Why Yoga Studios Are a Booming Business Right Now
It’s no secret––we all know the yoga industry is booming. Put simply, yoga has exploded in the US over the past six years and it’s showing no signs of slowing up. So what does that mean for your business? What do the current trends in the yoga world mean for the industry and how does that affect you?
Not to worry. We’re here to crack open these trends and give you some insight into your yoga business:
1. 36 Million People in the US Practice Yoga
The number of Americans practicing yoga has grown by 50% between 2012 and 2016. Yoga grew rapidly over just four years. 72% of the 36 million Americans practicing yoga are female. That’s pretty widely known, but what isn’t widely known is that male yogis have increased from 4 million in 2012 to 10 million in 2016.
While the majority of revenue does lie in appealing to female American yogis, it’s important not to rule out that revenue can be made from the 10 million American men (and counting) practicing yoga. By 2020, the number of American yogis is forecasted to grow to around 55 million. Think about how much potential there is for your business in this growing market! Can you bend and flex your business to handle the growth?
2. More Yoga, More Revenue
Statistics show that revenue in the yoga in the US industry in 2012 amounted to $7 billion, $9 billion in 2015, and projections show yoga revenue will grow to over $11.6 billion by 2020. But don’t get dollar signs in your eyes just yet 🤑. There are over 6,000 studios in the US––so you’ve got some competition and you need to make sure you stand out.
It’s important to note that from a revenue standpoint, 71% of all revenue generated by the US yoga and Pilates market is from yoga and Pilates classes. So establishing a program with strong classes will overwhelmingly drive your overall revenue. Invest in good teachers that keep your students coming back to classes.
3. Yoga is a Popular Complimentary Sport
1 in 10 American adults uses yoga as a complimentary sport. 75% of all yogis practice another sport. That’s no coincidence––all the evidence is out there says that yoga is a great supplement to your other fitness practices. Running, cycling, and group sports––in particular––are popular pairings with yoga.
Rather than viewing other recreational sports as competition, ask how you can capitalize on this trend of pairing yoga with other activities. You can niche down and grow your studio by catering your class offerings specifically to practitioners of other sports. Ex. runner’s yoga, yoga for basketball players, etc.
4. Improving Flexibility is the Top Motivator for Starting Yoga in the US
61% of yogis in the US say that they start yoga to improve flexibility. Yoga is one of the most accessible activities out there for working on flexibility and that should be taken into account with your studio offerings. Can you offer a splits series? A back flexibility series? A bendy inversions class?
Consider the other top four reasons why people start yoga and how you can appeal to those motivations:
56% of American yogis start practicing for stress relief
49% of American yogis start practicing for general fitness
49% of American yogis start practicing to improve their overall health
44% of American yogis start practicing to support their physical fitness
5. The Injury Rate for Yoga is Rising
10 yogis per 100,000 were injured in 2010, and in 2014 that number increased to 15. Of course, as the number of yogis in the US increases, there will be more injuries. That’s just statistics. But at the same time, it’s pretty difficult to injure yourself in yoga if you’re doing it right. The only reason people get hurt in yoga is from unqualified teachers teaching beginners who don’t know any better. Make sure you’re only hiring teachers who are qualified, vetted, and experienced. Don’t let your studio suffer because your staff is sabotaging your practice.
And don’t let inexperienced yogis do dangerous yoga poses like a headstand or shoulder stand in your studio. It will decrease your chances of being one of the very rare injuries from people who practice yoga.
The current trends in the yoga industry show promise of growth for you and your studio, but they also show a promise of competition. Our best advice: distinguish your studio by niching down, compliment other sports with your practice, focus on your demographic’s motivations to practice yoga, and hire quality instructors.