Millennials are spending big on trendy places to sweat

The L.A. Times reports:

Boutique fitness studios have become the only growth segment in an otherwise stagnant gym industry, according to separate research reports from the Assn. of Fitness Studios, fitness technology firm Netpulse and financial services firm Stephens.

“When it comes to the younger generation, consumer items like car and home purchases are at an all-time low,” said Greg Skloot, vice president for growth at Netpulse, a San Francisco company that creates mobile apps for health clubs.

“They don’t want an annual gym membership commitment and a contract,” said Skloot, who co-wrote a recent report on fitness industry changes titled “The Club of 2020.” “They want to be able to make physical fitness choices on demand, and they are willing to pay for it.”

Fitness news.