Equinox is very niche to me and I'm not really seeing it as a big time recovery play due to the price point.
Gyms like Planet Fitness that only cost $10-$20 a month are the ones where people just keep giving up the money month to money and never cancel. Gyms that charge upwards to $120+ a month leads to people cancelling service when they decide that they aren't going to get in shape.
they own soul cycle tho which is a cultish becky play - while the cycling studio craze was wearing thin, and peloton was eating into their niche before the pandemic, i think people miss real interaction so boutique fitness like soul cycle, orange theory, barre, solidcore, barry's etc might see a big rebound. that said, soul cycle is slightly against the ropes and could go either way as far as popularity - flywheel went bankrupt and closed all its locations (likely due to the peloton suit and pandemic)