Cost-of-living crisis hits memberships

More than a third (36%) of Brits have given up fitness memberships due to cost-of-living concerns, as new research highlights the difficult decisions faced by consumers.

A study among more than 2,000 consumers by IWG, operator of office and hybrid workspace, found that Gen Z and Millennials have been hardest hit. Half (50%) of 25-34-year-olds have cancelled fitness memberships as a result of rising costs, rising to 56% for 18-24-year-olds.

Two-fifths (40%) of Brits said that their fitness memberships had increased in price over the past year, with a third (36%) expecting further rises in 2023. More than a quarter (28%) say they will struggle to exercise without access to a gym or pool, rising to 44% of 18-24-year-olds and 46% of 25-34-year-olds.

The research shows that there is rising expectation for employers to provide greater support to employees helping them mitigate rising costs through workplace benefits; 50% of those surveyed said they’d like their employer to provide discounted or subsidised fitness membership as a perk, but just 15% currently receive such a benefit.

This rises to 70% of 18-24-year-olds, and 64% of 25-34-year-olds, demonstrating the importance of workplace benefits to attracting the best talent amidst the cost-of-living crisis.

And this isn’t limited to fitness. Research by IWG found that 70% of office workers say a good workplace benefits package has become more important to them in the last two years, and almost one in five (18%) have increased the benefits they use.

IWG, which includes brands such as Spaces and Regus, has partnered with flexible gym provider to provide customers access to fitness facilities as a workplace benefit.

IWG customers will also be able to book a free annual health assessment through BUPA. Designed to give people a better understanding of their health and wellbeing, new and renewing customers will also receive a personalised health report following their assessment and free access to Bupa’s healthcare and wellbeing app.

These partnerships build on the wellbeing benefits hybrid working naturally offers with workers able to take advantage of the time saved by working closer to home to find time to run, workout, or socialise with family and friends.

• For more on IWG, visit its website here.