Fitness
During retirement, many retirees start looking for activities to occupy their newfound free time. Going to the gym is one of them. Research on the subject has revealed that retirement itself is a motivator to get in shape and an increasing number of retirees spend their money on gym memberships and fitness classes. In addition, many seniors try to adopt healthier habits and eliminate unhealthy ones such as drinking and smoking from their lifestyles.
The fitness industry has also started catering to seniors more than in the past, offering more specific and expensive gym options for aging populations.
According to Marguerita Cheng, the chief executive officer of Blue Ocean Global Wealth, fitness is one of the newest and biggest expenses for her retired clients. Some of her clients are driven by the fear of declining health as they age and start spending most of their time and money on fitness. In numbers, it translates into approximately 53% of retired Americans taking part in physical activities and allocating about 13% of their annual spending to fitness and leisure activities.
