As inflation drives up the cost of living, consumers are preparing to cut back on spending, but they aren't quite ready to give up their gym memberships.
According to a recent survey by CBRE in the United Kingdom, more than three-quarters of respondents have seen an increase in money flowing out and 38% are planning to decrease or stop social activities at some point this year as a result. However, 73% of respondents said they plan to increase or maintain the frequency of their gym visits even though a similar percentage are feeling neutral or somewhat worse about their personal finances.
This is a departure from consumer reaction to the Global Financial Crisis, during which gym memberships fell as individuals cut discretionary expenses, the report noted.
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