If you’re a Millennial who is currently wondering why they’re still not able to afford that home loan, let us tell you that your addiction to avo, UberEats and Saturday brunch are probably not the major culprits. According to a new study by data and insights company Pureprofile, your exercise obsession might be to blame.
The findings, published in the Australian Fitness Report 2019, revealed five per cent of Aussie Millennials spend more than $3,600 a year on gyms, fitness classes, smartwatches and exercise apps. And if you don’t consider yourself part of that fiver per cent, the research also found on average, Millennials spend $1,020 per year to keep fit.
Although the spotlight is on Millennials, the study also found that keeping fit is actually becoming increasingly popular across all generations, including older generations.
The study analysed 650 Pureprofile panel members – across all age groups – to determine their exercise habits and motivations, and the price they pay to keep fit. The results found 48 per cent of people work out between 30 and 60 minutes per minute, 38 per cent consider themselves ‘moderately fit’, and 56 per cent use some form of wearable technology device (e.g. smartwatch, activity tracker, heart monitor).
“The boom in free exercise videos on YouTube and free access to elite athlete trainers in training apps go a long way to help people start and maintain their fitness journey,” said Pureprofile data scientist, Dr Uwana Evers.
“Now everyone can have a virtual personal trainer thanks to free apps that can customise individual training programs.”
But back to shining the spotlight on Millennials: this isn’t the first study showing this generation has a tendency to overspend when it comes to exercise.
A 2018 UK study from the British sport and nutrition company Myprotein, found UK Millennials spend an average of £155 ($246) per month on health and fitness. This equates to approximately £112,000 ($177,448) throughout their lifetime, which practically means us Millennials are shelling out more on keeping fit than anything else.
Our tip? Get outside, go for a walk or run, and find other ways to keep fit that won’t cost you a cent. You’ll find you’ll have (a lot of) extra cash to splurge on other things, like avo toast every morning or saving up for that home loan. Same same.