Critical Analysis of the Hot Tub Industry
By Meggie Haneckow
Fashion and Leisure are two very dynamic industries. Complex consumer behavior, which is difficult to comprehend, makes things tougher for these industries to operate. Within the leisure industry, for example, the theatre was once a big hit. However, like that of any other industry/service/product, the life cycle of theatre too saw a dip. Revival happened only with the introduction of innovation.
Likewise, today Hot tub Industry is witnessing a spur in demand. The spa industry has been around since ages and has been amiable towards change. Hot Tub or spas are the current face of this industry, which are witnessing a growth in demand.
AN ANALYSIS OF THE HOT TUB AND SPA INDUSTRY
The one reason that makes hot tubs, like that from Master Spa in Appleton, a product here to stay is that it fits three entirely different industries at the same time: leisure, health and fitness. Secondly, the rising income of families further boosts demands of commodities like personal gyms, pools and even hot tubs. Hot tubs cash on the cumulative benefits of hot tubs and spas.
Since the hot tub market is in a favorable place on the BCG Matrix, any retailer operating in the industry can be sure of making profitable income.
China, for example, is one untapped market that has a great scope for the success of hot tubs and spa. Not only is the economy of China booming, but the humongous population of China is a fresh target market for this rapidly growing industry. Another such market is the Europe; still in a nascent stage and waiting for a push.
Alternative holistic healthcare has pushed a number of people to experiment with options like hydrotherapy and spa therapy. Hot tubs have become an equipment of importance in physiotherapy clinics. Home-care post the treatment of any injury makes use of hot tubs and spas. Since, hot tub therapy is effective in healing aches, pains and bone related issues, it is prescribed for athletes as well as aged people.
A SALES-DRIVEN TALK
Definitely, to understand the market behavior, one needs to analyze the demographics more closely. There needs to be a distinction between what is selling and what’s not selling. Then, there needs to be a clear comprehension about the various income groups and their spending habits. Of course, one can’t neglect the role of gender that comes into play within the industry. Age groups are another factor that decides the buying behavior; and so does the power influence within a family.
Research concludes that upper middle class families that are extremely health conscious, as well the affluent buyers are more likely to spend on hot tubs and spa. You will therefore see a Master Spa Appleton hot tub in a ‘must-buy’ list of someone who has an extremely good saving or income, and is looking to splurge on health, fitness and leisure.
Sizzling with demand, the hot tub industry is witnessing a rapid rise in its revenue and market growth. However, it is at a stage that requires continuous innovation in order to remain in the ‘STAR’ bracket of the BCG matrix. Certain factors that influence the demand need to be understood thoroughly by players belonging to this industry. Ultimately, it is the consumer behavior and demographics that will decide the fate of hot tubs. Win a free Hot Tub Spa worth $8,995 by Master Spas WI by regularly keeping a tab on their giveaways.
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