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European Health and Fitness Market Study 2016

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European Health and Fitness Market Study 2016 presented by Karsten Hollasch, Deloitte.
Fitness strengthens its position as the #1 European sports activity – over 52 million members in Europe in 2015
• European health and fitness club memberships grew by 3.9% to 52.4 million in 2015 versus 2014
• Total fitness club revenues increased by 4.9% to €26.7 billion in 2015 versus 2014
• The top 30 European fitness operators account for approximately 11 million members, representing 20.9% of all memberships
• The top 10 operators increased revenues by 4.2% to €2.8 billion, representing 10.3% of the total European market
• Merger and acquisition activity remained high in 2015 with 19 transactions, including the first European fitness IPO in 13 years

Published in: Sports
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European Health and Fitness Market Study 2016

  1. 1. European Health & Fitness Market Study 2016 Karsten Hollasch, Deloi&e
  2. 2. The European Health & Fitness Market Report 2016 Karsten Hollasch
  3. 3. 2016 Deloitte 21% 18% 9% 8% 8% 5% 5% 4% 3% 3% 16% 5,615 4,830 2,393 2,152 2,130 1,292 1,260 1,090 871 813 4,218 0 1,000 2,000 3,000 4,000 5,000 6,000 UK Germany France Italy Spain Netherlands Russia Turkey Poland Switzerland Others Totalrevenues(€m) The European fitness market was worth €26.7bn in 2015, with the top 5 countries representing almost two thirds EuropeActive | Deloitte - European Health & Fitness Market Report 20163 Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database Top 10 European health and fitness markets by revenues (2015) Market size (€m), Share of total market (%) 64% of total European market 20% of total European market
  4. 4. 2016 Deloitte Germany United Kingdom France Italy Spain Russia Poland Netherlands Turkey Sw eden 0% 1% 2% 3% 4% 5% 6% 7% 8% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Changeinmembership(in%) Penetration rate (%of total population) Germany and the UK strengthened their positions as the largest European markets in terms of membership EuropeActive | Deloitte - European Health & Fitness Market Report 20164 Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database Top 10 European health and fitness markets by membership (2015) Penetration rate (% of total population), Change in membership (%), Total membership (bubble size) Above-average membership growth Below-average membership growth Average penetration rate of top 10 markets Average growth of top 10 markets
  5. 5. Question I: Which of the following factors are correlated with fitness market penetration? 1.  General physical activity of the population 2.  Real GDP per capita 3.  The degree of urbanisation 4.  All of the above 5.  None of the above
  6. 6. 2016 Deloitte There is a visible correlation between a population’s physical activity and fitness market penetration EuropeActive | Deloitte - European Health & Fitness Market Report 20166 Sources: EuropeActive/Deloitte, EU Eurobarometer 2013 Correlation between physical activity and fitness market penetration (2015) Percentage of population that is exercising or doing sport “With some regularity” or “Regularly” according to the EU Eurobarometer 2013 (%), Penetration rate (%), Total membership (bubble size) Austria Belgium Denmark Finland France Germany Ireland Italy Netherlands Poland Portgual Spain Sw eden United Kingdom 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 25% 35% 45% 55% 65% 75% Penetrationrate Physical activity (%of population exercisingor doing sport with at least some regularity)
  7. 7. 2016 Deloitte Real GDP per capita and the degree of urbanisation help explain fitness market penetration EuropeActive | Deloitte - European Health & Fitness Market Report 20167 Sources: EuropeActive/Deloitte, Eurostat, The World Bank Correlation of real GDP per capita and urbanisation with fitness market penetration (2015) Real gross domestic product per capita (in €), Penetration rate (%), Total membership (bubble size) Urbanisation of 80% or more Urbanisation of less than 80% Note: The urban population, as stated by The World Bank, refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. Austria Belgium Denmark Finland France Germany Ireland Italy Netherlands Norw ay Poland Portgual Russia Spain Sw eden Sw itzerland Turkey United Kingdom 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Penetrationrate Real GDP per capita (€)
  8. 8. Question II: What correlation is there between market concentration (membership share of top 5 operators) and the average membership fees in a country? 1.  Higher concentration = Higher membership fees 2.  Higher concentration = Lower membership fees 3.  No correlation
