Are gyms feeling the burn yet? A prolonged consumer downturn would be seriously bad news for the sector. During the last UK slump, for example, spending on recreation and sporting services fell for 12 consecutive quarters from 1991 to 1993, according to the Office for National Statistics.

Granted, this time round there is a much bigger user base for gyms, both public and private. But the health and fitness sector is already looking pretty sickly. Growth in new members has stumbled since the late 1990s, when low barriers to entry encouraged chains to roll out huge networks.