The price of home gym gear is about to go up.
New Scientist has revealed that the average price of a new gym equipment item in the US has risen by more than 50 per cent since 2013, while the average for new gym furniture has gone up by about 50 per% since then.
In 2018, the average gym equipment cost $1,500.
That’s up from $1.3 million in 2017, according to the most recent figures from the Bureau of Labor Statistics (BLS).
The rise in gym equipment prices has been driven by the increasing number of people using the devices.
It is often used for weightlifting, powerlifting, gymnastics and a host of other exercises.
“This is just another example of why we need to ensure the best value is available to consumers,” said Nick Schmid, managing director at UK-based gym manufacturer The London Gym.
The UK government is also planning to make it harder for consumers to avoid gym equipment purchases, according a draft regulation published on Thursday.
“We will introduce a minimum purchase threshold of £1,000 and the maximum purchase threshold is £5,000,” the draft regulator said.
“The proposed regulations will ensure that a consumer has the choice to choose the best gym equipment for their needs and activity level.”
While some consumers will benefit from the higher price, many others will not, according in the BLS data.
“For many consumers, the cost of gym equipment is more than the cost they pay for a gym membership,” said Paul Smith, chief executive of The London School of Fitness.
“While a gym may be an investment in the long-term, it can also be a major drain on finances and the impact on physical activity can be serious.”
Some manufacturers have started to reduce the purchase cost for gym memberships by as much as 75 per cent.
“The regulator said it is also looking at “dynamic pricing” and will consider measures to make the price of gym membership less predictable.