  9. 9. 2016 Deloitte Markets with a higher market share of top 5 operators tend to have lower average membership fees EuropeActive | Deloitte - European Health & Fitness Market Report 20169 Sources: EuropeActive/Deloitte, Eurostat Impact of market concentration on PPP-adjusted monthly membership fees (2015) Market share of top 5 operators in terms of membership (%), PPP-adjusted average monthly membership fees incl. VAT (in €), Total membership (bubble size) Austria Belgium Denmark Finland France Germany Ireland Italy Netherlands Norw ay Poland Portgual Spain Sw eden Sw itzerland United Kingdom 0 20 40 60 0% 20% 40% 60% 80% PPP-adjustedaveragemonthlygrossmembershipfees(€) Marketshare of top5 operators in terms of membership
  10. 10. 2016 Deloitte In Denmark and Belgium, the leading operators represent more than 50% of all members Notes: 1) Membership figures for Alex Fitness (Russia), Basic-Fit (Belgium), Fitness World (Denmark) and McFIT/High5 (Germany) based on professional judgement; Sources: EuropeActive/Deloitte, Company information 30% to 49% 15% to 29% 50% and more Less than 15% Share of top 5 operators and selected market leaders by membership Leading operator by membership Market share (%) EuropeActive | Deloitte - European Health & Fitness Market Report 201610 18% 55% 11% 8% 27% 6% 10% 53%
  11. 11. 2016 Deloitte The fastest-growing fitness operators in 2015 came largely from the low-cost sector EuropeActive | Deloitte - European Health & Fitness Market Report 201611 Non-franchise operationFully or partly a franchise operation Selected top 30 European health and fitness operators by membership (2015) Change in membership (%), Revenue per member per month (€), Total membership (bubble size) Notes: 1) Revenue figures for clever fit, INJOY and Mrs.Sporty, Change in membership for Basic-Fit as well as revenue and membership figures for FitX, McFIT/ High5, SportCity/Fit For Free and Virgin Active based on professional judgement; 2) Migros figures only include Swiss business; 3) Nuffield figures do not include corporate fitness and wellbeing centres Sources: EuropeActive/Deloitte, Company information clever fit David Lloyd Leisure McFIT/High5 Pure Gym SportCity/Fit For Free Xercise4Less Fitness First Health & Fitness Nordic Actic Nuffield Health FitX INJOY Keep Cool Kieser Training L'Orange Bleue Migros Mrs.Sporty Russian Fitness Group The Gym Group Virgin Active Basic-Fit 0 25 50 75 100 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Revenuepermemberpermonth(€) Change in membership (in %)
  12. 12. 2016 Deloitte After a total of 24 fitness transactions from 2011 to 2013, 19 M&A activities were recorded in both 2014 and 2015 EuropeActive | Deloitte - European Health & Fitness Market Report 201612 Change in ownership by investor type (2015) Sources: Mergermarket, Bloomberg, Company information, Deloitte analysis Strategic investors Financial investors Founders / Private shareholders Private shareholders Strategic investors Financial investors
  13. 13. 2016 Deloitte The five leading commercial equipment manufacturers accounted for about 72% of the global market in 2015 EuropeActive | Deloitte - European Health & Fitness Market Report 201613 Leading manufacturers’ share of global commercial fitness equipment market (in %) Sources: EuropeActive/Deloitte, Company information Estimated global commercial (B2B) market
  14. 14. 2016 Deloitte Technological development is one of the main forces shaping the health and fitness industry in the future EuropeActive | Deloitte - European Health & Fitness Market Report 201614 Past and future growth of digital technologies and their role in the fitness industry Source: Morgan Stanley - The ‘Internet of Things’ Is Now 2014, Statista – Smartphone Penetration 2015, GSMA - The Mobile Economy 2014, HIS – NFC Enabled Phones 2014, Forbes, GfK, The Federal Reserve, Deloitte analysis Mobile apps Health & fitness trackers Online fitness Shift in payments Digital technology in fitness 417,300 Registered online fitness users in Germany in 2015 8.2 million Forecast unit sales in Europe in 2015 28% US smartphone users making online purchases in 2014 80 million Registered users of MyFitnessPal app 500 M 2000 10 B 2010 70 B 2020 2010 2020 551million >3billion 2000 2020 500 million 2010 ~2.8 billion >7 billion 28% CAGR 18% CAGR 14% CAGR Total Connected Devices Smartphone Users Internet Users (units)
  15. 15. Thank you for your attention.
  16. 16. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/de/UeberUns for a more detailed description of DTTL and its member firms. Deloitte provides audit, tax, financial advisory and consulting services to public and private clients spanning multiple industries; legal advisory services in Germany are provided by Deloitte Legal. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high- quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 225,000 professionals are committed to making an impact that matters.
