Owning a hot tub is often considered one of the signs of luxury and wealth, a way to signify that you’ve made it, much like owning a new sports car or a large house. In spring of 2014, the total number of households with hot tubs, pools, and spas had reached nearly 21 million. But the market didn’t stop there, especially as the economy recovered from The Great Recession of 2008.
According to a new market research report, the hot tub industry is still on a climb and is expected to continue to grow well into 2021. The expected market growth includes a projected 4.9% increase in the market size.
This means good things for hot tub sellers and service and maintenance companies, which will directly benefit from the growing industry.
The largest trend that is gaining traction on the market, according to the report, is multifunctional hot tubs. These have more space than traditional hot tubs and thus can offer more to the average customer. They are primarily being used in swimming facilities and to help with aerobic training.
Other trends that are gaining momentum are wooden hot tubs, which are a popular form of above-ground hot tubs. These can be installed at home or at commercial locations, and they are often popular among budget conscious buyers.
According to a research analyst at Technavio named Narendra Nandaigari, “Wooden hot tubs are among the preferred categories of above-ground hot tubs. These are made of redwood, cedar, or teak and have a simple round design with a bench seating. These tubs can be shipped in pieces and can be assembled on site. They can be moved through doorways and up or down flights of stairs, whereas bulky acrylic hot tubs may not fit into narrow spaces.”
The availability of these hot tubs is growing, especially as the market expands in the United States.
Currently, with consumer confidence rising, the market shows no signs of stalling. As the economy continues to recover, expect to see more home spas and hot tubs in the neighborhood.