Pool News
Recession Could Mean Less Discretionary Dollars For Pool Industry
![A Recession Could Mean Less Discretionary Dollars For The Pool Industry - Has the Pop Come?](https://www.poolmagazine.com/wp-content/uploads/2022/07/pool-industry-pop.jpg)
Pool industry analysts are concerned that a recession could mean less discretionary dollars spent in the backyard over the next few years. In June, inflation increased to 9.1%, the highest it’s been since 1981. Today, the dollar is at a near 1:1 ratio with the euro. The last time there was a parity between the two currencies was 20 years ago. With questions of a looming recession, over 70% of Americans think we may already be in the middle of one.
If a Recession is Here, Has The Pop Finally Arrived?
The majority of financial analysts are convinced we already are headed for a downturn, according to Fortune. Consequently, many consumers have already begun to cut back on their discretionary spending, particularly for home improvement projects.
Consumers Appear To Be Cutting Back On Their Spending
A recent poll conducted by CreditCards.com showed that 47% of consumers surveyed said they don’t plan to increase their discretionary spending. Furthermore, Forbes forecasted that 7 in 10 people feel less confident making a major purchase than just 6 months ago. These numbers indicate confidence has sunk to pre-Covid levels and it appears that consumers have begun to curtail making larger discretionary purchases.
![Belt Tightening in the Face of Rising Inflation](https://www.poolmagazine.com/wp-content/uploads/2022/07/belt-tightening-1024x683.jpg)
A Time of Belt Tightening in the Face of Rising Inflation
Gas prices surged to well above $5.00 a gallon throughout many areas of the U.S. on the heels of the situation in Ukraine. Prices have only now slowly begun to come back down. As of today’s writing, the national average for a gallon of gasoline stands at $4.57. Reportedly 26% of consumers have begun to belt tighten during conditions where they’re spending more at the pump as well as at the grocery store.
These cost-cutting measures to combat rising inflation are what we’ve seen occurring throughout the U.S. and indicative of what transpired in the years leading up to the Great Recession. Over 70% of economists surveyed by the Financial Times said they expect a recession to occur by the end of 2023.
While many organizations within the pool industry have reported record-breaking sales over the last two years, several quarters of decline have already begun to erode gains made during the pandemic. Rising costs of materials and a rapidly shifting consumer environment are predicted to impact sales through the end of ’22 and well into ’23.
Pool Industry Market Conditions Begin to Cool Demand
During the height of the pandemic, the industry experienced an explosion in terms of demand for new pool construction. Consumer interest in improving the backyard was at an all-time high as many were quarantining in their homes, avoiding travel, and choosing to reinvest in their outdoor living environment. Building a swimming pool became a top priority for many homeowners.
“Unprecedented Demand”
The term “unprecedented demand“ suddenly became a buzzword on everyone’s lips during the pandemic. Builder and consumer confidence was suddenly at an all-time high. Those who truly know this industry can tell you that change happens at near glacial speeds during the normal run of things. To see a spike in demand the types of which we experienced was indeed unprecedented.
The facts are that inevitably what goes up, must come down. Nothing could be more true than how pool companies performed in the face of an economic downturn like the one that we saw during the Great Recession. The fact is that if things continue their current course we could very well experience an “unprecedented contraction” in the pool industry.
Pool Industry Stocks Plunge as Recession Looms
Inevitably, some of the largest firms have been the first to feel the changing economic climate. This is indicative by how stocks are performing across the board throughout the pool industry.
![Swimming Pool Stocks Plunge as Recession Concerns Intensify](https://www.poolmagazine.com/wp-content/uploads/2022/07/pool-industry-stocks-plunge-1024x683.jpg)
Presently, the Nasdaq is down roughly 29% YTD and the S&P 500, which had its worst first half since 1970, is off by roughly 19.5%. Consequently, it appears that a reversal of fortune for some of the largest pool companies has also been felt simultaneously. Since the start of 2022, the Big 3 are down an average of -43.21%.
