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South Korea gyms shutter in record numbers amid consumers' belt-tightening

The article from MSN discusses the significant decline in the number of gyms in South Korea due to economic pressures. As of the end of 2023, the number of gyms dropped by 19.5% from the previous year, with 1,380 gyms closing down. This mass closure is attributed to consumers tightening their belts amid economic challenges, leading to reduced spending on non-essential services like gym memberships. The trend reflects broader economic issues, including high inflation rates and a shift in consumer behavior towards more cost-effective fitness solutions like home workouts or outdoor activities. Additionally, the article notes that the fitness industry has been struggling to recover from the impacts of the global health crisis, with many gyms unable to adapt to the new economic landscape.

Read the Full MSN Article at:
[ https://www.msn.com/en-xl/health/fitness-and-exercise/south-korea-gyms-shutter-in-record-numbers-amid-consumers-belt-tightening/ar-AA1yI1dU ]