Fitness Boom in Latvia: Gyms Are Crowded, Profits Are Growing 0 18

Businesses in this sector are reporting steady growth in the number of clients, turnover, and profits. Before the pandemic, about 6-7% of Latvia's population regularly engaged in fitness, and now this figure, according to the Latvian Association of Health and Fitness, has risen to approximately 10% of the total population.

Three years ago, representatives of the fitness industry stated that the pandemic had set its development back by ten years.

"The crisis caused by Covid-19 hit our sector hard, but at the same time, it helped society realize the importance of physical activity and health prevention," says the association's leader, Gints Kuzņecovs.

Today, more and more people are incorporating physical activity into their daily lives, with a particularly noticeable interest among youth aged 15 to 18.

"The financial results of businesses also testify to the recovery of the industry - the two largest market participants are showing significant growth in turnover and profits. Positive dynamics are maintained, and considering the overall trends in the European market, growth is expected to continue in the future," notes Kuzņecovs.

"Interest in a healthy lifestyle and physical activity has significantly increased," agrees Erik Nadziņš, the head of one of the chains. He adds that this is largely influenced by people's awareness of the importance of physical activity for maintaining health, as being fit and leading a healthy lifestyle has become a given today.

"The increase in interest is also reflected in business results: compared to 2022, our company's turnover has significantly increased, and profitability has improved. This was facilitated by an increase in the number of clients and optimization of our operations, including the development of a self-service format and increased cost control," notes Nadziņš.