What I've observed, very very anecdotally, is that Peloton buyers become emotionally invested, and it turns out that they don't use the thing much, but resist strongly the idea of selling it at a huge loss and admitting defeat. Because buyers tend to have quite a bit of disposable income, it takes a long time to drift down to a market-clearing price.
Do you know any?
I only personally know a couple of Peloton owners (from the time before they owned one), and they all use them regularly. The people I know from Peloton groups online, obviously, are a self-selecting group of more frequent/fervent users, so they don't really count.
We go in cycles; I use the bike much less frequently in the summer when I ride outside more, and more in the winter. I'm around 300 rides on it, my wife's closer to 100. (I ride more/she runs more).
We bought the treadmill in the spring after she got injured (again) trying to run in short morning daylight hours, or waning evening daylight hours, so we haven't used it as much, but it will definitely get a lot more use as the darkness descends on us again.
We're both pretty active, so I guess maybe we don't represent the average of the addressable market, but maybe we represent more of an average of CURRENT owners.
Peloton could really have a home run, market-wise, if they could sell expensive equipment AND subscriptions that people don't want to let go of because they want to keep thinking of themselves as people who work out. (The same way people keep paying gym memberships because they want to believe they're going to work out more).
