Consumer demand for indoor equipment helps Peloton enjoy first $1 billion quarter
Home fitness market continues to explode during pandemic
While many triathletes have become huge fans of their smart trainers and online training platforms, some have been attracted to Peloton’s diverse online content and high-end technology, along with many others around the world who have fuelled the company’s biggest year yet. The company’s bikes have been so popular its struggled to keep up with demand.
According to Front Office Sports the compnay “reported revenue of $1.06 billion in its second fiscal quarter, 128% growth from teh $466.3 billion it hit a year ago.”
To meet up with the surge in demand, Peloton will “invest over $100 million in air and ocean freight over the next six months to meet exceedingly high demand, which has held up shipments.”
Related: Peloton acquires Precor in move to boost production
According to CNBC, citing stats from The NDP Group, “sales of health and fitness equipment more than doubled, to $2,3 billion, during the span of March to October” in the United States last year. Treadmill sales in the US increased by 135 per cent, with stationary bike sales tripling.
Here in Canada, last fall Canadian Tire reported a triple-digit growth in the sporting goods and fitness equipment category, according to a CBC report, with eBay reporting that stair machine sales were up 230 per cent from the fall of 2019 and treadmill sales up 280 per cent.
Related: Does the Peloton Bike work for triathletes?
As we reported earlier this year, the extensive content library to go along with the large screen and digital resistance found on the Peloton Bike+ make it an able replacement for spin, strength and other fitness-oriented classes for triathletes.