The Pool & Hot Tub Alliance released its first of a series of quarterly pulse reports. The results are from PHTA’s new quarterly industry survey that asks pool and spa executives about their company’s current and future performance. The report shows steady growth for the first half of 2023 and a promising outlook for the start of 2024.
To begin the research program and develop a long-term measurement of performance, PHTA launched the Q1 and Q2 pulse surveys combined. More than 200 companies participated across all regions and sectors –—build, retail, service, maintenance and hot tubs.
In the report, PHTA members and nonmembers reveal 48% of pool and spa companies saw a revenue increase year-over-year when comparing the second quarter of 2022 to the second quarter of 2023, with 19% seeing significant increases of 10% or more growth. Conversely, 34% saw declines and 18% remained largely unchanged. During this time, 86% of pool and spa companies maintained or increased staff to meet ongoing client demands that soared during the pandemic.
“The numbers in our first quarterly pulse report confirm the anecdotal information we have been hearing from our members — that demand has slowed since the pandemic, but business seems to be returning to typical cyclical patterns,” says PHTA chairman of the board Charlie Claffey, president of Claffey Pools. “Rather than a negative trend, we see this as the predicted end of an unprecedented event — the pandemic — and we all expect performance to return to historical norms.”
As the economy has slowed, backlogs for new pool and spa construction have declined. However, revenue from remodels increased for 59% of pool and spa companies, with 31% of respondents seeing revenue growth above 6% in the second quarter of 2023. Simultaneously, backlogs for pool remodels have increased for more than 43% of companies, with an additional 39% remaining largely unchanged.
Of the service companies surveyed, 71% reported an increase in calls as well, while another 24% remained largely unchanged.
The outlook for pool and spa companies over the next 12 months looks promising, with 68% of respondents anticipating revenue will remain the same or increase, according to the survey. The top two issues weighing on the minds of respondents are the economy, including inflation and interest rates and the ability to recruit and retain staff.
The PHTA is currently conducting the quarterly pulse survey for the third quarter of 2023. It expects to have Q3 results by the end of November 2023. To participate and receive a customized benchmark report, go to phtainsights.com by Nov. 3.
For more information, visit the PHTA Research Center or contact Amy Willer, PHTA’s associate director of marketing and communications, at firstname.lastname@example.org or 703-838-0083 ext. 121.