Peloton is cutting its prices. Will people ever go back to the gym?
As gyms reopen with new rules after the coronavirus pandemic forced them to shut down for months, Peloton is making a play for new members who would rather work out from home.The at-home fitness company announced on Tuesday that it will reduce the cost of its most popular spin bike by $350 “to make it more accessible to more people,” according to an email from Peloton. The bike will now cost $1,895. Peloton is also offering a premium new Bike+ with added features, such as a rotating touchscreen and four-speaker sound system. A new lower-priced treadmill will also be available for $2,495 early next year, offering an alternative to Peloton’s premium $4,295 product.”As consumers increasingly work out from home amid the pandemic, these new product offerings should help Peloton expand its [market base], particularly as they help reduce the total cost of ownership for consumers,” said a note from AllianceBernstein analysts.Some people expressed doubt on Twitter, with one person noting that Peloton is “proof that even a crazy overpriced idea can make millions if marketed right. Americans love to spend.”#Peloton is proof that even a crazy overpriced idea can make millions if marketed right. Americans love to spend— Angel (@therealAngel21)
