It’s Not Fitness, It’s SPAC Life


Following the news that the Equinox Group is exploring going public via an SPAC, we looked at payments and foot traffic activity at Equinox gyms and SoulCycle studios. 

Here we index activity to January 2019 for payments and visits, using our Spend and Foot Traffic data products respectively. Following forced closures with the outbreak of COVID last spring, both the number of payments and visits at Equinox gyms climbed to ~40% of pre-COVID levels in the fall, before dropping again with the second wave of winter infections. With vaccination rates gathering pace in early 2021, we now see payments and visits climbing back to slightly above those 40% levels.

SoulCycle, also owned by the Equinox Group, has seen a more muted reaction. Reaching ~30% of pre-COVID payment levels in fall ’20, and languishing at ~20% of levels in March’21. Another incident of note is the dip in SoulCycle payments caused by its political controversy in August’19, which we analyzed using SoulCycle attendance data.

As vaccination rates increase, we’ll be tracking whether gym-goers renew their desire for in person workouts, or if the home fitness trend will persist in the long run.

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