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News : National Author: Staff Editor Last Updated: Jul 7, 2016 - 5:36:25 PM



Businesses Cashing In This New Year

By Staff Editor
Jan 18, 2010 - 4:55:54 PM



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IBISWorld identifies The Industries Benefiting From New Year’s Resolutions In 2010

(HealthNewsDigest.com) - LOS ANGELES – The new year is here and many Americans are working towards their New Year’s resolutions. These pledges for happier, healthier lifestyles can mean big profits for many businesses, according to industry research firm IBISWorld. The company identified the industries that will benefit the most from New Year’s resolutions in 2010:

Getting Healthy And Fit

Getting into shape has been a long-time favorite resolution and is gaining popularity each year. Growing awareness of healthy lifestyles is driving the trend, as well as the guilt from overindulging during the holiday season.

For this reason, gyms see the greatest membership growth in the first three months of the year, with approximately 12.4 percent of new members signed in January, 9.5 percent in February and 8.7 percent in March.

Overall, Gyms, Health & Fitness Clubs are forecasted to post 3.2 percent growth in 2010, reaching revenue of $25.09 billion. Additionally, Weight Loss Services are expected to grow 1.9 percent to reach $3.87 billion.

Quitting Smoking/Drinking

Along with the resolution to get healthy and fit, many people pledge to cut back or quit smoking and drinking. While this resolution benefits gyms and health centers, supermarkets and pharmacies will also benefit as sales of nicotine patches and gum soar during the month of January.

In fact, the number of smokers over the age of 18 has risen during the recession. However, in 2010 the this number will decline for the first time in two years, as the economy recovers and people experience less stress.

GlaxoSmithKline (GSK), a leading healthcare company, has reported that January is among its strongest months for sales of smoking-cessation gum, lozenges and patches, as a result of New Year’s resolutions. 2010 is expected to be a big year for smoking-cessation products, with GSK launching a $15 million advertising campaign.

Getting Out Of Debt

The days of using credit to pay for everything seems like a thing of the past, as consumers today are more aware of the pitfalls associated with debt. Given the high unemployment rate and overall economic uncertainty, families and individuals will focus on better financing within their bank accounts.

Household revolving credit debt declined for the first time in 20 years in 2009, and is expected to decline even further in 2010. Furthermore, the personal savings rate will hit a 16-year high in 2010, as consumers continue to focus their efforts on managing their balance sheets.

As a result of this, the Financial Planning & Advice industry is expected to expand 4.1 percent in 2010, increasing to $39 billion. Portfolio Management companies are also expected to experience strong growth, expanding 33.4 percent in 2010.

Giving Back To The Community

Charitable contributions in 2010 will be far above the levels seen in 2009. Rising disposable household income is likely to spur an increase in the level of charitable giving by Americans. This will help the donations industry recovery and will encourage small fundraisers to enter the market again - after being scared off by a hostile stock market and reluctant donors.

Furthering Education

Engaging in further studies is an increasingly popular New Year’s resolution, and the recession will boost enrolment in various industries in the education sector. Enrolments in work-related courses are expected to be particularly strong given the 10 percent unemployment rate (source: Labor Department), as workers strive to improve their skill and increase their chances of getting or retaining a job. An example of this would be Technical & Trade Schools, which is forecast to expand 5.5 percent in 2010.

Further more, in coming years the demand for Professional Skills and Performance Training Services is expected to be supported by some long-term trends, including the continuing expansion of competition between corporations, globalization and the entry of new competitors in the domestic markets.

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