  17. 17. 2016 Deloitte BACKUP EuropeActive | Deloitte - European Health & Fitness Market Report 201617
  18. 18. 2016 Deloitte A major macro-economic trend to consider is the increasing age of the European population EuropeActive | Deloitte - European Health & Fitness Market Report 201618 Division of age groups in % of total population (EU-27), 2011 vs. 2060 Sources: Eurostat, Deloitte analysis Mean age group Mean age group 6 4 2 0 2 4 6 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+ % of total population Age Male Female Mean age groupMean age group 5 3 1 1 3 5 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+ % of total population Age Male Female
  19. 19. 2016 Deloitte Detailed research led to a comprehensive picture of the European health and fitness market EuropeActive | Deloitte - European Health & Fitness Market Report 201619 Methodology What we have done And what we achieved Interviews with selected industry experts Questionnaire for major chain operators Online questionnaire in twelve different languages for individual club operators General research work Identification of individual and chain operators in 18 countries Educated assessment of industry’s state and development Detailed information on major European operators Data of more than 1,000 individual clubs in 13 countries Insights in existing market reports, data on equipment industry, M&A activity Detailed club databases on national level
  20. 20. 2016 Deloitte Leading Operator Rankings/Profiles Recent Mergers & Acquisitions Perspectives on the Market Corporate Wellbeing Content (1/2) The EuropeActive/Deloitte market report examines the European fitness industry from various perspectives EuropeActive | Deloitte - European Health & Fitness Market Report 201620 New
  21. 21. 2016 Deloitte Innovation in the Fitness Industry Snapshot of the Equipment Industry Eurobarometer Top Market Overview/Profiles Content (2/2) New The EuropeActive/Deloitte market report examines the European fitness industry from various perspectives EuropeActive | Deloitte - European Health & Fitness Market Report 201621
  22. 22. 2016 Deloitte Specialised product offerings and digitalisation are two of the main trends shaping the fitness industry EuropeActive | Deloitte - European Health & Fitness Market Report 201622 Trends and drivers of the fitness industry Source: Deloitte analysis Product offerings •  Polarisation of market segments •  Special interest concepts •  Flexible membership concepts Macro-economic development •  National economy •  Demographic change •  Change in values Digitalisation & Media •  Online fitness clubs •  Fitness apps •  Social media Management challenges •  Employee management •  Franchise •  Revenue and cost management Stakeholders •  Investors •  Health insurers & politics •  Other interest groups Fitness industry
  23. 23. 2016 Deloitte Most European club operators expect to grow in 2016; Polish clubs are again the most optimistic Expected increase in revenues for 2016 (in %) Source: EuropeActive/Deloitte EuropeActive | Deloitte - European Health & Fitness Market Report 201623 41.7% 33.3% 36.1% 44.4%45.2% 41.0% 57.1% 50.0% 55.1% 60.7% 40.9% 54.5% 33.3% 4.2% 15.7% 14.8% 8.9% 12.9% 17.9% 5.7% 15.4% 12.2% 10.7% 32.6% 22.7% 44.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% BelgiumFranceRussiaItalyAustriaFinlandIrelandTurkeyNetherlandsSpainPortugalSwedenPoland Increase 2.5-7.5% Increase >7.5%
  24. 24. 2016 Deloitte After a total of 24 fitness transactions from 2011 to 2013, 19 activities were recorded in both 2014 and 2015 EuropeActive | Deloitte - European Health & Fitness Market Report 201624 Selected transactions in the health and fitness industry (2015) Sources: Mergermarket, Bloomberg, Company information, Deloitte analysis # Date Company Country Seller Bidder 1 Jan 2015 Condizione PL Patrycja Bartnicka-Irndorfer Fitness World 2 Feb 2015 MeridianSpa DE Private investor(s) AFINUM 3 Feb 2015 Form Developpement FR Philippe Ducos Ekkio Capital 4 Mar 2015 Total Fitness UK Co-op Bank / Barclays Ventures NorthEdge Capital / RooGreen Ventures 5 Apr 2015 Virgin Active UK CVC Capital Partners Brait Private Equity 6 May 2015 Fitness World DK Henrik Rossing FSN Capital 7 May 2015 LA Fitness UK Royal Bank of Scotland Pure Gym 8 May 2015 basefit.ch CH Stefan Lüben Verium AG 9 Jun 2015 Aspria DE Ares Management Cofinimmo Group 10 Jul 2015 easyFit CH Private investor(s) basefit.ch 11 Jul 2015 FITmade CH Private investor(s) basefit.ch 12 Nov 2015 Viva Gym ES Magenta Partners Bridges Ventures 13 Nov 2015 The Gym Group UK Phoenix Equity Partners / Bridges Ventures IPO 14 Nov 2015 Pure Gym UK Pure Gym DW Fitness 15 Nov 2015 L’Appart Fitness FR Patrick Mazerot L’Appart Fitness 16 Dec 2015 1Rebel UK 1Rebel Crow dfunding 17 Dec 2015 Physic Club CH Christian Matthey Let's Go Fitness 18 Dec 2015 HealthCity FR 3i Group Ekkio Capital 19 Dec 2015 Ingesport / Go Fit ES Corpfin Capital Mutua Madrileña

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