The big-box retailer is targeting the same demographic as a popular at-home fitness brand—here's how you can score on their new partnership.
Costco Is Saving You 20% on a Coveted Piece of Smart Exercise Equipment—for a Limited Time
Published on Oct. 23, 2024
We all know the memes: Went into Costco for paper towels and a rotisserie chicken, came out with $500 worth of groceries. But on occasion, you remember that as a Costco member, you really can save major money on bigger-ticket expenditures like appliances, automotive supplies, home decor, and vacation packages.
Next week, you’ll be able to add that long-contemplated Peloton bike to your shopping list.
On October 22, the bulk-retail giant announced that for a limited time only, it will sell Peloton Bike+ stationary bikes, which Peloton bills as “the ultimate cardio and strength workout.” With a footprint that Peloton notes is smaller than your average yoga mat, the Bike+ model boasts a ton of unique features, including a 360-degree rotating HD screen, auto-calibration and hands-free resistance control, progress-tracking features, and more.
The sale will take place at 300 Costco outlets and online nationwide between November 1 and February 15, according to the press release. Bikes bought at retail locations will be sold for $1,999, while bikes bought at Costco.com will cost $2,199, including delivery. Both options offer significant savings compared to the usual list price found on Peloton’s website of $2,495.
The Costco deal will also include an extended warranty lasting 48 months, an improvement over the company’s typical 12-month warranty.
Peloton has recently undergone some notable changes and is now poised for transition toward greater profitability, its representatives say. The company’s investors page notes they recently refinanced significant debts that were impeding cash flow, and have made significant leadership changes. Once built on an image of exclusivity and “cool kid” instructors, the company has also recently worked to rebrand itself as a fitness solution for “anyone, anywhere.”
The Costco-Peloton collab highlights this more inclusive approach, as well as Peloton’s bid to bring in new and younger consumers. Gary Millerchip, chief financial officer at Costco, noted in a September earnings call that last fiscal year, about 50% of Costco’s new membership sign-ups came from people under the age of 40—meaning roughly 2.5 million Millennials and members of Gen Z are newly minted Costco members. According to McKinsey’s Future of Wellness research, these groups are now key drivers in the $1.8 trillion global wellness market in 2024.
So, before you spend big on your next home gym purchase, consider price-comparing at Costco first. You’re almost certainly sure to save on the biggest brands—just in time for the holidays and at-home winter workouts.
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