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European

Health & Fitness Market


Study 2016
Karsten Hollasch, Deloi&e

The European Health & Fitness Market
Report 2016

Karsten Hollasch
The European fitness market was worth €26.7bn in 2015,
with the top 5 countries representing almost two thirds
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

6,000
5,615

5,000 4,830

4,218

4,000
Total revenues (€m)

3,000
21%
2,393
2,152
18% 2,130
2,000 16%

1,292 1,260
9% 1,090
1,000 8% 8% 871 813
5% 5%
4% 3% 3%
0
UK Germany France Italy Spain Netherlands Russia Turkey Poland Switzerland Others

Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database

3 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
Germany and the UK strengthened their positions as the
largest European markets in terms of membership
Top 10 European health and fitness markets by membership (2015)
Penetration rate (% of total population), Change in membership (%), Total membership (bubble size)

8%
Average penetration
rate of top 10 markets
7%
United Kingdom

6%
Change in m embership (in %)

5%
Russia
France Germany

4% Average growth of
top 10 markets

3%
Netherlands
Turkey
2%
Poland
Italy Spain Sw eden
1%

0%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Penetration rate (% of total population)

Above-average membership growth Below-average membership growth

Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database

4 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
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
There is a visible correlation between a population’s
physical activity and fitness market penetration
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)

20%

18%
Netherlands Sw eden
16%
United Kingdom Denmark

14%
Finland
Penetration rate

Germany
12%
Spain
Ireland
10%
Italy
Poland Austria
8%
France
6% Portgual Belgium

4%

2%

0%
25% 35% 45% 55% 65% 75%
Physical activity (% of population exercising or doing sport with at least some regularity)

Sources: EuropeActive/Deloitte, EU Eurobarometer 2013

6 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
Real GDP per capita and the degree of urbanisation help
explain fitness market penetration
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)

20%
Norw ay

18%
Netherlands Sw eden
16%
Denmark
United Kingdom
14%
Finland
Penetration rate

12%
Spain Germany
Sw itzerland
Ireland
10%

Poland Portgual
8% Austria
Italy
France
6% Belgium

4%
Turkey
2%
Russia
0%
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Real GDP per capita (€)
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.
Sources: EuropeActive/Deloitte, Eurostat, The World Bank

7 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
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
Markets with a higher market share of top 5 operators
tend to have lower average membership fees
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)

60
Poland
PPP-adjusted average m onthly gross membership fees (€)

Germany
Spain Austria
Portgual
Finland Sw itzerland
40 Ireland

France United Kingdom


Italy Belgium
Netherlands Norw ay

Sw eden Denmark
20

0
0% 20% 40% 60% 80%
Market share of top 5 operators in terms of membership

Sources: EuropeActive/Deloitte, Eurostat

9 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
In Denmark and Belgium, the leading operators
represent more than 50% of all members
Share of top 5 operators and selected market leaders by membership

27%
50% and more

30% to 49%

15% to 29% 10%


55%
Less than 15%
8%

53% 11%
Leading
operator by
membership

Market
share 18%
(%)

6%

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

10 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
The fastest-growing fitness operators in 2015 came
largely from the low-cost sector
Selected top 30 European health and fitness operators by membership (2015)
Change in membership (%), Revenue per member per month (€), Total membership (bubble size)
100

David Lloyd Leisure Nuffield Health

Migros
Virgin Active
75
Revenue per member per m onth (€)

Russian Fitness Group


INJOY
Health & Fitness Nordic
50

Fitness First
Mrs.Sporty

Kieser Training Actic L'Orange Bleue


Keep Cool Pure Gym
25
clever fit
The Gym Group FitX
SportCity/Fit For Free
McFIT/High5 Basic-Fit
Xercise4Less
0
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Change in m embership (in %)

Fully or partly a franchise operation Non-franchise operation

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

11 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
After a total of 24 fitness transactions from 2011 to 2013,
19 M&A activities were recorded in both 2014 and 2015
Change in ownership by investor type (2015)

Strategic Strategic
investors investors

Financial Financial
investors investors

Founders /
Private
Private
shareholders
shareholders

Sources: Mergermarket, Bloomberg, Company information, Deloitte analysis

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The five leading commercial equipment manufacturers
accounted for about 72% of the global market in 2015
Leading manufacturers’ share of global commercial fitness equipment market (in %)

