Yoga Prices Have Customers Saying ‘Namaste’
The price for a one-hour, drop-in yoga class is one of the newer items in the Cost of Living Index (COLI), introduced in 2018. With only two years of historical data when the pandemic hit in early 2020, the COLI team stopped pricing the local yoga classes as yoga studios, like many other businesses, had to shut down. Quarter 3, 2021 is the first time we have priced current yoga rates since the pandemic. Over the last four publications, we kept the rates equal to the pre-pandemic prices.
The fitness industry overall has been impacted drastically by the pandemic because of lost wages and health safety concerns. Thus, many are seeking low-cost, virtual exercise. Golds Gym and 24-Hour Fitness filed for bankruptcy at the start of the pandemic and many other gyms are struggling to attract potential members. Down and out, fitness companies are forced to reassess their business and pricing model to adapt to a pandemic and post-pandemic economy. However, have these drastic changes affected in-person yoga class prices?
Comparing Q1 2020 to Q3 2021, the most recent quarterly publication, at first glance it appears prices have not really changed. The average price of yoga was $15.94 for Q3 2021 and $15.23 during Q1 2020. A $0.71 increase can easily be explained away as inflationary. Yet, the biggest differences are found in the highest prices, whereas the lowest prices have not changed much. The table below shows the highest and lowest prices for Q3 2021 and Q1 2020.
The highest prices for yoga increased by up to five dollars and the lowest prices remained relatively similar. Overall, Q3 2021 has a greater spread with a concentration of higher prices, which indicates that there is an increasing polarity in yoga prices between metro areas. As we continue to move past the pandemic, hopefully yoga class prices stabilize so that yogis practicing financial mindfulness can stretch their dollars a bit further at their local studio. To learn more read the COLI Q3 media release.