While exclusive gym Third Space might be best known for its celebrity clients, including David Beckham and Prince Harry, executives aren’t just targeting the ultra-wealthy and celebrities. Instead, they’re focussing on millennials willing to pay a premium for some luxury peace and quiet away from their hectic lives. Despite the London-based gym group’s hefty $ 280-to-$318-a-month price tag, millennials—the generation that says they can’t save enough money to get on the property ladder—make up most of Third Space’s 35,000 plus members.
“The demographic is primarily young working professionals, living their best life, wanting to complement their hard-working life with being healthy ...
and managing their stress levels,” Colin Waggett, Third Space’s CEO tells Fortune . “We’re not talking about people earning £400,000 ($512,000), it’s people in the £120,000 to £130,000 ($154,000-$166,000) bracket—they might be spending 10% of their disposable income with us.” And while the “avocado toast” generation has been mocked relentlessly for doom spending on anything bar a house deposit, Waggett insists he “couldn’t pass judgment on that.
” Instead, with London consistently ranked as one of the most expensive cities in the world to live in, the former Fitness First chief suggests that millennials aren’t wasting potential down payment money—they’re just prioritizing fitness over other expensive activities. “A lot of our members will be shari.