Australian Prime Minister Scott Morrison discussed ending border closure, he also spoke on complete economic reopening soon for the nation to come together at Christmas. However, Victorian Premier Daniel Andrews announced a roadmap out of strict coronavirus restrictions, in which he cautioned against the danger of opening up too quickly. He warned that if a slow easing of limitations isn't followed, we will have to "plough back into lockdown after lockdown".

Latest from Australia’s Fitness Industry - F45 Training, VVA

Fitness Industry welcomes economic reopening news with joy

Amid the caution and the discussion on economic reopening, Fitness Australia, a non-profit organisation, received confirmation that Melbourne gyms and fitness centres will reopen from Monday 26 October. Barrie Elvish CEO of Fitness Australia said the assurance came soon after the roadmap announcement by Premier Andrews. However, there is still no clear information on the dates and restrictions for the industry to reopen.

Elvish also said that the regional Victoria facilities could reopen before other parts provided they meet the trigger points and public health advice. The restrictions are still to be decided, but the industry will follow protocols and procedures for reopening. Elvish said that the industry is looking forward to working with the Victorian Government in the coming weeks.

Recently the organisation had raised questions and challenged the statement made by Brett Sutton, Victorian Chief Health Officer Professor. Sutton claimed that gyms cause outbreaks of COVID-19. Fitness Australia immediately released a statement stating that the remarks made by Victorian Chief Health Officer Professor are spreading misinformation and further said that negative and unproven commentary is harmful to the industry including Victorians’ health and wellbeing.

Therefore the fitness facilities and gyms reopening confirmation have brought cheers in the industry.

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Fitness Australia CEO calls for COVID-Safe plan

Elvish said that they know gyms can open and operate safely following a COVID-Safe plan. They have successfully achieved the same in Queensland by creating awareness. They also implemented a state-wide Fitness Australia-led Fitness Industry COVID Safe Plan. This will be a priority in Victoria too.

Mental and physical health of Victorians has suffered due to prolonged isolation, job cut and unending uncertainty. Hence people getting back to health and fitness routine is essential.

Also read: Excessive use of hand sanitisers can be bad for health

Rise of health and fitness technology amid coronavirus pandemic:

Once again, with the increased use of technology in the health and fitness sector during the crisis has proved that necessity is the mother of all inventions.

A leading AI-based fitness and lifestyle coaching provider Freeletics surveyed 2,000 Americans to understand their mindset and behaviours during COVID-19 and beyond. The survey conducted through OnePoll reveals how Americans used their time during quarantine to adapt to the routine. It gives an idea of what the future of fitness could look like in the United States.

Let us glance through some key Findings:

  • 64% of the respondents are now more interested in at-home fitness options
  • Over half (56%) feel so confident in their home workouts that they plan to cancel their gym memberships.
  • The average respondents used two fitness apps and took four online fitness classes during the lockdown.
  • Men are more invested in mental health than women, with nearly 50% of respondents men from the survey tried meditation.

Good read: Viva Leisure Reveals the Acquisition of Australian Fitness Management, Stock up 4%

COVID-19 boosted at-home exercise regime

The new normal of work-from-home has increased the importance of exercise. By sticking to the at-home fitness routines, people have experienced an overwhelming amount of mental and physical health benefits. Additionally, these at-home fitness technologies have given people more options and flexibility than stationary gyms. Moreover, it has substantially removed the physical warriors such as commuting and feeling intimidated while working out at the gym. The financial strain has significantly reduced.

Latest update: Mobile Apps Market to be Scrutinized By ACCC

Bottom line:

There is still broader uncertainty for the health and fitness industry. Health and fitness have become a new priority for many around the world. With many countries slowly and cautiously reopening their economies, it is still uncertain how the health and fitness industry will prosper. Whether people continue to exercise at home, or they go back to their old routine, time will tell.


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