It’s a widely known fact that consumers are increasingly willing to spend their money on experiences rather than on material objects, such as clothing—which comes as no surprise following the influx of studies asserting that money spent on experiences brings more joy to the consumer and increases the quality of life of the consumer more than if that money were to be spent on material goods. This trend is especially noticeable among the younger consumers.
With this in mind, what is the best line of action for a star-up company selling high-end sportswear so that it may survive in light of this changing consumer market? Well, the more viable solution is to follow the money.
Equinox, the luxury gym brand with a considerably high monthly membership fee to match, has started entering into partnerships with start-up companies to sell products in their high-end fitness clubs—many times right towards the front of the store.
The most recent Equinox partners are the men’s underwear start-up Mack Weldon and the posh sportswear vendor Phone Apparel. Both companies have entered into pacts with the high-end gym to sell merchandise in the gym’s boutiques.
The Rhone partnership encompasses eleven pop-up stores in Equinox gyms throughout the nation, despite the fact that the brand is offered in every single location of the gym.
The Equinox boutique is becoming so commodity-focused that it can even soon be considered some form of a gift shop. After paying $235, which is the cost of belonging to one individual Equinox club in New York City, for the experiences that presents, clients can then continue on to peruse a quaint boutique near the entrance of the gym. Equinox has already previously sold branded merchandise, but the partnerships—as well as a certain “coming soon” banner on its online store—indicate there may be bigger plans in the works.
SoulCycle, which is yet another popular boutique fitness studio in the spotlight which offers classes rather than a complete gym experience, has already found a way to benefit from the fad it created. SoulCycle aims to market a particular lifestyle instead of merely an hour-long class, and consumers can more profoundly buy into this culture with branded clothing that ascertains that they’re members of this “tribe.” It has become a significant aspect of the brand’s bottom line, according to Racked.
It is then definitely unsurprising that gyms and studios are increasingly likely to attempt to make money off of the widespread and ever popular athleisure fashion trend, where people aim to incorporate fashionable athletic clothing in their daily looks. As of right now, the athleisure trend is actually one of the few bright spots in retail. Casual sportswear garners a grand total of $44 billion per year, according to NPD Group, while various traditional retailers are struggling in with the current tough market and economy.
Featured Image via Wikimedia.