New Survey Shows 80% of Gyms Still Face Financial Struggles
The numbers are in and they aren’t looking good. While gyms in the US are back open for business, a staggering 80% are still facing financial hardships due to the COVID-19 pandemic.
By the numbers: According to the Community Gyms Coalition (CGC), a group representing more than 15,000 community gyms nationwide, four in five locally-owned US gyms and fitness facilities are still struggling from the long-term financial impact caused by the pandemic.
- 75% say revenue and membership have fallen since before the pandemic.
- 64% say they’ve been forced to go into additional debt.
- Average new debt: A staggering $75,000.
What they’re saying:
- “This data proves that the financial damage is catastrophic and ongoing, and urgent help is still needed…Gyms are essential for public health, and we were closed by state governments to fulfill a public purpose. Now Congress must work swiftly to pass the GYMS Act and provide small gyms with meaningful relief to help us recover,” said Pam Brown of Align Brooklyn.
The big picture: For the past several months, the CGC has been calling on congressional leadership to provide financial relief to gyms in any upcoming economic recovery package — money that gyms and fitness centers so desperately need to help get the industry out of the woods.
- The GYMS Act, which has nearly 150 co-sponsors in the House and Senate, would create a $30 billion rescue fund similar to the one created for restaurants and live entertainment venues.