What were business conditions like this year?
The graph this year is much flatter than normal. 30% of respondents reported a year that was worse than average while 34% reported having a year that was better than the middle range of ‘OK’.
The two extremes, difficult and good, scored less than 5% each. Across the industry, the two ‘extremes’ cancel each other out leaving us with a year that is merely ’OK’; neither good nor bad.
In fact, the economy as a whole showed a very similar pattern. The economy walked the line between a slight expansion and then contraction for much of the year.
2024 did see the advent of the cost of living crisis characterized by high inflation, rising prices, and struggling wages. Although inflation has fallen from its peak, the cost of living crisis is still ongoing for many households.
What will business be like next year?
This little piece of fortune telling really only highlights one thing; that people in the industry pretty much expect next tear to be like the year just gone.
If anything it shows we are optimistic about 2025 with 17% of respondents looking forward to an Extremely Good year.
There will, of course, be challenges and we asked what they might be.
“Internet and poor weather,” came up as they have done year after year, although you might expect more people to see the Internet as a positive bearing in mind how most businesses are run.
“The weather will be the biggest factor, with staffing and business costs having a significant impact.” A lack of trained staff comes up strongly this year as it has done in numerous years before.
One respondent foresees that, “First time spa buyers will likely be the lowest level in 2 decades.”
But another industry member sees a ray of sunshine through the economic clouds. “To keep our services & prices competitive during the cost of living crisis, with uncertainty over energy prices & the weather is always a major concern. But if the sun is shining, people spend money on pools.”
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