Analysts say that although hot tub sales have declined in the U.K., Australia and the US over the past quarters, the market is still strong. According to Business Market Intelligences, the global hot tub and spa market has surpassed $19 billion in 2022. This number is projected to rise to $23.5 billion by 2030. This is despite growing concerns about inflation and consumer spending cuts.
Although the number of pool construction projects is back to pre-Covid 19, it seems that there has been a decrease in hot tub industry activity. This is a positive sign that there are still many consumers who want to build a hot tub in their backyard.
Many industries experienced fluctuating supply and demand as the COVID-19 pandemic began to end. The hot tub industry is no exception. The demand for hot tubs soared during the height of the pandemic as more people wanted to build their own oasis at home. This increased demand resulted in longer delivery times, sometimes lasting several months.
How a changing retail environment affects the hot tub & spa sector
The lead times for hot tub dealers are now equalizing as the pandemic is fading and stock levels are increasing. Dealers are now able keep up with increased orders and receive inventory in no more than 8 weeks. This is good news for those who have been waiting and would like to get their hot tub started as soon as possible.
Important to remember that the equalization of lead times does NOT mean that dealers have less inventory. Due to the pandemic, many hot tub dealers had difficulty keeping up with demand. It means dealers can order hot tubs faster and get them from the manufacturers quicker, which allows them to fulfill orders within a shorter time frame.
This is a good thing for the whole hot tub industry. This means consumers no longer have to worry about waiting or being delayed for hot tubs, and dealers can fill orders faster and more efficiently. This also shows how the hot tub industry has responded to the pandemic, and is better able to fulfill the needs of customers.
A shift in consumer habits
The pandemic had a profound impact on how consumers buy. The demand for spas and hot tubs increased as people spent more time at their homes during quarantine. Online shopping exploded after many brick-and mortar stores closed or had restricted hours. According to retailers, the by-product of this was an increase in online retail sales.
Andrew Ellis, a spa retailer from Steam Shower Store talked about how many consumers still want to experience a spa at home. “We’ve been selling more spas and home saunas through our e-commerce platforms SteamShowerStore.co.uk and Vidalux.co.uk. This isn’t surprising, as hot tub owners enjoy many benefits, including improved sleep and pain relief. Ellis said that consumers recognize the comfort and value of having one and will continue to grow.
Hot tubs are attractive to middle-range consumers because of their low cost ownership / hot tub costs
In recent years, the average cost of a swimming pool is significantly higher. Many have sought out cheaper alternatives to swimming pools, which have become increasingly expensive. Hot tubs and spas are an affordable alternative for middle-class consumers.
Hot Tubs & Spas have become a budget-friendly option for a number of reasons.
Spas and hot tubs are generally less expensive than swimming pool, making them a more attractive choice for those who wish to experience the benefits of hydrotherapy without having to spend a lot. These spas are smaller and can be installed indoors or outdoors in smaller spaces, making them more practical for homeowners with limited space.
Hot tubs are also great because they can be used all year round, unlike swimming pools that are only available during summer in some parts of the country. Hot tubs are a versatile investment that can be used all year round.
Hot tubs are now more efficient and simpler to maintain thanks to technological advances. Modern hot tubs are equipped with energy-saving features like insulated covers or programmable timers, which help reduce energy costs. You can also find advanced filtration systems to make it easier for you to maintain clean, healthy water. According to Pkdata , more than two-thirds () of hot tub owners say that they do their own maintenance.
Turnkey & Low-cost in comparison to pool ownership
Many hot tub owners find the convenience of owning a hot tub appealing. A hot tub is typically ready to use within days or weeks, as opposed to a pool that can take months and require complex permits and regulations. Hot tubs and spas are a great option for anyone looking to add luxury and style to their backyard. Despite economic changes, hot tub ownership and spa ownership are still in high demand. Consumers look for affordable alternatives.
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