The fitness bike maker Peloton cuts the price of the bike as sales growth slows. The main intention is to make people head back to the gym so that they do less exercise at home.
The US firm decided to cut the price of its less expensive Bike machine. They will reduce the price by about 20%. It is thought that the change will be applicable in all of its markets including the UK, Canada, Australia, and Germany.
In the fourth quarter of the year, the company came as losses widened and revenue growth began to slow. The company also has to bear some shoulder costs associated with a treadmill.
During the pandemic, many people are doing exercise at home. So, the sales of Peloton products surged. The rate of sales down is remarkable. The New York-based firm said that it is the second time in a year that the firm has cut the price of its Bike product.
Peloton said, “We know price remains a barrier and are pleased to offer our most popular product at an attractive everyday price point.”