Pool Construction Intrinsically Tied To New Home Construction
It is a fact that the pool construction industry is directly tied to new home construction. Given that a large portion of consumers who purchased a swimming pool over the past three years was based on pent-up demand in the market, new construction is needed to keep pace.
A Cooling Market & Rising Rates
As the market begins to cool, the trajectory for new sales takes on a different path that has led many analysts to reset expectations. Additional analysis showed during the month of May, the market for new home construction declined by 14%.
![Pool Industry Decline - As the market begins to cool, the trajectory has taken a different path leading analysts to reset expectations](https://www.poolmagazine.com/wp-content/uploads/2022/07/pool-industry-decline-2022-1024x684.jpg)
Higher prices, labor problems, and shortages of equipment and materials mean that building a home or for that fact, a swimming pool has ultimately become more expensive and for some is becoming out of reach.
Recession Conditions in a Housing Crisis
The ongoing housing crisis in our country means that in states like California where the median home price is now $797,000; a minimum annual income of $158,000 is required to qualify. The Fed’s plan to increase mortgage rates means that it will become even tougher to buy a home. This slowdown indicates that the housing supply will remain strained, leaving buyers under historic pressure.
Consumer confidence declined for the sixth month in a row in June, according to the National Association of Home Builders, a clear sign that the market is cooling down. Consequently, both builders and consumers are taking a “wait & see” outlook as rising mortgage rates continue to soften demand.
Pool News
French Diver Makes Splash After Flop At Opening of Olympic Pool
![French Diver Makes Splash After Flop At Opening of Olympic Pool](https://www.poolmagazine.com/wp-content/uploads/2024/04/french-diver-flops-at-olympics-pool.jpg)
French Olympic diver, Alexis Jandard, created a memorable moment at the grand opening of Paris’s new Olympic pool, though not quite in the manner he had envisioned.
A startling video captured during the inauguration of the state-of-the-art Paris Aquatics Center on Thursday showcased the 26-year-old Olympian’s unfortunate landing on his right foot while gearing up to dive alongside two fellow athletes. Adorned in a Speedo reflecting the hues of the French flag, Jandard’s discomforting descent saw him landing on his back, ricocheting off the nearly 10-foot-high dive board, and somersaulting into the pool in a rather ungraceful manner.
The incident unfolded in front of a sizable crowd of onlookers, including French President Emmanuel Macron and various dignitaries. Jandard later displayed his scraped back on his Instagram account, maintaining a light-hearted approach to his embarrassing mishap by quipping, “For your information, my back is fine, but my ego…”
Sharing a photo of his reddened back, courtesy of the encounter with the diving board, on Instagram Stories, Jandard assured followers of his well-being. Speaking to RMC Sport, he recounted the unexpected turn of events, stating, “I’m fine. I didn’t hurt myself; unfortunately, these things happen. It happened at a time when I wasn’t expecting it at all.”
![Alexis Jandard injured his back at the inauguration of the new Olympic Pool in Paris. Photo Credit: @alexis_jandard - Instagram](https://www.poolmagazine.com/wp-content/uploads/2024/04/alexis-jandard-back-1024x576.jpg)
Reflecting on the incident, Jandard humorously noted, “I’ve broken boards before, but the board had never broken me before. Now it has.” Despite the hiccup, he maintained an optimistic outlook, remarking, “I would have preferred this ceremony to have gone well from A to Z. There was that little hitch. If it made people smile a little, so much the better.”
Explaining the mishap, Jandard clarified that his leg gave way upon landing but denied any slippage, emphasizing, “It’s a non-slip [board], and what’s more, the board was new, beautiful, and I think there’s still [some of] my back on the board there.”
With a silver and bronze under his belt at the 2022 and 2023 World Aquatics Championships, respectively, Jandard took the incident in stride, admitting, “It’s a shame, but it’s funny. When you take a step back, it’s funny.”
Looking ahead to the 2024 Paris Games this summer, where he is set to compete, Jandard acknowledged the inevitability of such occurrences in his sport, jesting, “These things happen,” while playfully lamenting, “It had to happen in front of the president and the whole of France. I think we chose the right moment.”
