"It's no secret that expensive gyms and fitness classes are filled with people who work in high-paying industries like finance and tech. But why? Does that sauna really warrant paying an extra few hundred bucks a month in membership fees? According to Wall Streeters we spoke with, membership at places like Equinox or Life Time isn't about the amenities per se. Instead, members are buying two intangible benefits: the chance at networking and social status."
"Going hand in hand with networking is status. By paying high monthly fees, it's shorthand for other members that you're of high corporate and social status. "I feel you can kind of signal to other people that you're paying a lot for a gym membership - so you have a good job and that kind of thing," said Nyla Legemah, a customer success manager for benchmarks and indices at London Stock Exchange Group in New York. "It's like assumed you made it to the club.""
High-end gyms and fitness classes attract professionals from finance, tech, and other high-paying industries who value intangible benefits beyond amenities. Memberships at studios like Equinox or Life Time offer networking opportunities through designated events such as ice cream social hours. Upscale memberships function as social signals that indicate corporate status and financial success. Many members view paying high monthly fees as shorthand for having a good job and reaching a social club. The trend also reflects a generational preference for investing in health, wellness, and longevity, with fitness classes sometimes replacing traditional social activities like happy hours.
Read at Business Insider
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