Estimated global
commercial (B2B) market

Sources: EuropeActive/Deloitte, Company information

13 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
Technological development is one of the main forces
shaping the health and fitness industry in the future
Past and future growth of digital technologies and their role in the fitness industry

Total Connected Devices Smartphone Users Internet Users (units)

551million
>3billion ~2.8 >7
500 billion
billion
million
70 B
500 M
10 B

2000 2010 2020 2010 2020 2000 2010 2020

28% CAGR 18% CAGR 14% CAGR

80 million Mobile apps Online fitness 417,300


Registered users of Registered online fitness
MyFitnessPal app users in Germany in 2015
Digital
technology
in fitness
8.2 million 28%
Forecast unit sales in US smartphone users making
Europe in 2015 Health & fitness trackers Shift in payments online purchases in 2014

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

14 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
Thank you for
your attention.
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committed to making an impact that matters.
BACKUP

17 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
A major macro-economic trend to consider is the
increasing age of the European population
Division of age groups in % of total population (EU-27), 2011 vs. 2060

85+ 85+
80-84 80-84
75-79 75-79
70-74 70-74
65-69 65-69
60-64 60-64
55-59 55-59
50-54 50-54
Age

Age
45-49 45-49 Mean age group Mean age group
40-44 Mean age group 40-44
35-39 Mean age group 35-39
30-34 30-34
25-29 25-29
20-24 20-24
15-19 15-19
10-14 10-14
5-9 5-9
0-4 0-4

6 4 2 0 2 4 6 5 3 1 1 3 5
% of total population % of total population

Male Female Male Female

Sources: Eurostat, Deloitte analysis

18 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
Detailed research led to a comprehensive picture of the
European health and fitness market
Methodology

What we have done And what we achieved

Insights in existing market reports, data on


General research work
equipment industry, M&A activity

Identification of individual and chain Detailed club databases


operators in 18 countries on national level

Online questionnaire in twelve different Data of more than 1,000 individual


languages for individual club operators clubs in 13 countries

Questionnaire for Detailed information on


major chain operators major European operators

Interviews with selected Educated assessment of industry’s


industry experts state and development

19 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
The EuropeActive/Deloitte market report examines the
European fitness industry from various perspectives
Content (1/2)

Leading Operator Recent Mergers & Perspectives on Corporate


Rankings/Profiles Acquisitions the Market Wellbeing

New

20 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
The EuropeActive/Deloitte market report examines the
European fitness industry from various perspectives
Content (2/2)

Snapshot of the
Innovation in the Top Market
Equipment Eurobarometer
Fitness Industry Overview/Profiles
Industry
New

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Specialised product offerings and digitalisation are two
of the main trends shaping the fitness industry
Trends and drivers of the fitness industry

Product offerings
•  Polarisation of market segments
•  Special interest concepts
•  Flexible membership concepts

Macro-economic development Management challenges


•  National economy •  Employee management
•  Demographic change •  Franchise
•  Change in values •  Revenue and cost management

Fitness
industry
Digitalisation & Media Stakeholders
•  Online fitness clubs •  Investors
•  Fitness apps •  Health insurers & politics
•  Social media •  Other interest groups

Source: Deloitte analysis

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Most European club operators expect to grow in 2016;
Polish clubs are again the most optimistic
Expected increase in revenues for 2016 (in %)
80%

70%
22.7% 10.7%

12.2%
60% 5.7%
32.6% 15.4%
44.4%
12.9%
50% 17.9%
8.9%

14.8% 4.2%
15.7%
40%

30% 60.7%
55.1% 57.1%
54.5%
50.0%
45.2% 44.4%
20% 40.9% 41.0% 41.7%
36.1%
33.3% 33.3%

10%

0%
Poland Sweden Portugal Spain Netherlands Turkey Ireland Finland Austria Italy Russia France Belgium

Increase 2.5-7.5% Increase >7.5%

Source: EuropeActive/Deloitte

23 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte
After a total of 24 fitness transactions from 2011 to 2013,
19 activities were recorded in both 2014 and 2015
Selected transactions in the health and fitness industry (2015)

# 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

Sources: Mergermarket, Bloomberg, Company information, Deloitte analysis

24 EuropeActive | Deloitte - European Health & Fitness Market Report 2016 2016 Deloitte