Fitness is one of the economic sectors that has suffered the most from the inflation registered in the first months of 2022
(5-27-2022) Inflation takes its toll on gyms. Fitness is one of the economic sectors most affected by the rise in prices registered at this start of 2022, according to a study carried out by the Informa sector DBK observatory.
Gyms are among the businesses hardest hit by record inflation at the start of the year. According to a study carried out by the sector observatory DBK de Informa, a subsidiary of Cesce, fitness is among the sectors that have suffered a “significant” impact due to the rise in raw materials and energy.
Up to eleven sectors of the Spanish economy are “strongly” affected by the impact of rising energy costs. Another nineteen (including gyms) have been “significantly” affected by inflation, while twelve would have suffered in a “moderate” way.
Between January and April 2022, gas prices showed a year-on-year increase of 341%; that of Brent oil, 64%; electricity, 340%, while cereals such as durum wheat and barley increased their price between 85% and 70%, respectively. These increases, driven by the war in Ukraine, are added to those that were already dragging in 2021.
The impact suffered by businesses in the sector is basically explained by the rise in raw materials and energy. The hotel industry, hospital and care activities, hairdressers, dry cleaners, amusement parks and driving schools are in a similar situation, the latter also affected by the growth in fuel prices.
Among the most affected sectors is also the agricultural sector, penalized by the increase in fertilizers and fuels, among other elements; the food industry; the automotive industry (punished by the supply of steel and metallurgical products from Russia and Ukraine); textiles, printing and graphic arts, the consumer chemical industry and other products, the production of metal products, electronics and electrical equipment; furniture manufacturing, editing activities and waste management.
MOST DAMAGED SECTORS
Above these there are other sectors that have been hit even more significantly by inflation. Within this group are mining, metallurgy, the wood and paper industry, basic chemistry or the manufacture of rubber and plastic products. In all these businesses, strong pressure is being felt on their margins due to their energy-intensive production processes.
The supply problems of cereals such as wheat and barley also affect the food industry, which depends on them to produce flour, bakery, pastries, cakes, pasta, malt and beer.
THE LEAST AFFECTED
On the opposite side, there are a number of sectors that have had a moderate impact as they have less exposure to energy and other intermediate consumption. Service activities, such as repair, IT and communications; water supply and wastewater treatment, financial and insurance activities; real estate, scientific and technical, administrative and auxiliary, medical and social, artistic, recreational and entertainment or education.