fitness market research

The Future Of Personal Training In Malaysia

The Future Of Personal Training In Malaysia

via GIPHY

In my opinion, the fitness industry in Malaysia is still very young. According to the Themalaysianreserve.com (2017), the market penetration rate of fitness centers in Malaysia is between 1% and 2% compared to 5% in Singapore, and between 10% and 17% in the US, Australia and the UK.

That means, there are only  320000- 640000 out of 32 million Malaysian have a gym membership. There is still a lot of room for business expansion,  near to 99%  of “empty market”. However, this number is not really accurate, as not all age group are suitable to join gym.So, let us drill down a little bit deeper.

The average gym goer will be the age between 17- 65(my opinion) . According to indexmundi.com (2017) the age distribution of the population in Malaysia is as below :

15-24 years: 16.81% (male 2,677,834/female 2,598,958)
25-54 years: 41% (male 6,507,499/female 6,358,762)
55-64 years: 8.27% (male 1,316,331/female 1,277,558)

I will just take the age range from 15-64 for this research, as this is the best age range that i can get online.

Total : 20736942 Malaysian

20,736942 divided by 32 mil(total estimate Malaysia population) = 64%

So , 64% is a much more accurate that represent THE REAL “empty market” that you can put your hand on, if you are looking to start a gym business in Malaysia.

Another aspect that you must look into when planning your future gym business in Malaysia , is the psychology aspect of the population .

You will be no longer dealing with the baby boomers, instead you will be dealing with the millennial  . These millennial will not only be your main target customers , but they might also be your business partner or your employees. Therefore, by understanding their character will be very useful in your future business .

I am not a psychology expert (although i am doing my psychology degree now) , but i would like to share with you through some research on google and also my own experience when i am working in a commercial gym .

 

via GIPHY

According to marketingprofs.com :

1#Millennials are 4.6 times more likely than other generations to rent products online

2# 2.3 times more likely to use sharing services

3#Some 39% of Millennials post reviews of products or brands, and this generation is more likely to listen to and connect with people like them rather than celebrities

4#Over 60% of people age 18-24 would try a product suggested by a YouTuber

5# 69% of Millennials have admitted to experiencing FOMO (fear of missing out)

via GIPHY

Value IS Everything

Millennials weigh the integrity, value , meaning of a business model against their own set of values.  Brands that align with a social cause are big YES to them. A great example is Toms Shoes, a footwear company that donates a pair of shoes for every pair of shoes purchased by a consumer.

I am not asking you to donate your revenue to help others(it will be great if you can ) , but a meaningful mission that caused you to run your business, is the main attractor to the millennial.

Some of the successful  brands that focused on Millennial .

the future of personal training in malaysia

If you have any prediction on the future of personal training career in Malaysia, feel free to comment below .

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.