CLEVELAND, June 19, 2020 /PRNewswire/ -- With summer approaching, prefabricated pool and spa sales are booming amid the COVID-19 pandemic, providing a short-term boost for a global market that is forecast to expand 3.5% annually through 2023, according to a Freedonia Group analysis. In the world-leading US market, demand for all pool types – from in-ground to above ground to kiddie pools, whether molded vinyl or inflatable – is surging due to a number of factors related to the pandemic. For instance:
- Cooped up homeowners are spending the money they saved on canceled vacation plans on "staycation"-oriented splurges like pools and spas.
- As many public and community beaches and pools remain closed for the summer – and many people remain reluctant to visit ones that are open out of concern about COVID-19 – consumers are investing in low to high value pools and spas to beat the heat at home.
However, the elevated demand is leading to supply shortages that could limit the boost, particularly given the seasonality of the pool and spa market in much of the country and the long waitlists many consumers trying to buy a pool are now facing.
The pool and spa boom is likely to have an adjacent effect on the $30 billion market for outdoor living products. Pools and spas are increasingly viewed as centerpieces to evermore elaborate outdoor living concepts featuring items like outdoor furniture, grills, heating products, and kitchen equipment that enhance the comfort and functionality of outdoor spaces.
Want to Learn More?
See The Freedonia Group studies Global Pools & Spas and Outdoor Living Products 2020. Also, follow Freedonia's blog, particularly the entry As Summer Approaches, Pool & Spa Sales Spike Due to Pandemic Restrictions.
Global Pools & Spas provides historical demand and forecast data in unit terms for the global number of pools and spas in use (excluding inground units) and annual new pool and spa sales, which are segmented by type, region, and national market. The study also covers the global market for pool and spa water treatment equipment and chemicals by product type and major region and national market. Historical demand is presented in US dollar terms for 2008, 2013, and 2018, and forecasts are made for 2023. Freedonia Custom Research is also available for questions requiring tailored market intelligence.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group