The hype surrounding exercise bikes like Peloton, which gained popularity during the pandemic, seems to have diminished. Instead, treadmills are making a comeback in many households, with streaming services like Netflix and Prime Video replacing the enthusiastic trainers. Lou Lentine, CEO of Echelon Fit, a renowned exercise equipment company, predicts a significant 40% increase in treadmill sales in the fourth quarter compared to last year. Sales figures and search trends for these in-home exercise machines over the past year confirm this shift, according to data from Jungle Scout, an ecommerce analytics platform. Treadmill sales have skyrocketed by 99%, while stationary bike sales have experienced a 3% decline.
The demand for treadmills has surged as Peloton reduces its marketing efforts, as stated by an industry executive. In fact, Jungle Scout’s data reveals that Amazon searches including the term ‘treadmill’ far outnumber those for ‘exercise bike’—106,087 versus 35,303 per week. While Peloton made bikes trendy, the fervor has subsided now that their marketing machine is not as active. Treadmills have always been more prevalent than bikes in gyms, and consumers are finally taking note. Echelon Fitness, based in Chattanooga, Tennessee, offers a range of treadmills priced between $1,300 and $4,000, available at popular retailers such as Walmart, Costco, Dick’s Sporting Goods, and Amazon. In comparison, Peloton’s treadmills start at around $3,000. To capitalize on the growing trend, Echelon plans to introduce five new treadmill models over the next six months with varying features and price points. These include treadmills that can stream popular shows and movies from platforms like Hulu, Netflix, and Amazon Prime Video. They will also offer Zoom capabilities to cater to the increasing number of individuals adopting hybrid work schedules post-pandemic.
On the other hand, Echelon’s line of exercise bikes has seen stagnant sales, leading them to reduce new orders. The company has ample bike inventory remaining from the pandemic-induced surge in demand. The shift back to treadmills by fitness enthusiasts coincides with Peloton’s downfall, which has been riddled with mishaps and negative publicity. Product recalls and lawsuits linked to customer injuries, including a tragic child fatality, have severely impacted Peloton’s reputation. As a consequence, their stock price has plummeted from $160 per share during the pandemic to a mere $6.50. The company has faced significant setbacks, leading to cost-cutting measures, mass layoffs, and the departure of its founder and CEO, John Foley. Peloton’s original bike was recalled due to unexpected seat post breakages. In its latest quarter, the company reported a decline of 29,000 subscribers as a result of the recall.
To regain momentum, Peloton introduced an ‘entertainment’ feature on its screens this summer, providing access to streaming services like Amazon Prime Video, Netflix, and YouTube. They have also been testing other providers such as Disney+, Apple TV+, and HBO Max.
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