Peloton's stock surged after the company announced its fiscal fourth-quarter sales jumped 172%, thanks to an increase in at-home workouts during the coronavirus pandemic.
The state of play: Investors salivated over Peloton's outlook for the current quarter and fiscal 2021, but a new survey from CivicScience suggests the company may have a hard time finding new customers.
By the numbers: Just 2% of those surveyed are Peloton users and only 4% say they plan to use the products. Worse, the numbers don't improve much at higher income levels — just 1% of respondents making $50,000 or less, 2% of those earning between $50,000–$100,000 and 3% of those earning over $100,000 are users.
- High earners are the most likely to report being interested in Peloton, but only 7% of those earning at least $50,000 say they are interested.
What it means: Peloton's problem is no longer a lack of brand awareness. Two-thirds of Americans are familiar with the company's product and say they aren't interested.
- Given that gyms remain closed in many parts of the country and interest is still this low, future customers and revenue will be harder to find.