While the fashion industry takes major hits and many stocks tumble, one sector is sustaining growth during the worldwide coronavirus crisis: virtual health & wellness.
One might expect this from the likes of Teledoc, which reportedly experienced a jump in earnings this week. Meanwhile, less strictly health-related and more fitness-focused streaming services are also experiencing a surge. Peloton, known for its live and on-demand virtual spinning sessions, saw its stocks rise sharply, with more consumers avoiding pubic places like gyms and preferring to work out from home. To fight the major declines in the use of IRL fitness facilities, China gyms in general are likewise increasingly live-streaming their services, hoping to preserve consumer interest.
One Shanghai gym is even offering sessions via WeChat, the messaging, social media, and payments & transactions app popular in China. This type of integration not only allows for increased accessibility, but also for preserving community—one of the key components of engagement for fitness clubs and facilities. For more ways that services and communities have moved online to serve consumers during the crisis, taking previously niche virtual options to the mainstream, see here.