Hot Tub Sales - Never Better!
It's good to be in the hot tub business these days. In many U.S. markets, sales have never been better. While the reasons for this trend vary from region to region, there are two overarching causes - one that bodes well for the hot tub industry, and one that may not portend continued good times.
Baby Boomers
Did you know that over 50% of hot tub owners in America are middle-aged? According to the spa industry's official trade association (National Spa & Pool Institute), 'Baby Boomers' - those born between 1946 and 1964 - are growing steadily in home hot tub ownership. The NSPI expects this trend to grow as more Boomers reach their middle years and start to retire.
Why are Baby Boomers so interested in hot tubs? It's a bit speculative, but most likely it's a combination of three factors. First, many of the early and mid Boomers came of age during the turbulent 60s and early 70s. This coincides with the time when hot tub sales were expanding all over the U.S.
Next, Boomers are more concerned with their bodies and overall health than any previous generation (by far) in American history. Hot tubs provide obvious therapeutic benefits for common age-related ailments (arthritis, back pain, muscle cramps).
Finally, Baby Boomers have lots of disposable income to spend. Hot tubs are luxury items for most folks, and they're not cheap, so the Boomer demographic can more easily afford them. Sales are definitely increasing steadily to this segment of the population, with no slow-down in sight.
Home Ownership
The other major factor that accounts for brisk hot tub sales in recent years is ever-increasing rates of home ownership. Low mortgage interest rates have spurred a rush in new home sales and the refinancing of existing home mortgages. Suddenly, people who were just getting by find themselves with a few extra hundred dollars every month (or more), making things like hot tubs more than just an out-of-reach pipe dream.
The Baby Boomer trend will only improve the prospects for stronger hot tub sales. The oldest Boomers are just now approaching retirement age, while the vast majority are still in their 40s and 50s.
However, mortgage rates will undoubtedly start to rise in the coming years. The housing boom should scale back, which will put downward pressure on hot tub sales. It remains to be seen which trend will win out.
