It is traditional for many of us to make New Year’s resolutions, which can be a huge opportunity but also a challenge for many businesses. Companies like the sports app Strava tend to see a huge spike in demand for their products from Christmas into January, but then the challenge is to try and maintain these customers beyond 17 January. This is known as Quitters Day, as people start to renege on their lofty targets of being fitter and stronger and incorporate fitness workouts into their day-to-day routines.
The global pandemic helped maintain numbers for companies such as Strava and Peloton. With gyms and health clubs shut, people were keen to invest in technologies that allowed them to maintain their level of fitness, like stay-at-home treadmills and internet-connected workout bikes. For Peloton, this resulted in a huge surge in demand and a high volume of orders that it could not fulfil. The lifting of lockdown measures has seen people reverting to their old routines, resulting in a 70% drop in Peloton’s stock price. For Strava, the drop-off has not been as significant, and its app can be used both at home and outdoors.
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