Planet Fitness Shows Strong Foot Traffic Ahead of Q3 Earnings
As Planet Fitness new report from Placer.ai suggests that the gym giant’s membership price increase has had little impact on traffic
High-value, low-price gym giant Planet Fitness has seen a steady increase in year-over-year visits in recent months, outpacing its competitors, according to a new report from Placer.ai.
The findings come just ahead of Planet’s third-quarter earnings report on November 7.
Placer.ai, which specializes in location analytics, found that foot traffic data showed Planet Fitness thriving in Q3, with monthly visit increases ranging from 4.1% to 11.6% — suggesting that its basic membership price hike over the summer had minimal (if any) impact.
Another key takeaway from the report is that in Q3, 44.3% of Planet Fitness visitors went to the gym less than twice a month on average. However, the gym giant is maintaining a dedicated base of members who visit at least eight or ten times a month. It’s a member segment that has grown steadily — in Q3, 16.8% of Planet Fitness visitors went to the gym at least eight times a month on average, up from 12.9% in 2019 and 15.3% in 2022. A similar trend exists for members who visited Planet Fitness ten or more times a month in Q3 (11.9%), up from 8.6% in 2019 and 10.6% in 2022.
Placer.ai also discovered that New Mexico led the way in Q3 in visit frequency to Planet Fitness. The report indicates that 3.9% went, on average, at least ten times a month, followed by Rhode Island (13.1%) and California (12.7%). In contrast, members in Montana, Iowa and Vermont were less committed.
New Planet Fitness CEO Colleen Keating has outlined several priorities for the “Judgement Free Zone,” fitness operator, including revamped brand messaging that emphasizes the “high value” aspect of the HVLP model as it continues to lure Gen Z fitness consumers, which make up the majority of the PLanet’s net new joins each quarter.
“We’re seeing Gen Zs as the fastest-growing segment of our member population,” Keating told investors in August.
Planet Fitness opened its first gym in Spain over the summer, kicking off its strategic growth plan in Europe. The gym operator plans to open 300 locations in Spain and is eager to introduce the HVLP model to overseas fitness consumers.
“Today, only 10% of the Spanish population has a gym membership, so this is an incredible opportunity to bring our brand and unique model to Europe,” Keating said.
This week, Planet Fitness appointed a new chief financial officer: retail exec veteran Jay Stasz, who will succeed Tom Fitzgerald. The move is effective November 15. Fitzgerald will remain with Planet Fitness through the end of December and transition to a consulting role through March 31, 2025.
