If you skim the headlines online, watch a TV news report or go old school and actually read a newspaper you are bombarded with dreary messages. Gas prices are at record highs, the mortgage crisis has left thousands of homes in foreclosure and threatened financial markets, and unemployment is at its highest level since our last recession. What's a runner to do?
The answer seems to be, 'run.' Not as in run for cover, but as in keep running. Tough economic times affect us all, but runners don't seem to be cutting back on their favorite things. There is ample evidence that people are driving less, traveling less, and changing their restaurant habits. At the same time, runners are still buying shoes and running races, including traveling to popular destination events.
One thing that has helped runners over the past 5-10 years is that inflation has not been a big factor in shoe prices. When I was a young shoe-seller in the late 1970s, prices would increase with every shipment of shoes, almost monthly. Now, the most popular shoes are priced at $80-$120, and that has been quite stable for years. There have been more increases in clothing prices, but that seems mainly driven by the introduction of new fabrics with advanced cooling, heating and fit features. Consumers have seen the benefits and paid for the advancements.
Entry fees for races have not been so stable. With few exceptions, entry fees have been steadily rising. This year races in Minneapolis were hit hard with a doubling of fees charged them by the Minneapolis Park Board. Races are unable to eat those kinds of increases, and have been forced to pass them on to the participants.
How have runners been coping with today's economic pressures? I have a few guesses, but there is no better way to find out than to ask. We've created an economic impact survey that will help flesh out some of those answers. Please let us know if the economy has affected your running, and what strategies you have adopted.
As race director for The Sporting Life events, I've seen two trends that seem to be related to the economy. One is the acceleration of a on-going trend toward later race registration. The last week and race day are when many races register half to two-thirds of their total field. Race day registration seems counter-intuitive as an economic move. Most races charge a late fee of $5 or more, so waiting actually costs more money. However, racers must be doing some sort of math about losses generated by paying entry fees but then not actually running the race.
The second trend is unique to TSL events. We offer shirts as an a-la-carte option, and we've seen a decline in shirt purchases. For a race like our upcoming Hennepin-Lake Classic, that means a savings of $6-$8 off the fees including a shirt or tank top. We still have more people purchase shirts than not, but my guess is that the shirt opt-out is an economic move for some.
In the overall view of the economy, running is still quite inexpensive. For a few hundred dollars a year, you can own fresh running shoes, fabulous running clothing and finish times from your favorite races. And best of all, running helps you deal with some of the stress that the economy is putting on you.
That makes good economic sense. Call my broker. I want to buy 100 shares of running!
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