Despite being inundated with supportive messages and playful jabs, Jandard maintained a good-natured stance, urging his followers on Instagram, “Enjoy yourselves, make fun of me. I seriously deserve it!”
Pool News
Earthquake in Taiwan Causes Waterfall From Rooftop Pool
A massive earthquake in Taiwan transforms a rooftop pool into a waterfall. View viral footage.
![Earthquake in Taiwan Causes Waterfall From Rooftop Pool](https://www.poolmagazine.com/wp-content/uploads/2024/04/taiwan-earthquake-pool.jpg)
In a harrowing turn of events, Taiwan was struck by a powerful 7.4 magnitude earthquake, leaving devastation in its wake. The quake, the strongest to hit the island in 25 years, shook the east coast of Taiwan, particularly affecting the city of Hualien and its surrounding areas. With a depth of 34.8 kilometers, the epicenter of the earthquake was located 18 kilometers south of Hualien, according to the US Geological Survey.
As rescue efforts are underway to free those trapped under rubble and debris, the toll of the disaster continues to rise. At least nine individuals have lost their lives, while over 900 others have sustained injuries. The aftermath of the earthquake has left over 100 buildings damaged, with reports of landslides and collapsed structures adding to the chaos.
The force of the quake was so immense that it caused a surreal sight—a rooftop swimming pool overflowing and cascading down the side of a building, creating an impromptu waterfall. Footage captured during the earthquake also shows the sheer force as a man inside a pool struggles to maintain balance, the water swaying violently from side to side.
The region of Hualien County, with a population of approximately 300,000, faces immense challenges in assessing the full extent of the damage. Many inhabitants reside in remote coastal or mountain communities, making it difficult for rescue teams to reach them promptly. The precarious situation is exacerbated by the expectation of aftershocks, with 29 aftershocks greater than a magnitude of 4.0 already recorded near the epicenter.
Compounding the crisis are reports of miners trapped in two mines in Hualien, adding urgency to the rescue operations. Furthermore, over 91,000 households are grappling with power cuts, amplifying the difficulties faced by residents in the aftermath of the disaster.
Despite the widespread destruction, medical facilities in Taiwan’s capital, Taipei City, are functioning, albeit damaged. The Municipal Government has confirmed that hospitals are operating normally, providing critical care to the injured.
The international community has responded swiftly to the catastrophe, with the Biden administration monitoring the situation closely and expressing readiness to offer assistance. In the face of adversity, Taiwan is rallying its resources and resilience, demonstrating solidarity and resolve in confronting this natural disaster.
As the dust settles and the extent of the damage becomes clearer, questions arise about the effectiveness of early warning detection systems in mitigating the impact of natural disasters. Despite Taiwan’s investment in advanced seismic technology, including early warning systems designed to provide crucial seconds of alert before an earthquake strikes, many residents were caught off guard by the sudden and violent tremors. Reports indicate that the early warning detection system, while operational, did not reach a significant portion of the population in time to take preventive action
Pool News
Patent Pending Apple Watch SOS Feature Could Prevent Drownings
![Patent Pending Apple Watch SOS Feature Could Prevent Drownings](https://www.poolmagazine.com/wp-content/uploads/2024/04/apple-watch-sos-drowning-prevention.jpg)
A forthcoming feature potentially destined for the Apple Watch, as detailed in a recent patent application, could serve as a lifesaver for swimmers at risk of drowning.
Outlined in the patent is a capability for the Watch to identify “irregular behavior” and automatically trigger a distress call for assistance.
Apple underscores the alarming statistics surrounding drowning, particularly its prevalence among children, as a leading cause of accidental fatalities.
In the United States alone, drowning claims the lives of over 3,500 individuals annually, ranking as the fifth most common form of accidental death. Tragically, a significant portion of these victims are children.
Emphasizing the critical importance of swift intervention during water emergencies, Apple highlights the dire consequences of prolonged submersion without resuscitation, which can result in brain damage and ultimately, drowning.
A Growing Need For Cost-Effective Wearable Solutions
While acknowledging existing underwater camera systems in some swimming pools aimed at detecting distressed swimmers and alerting lifeguards, Apple notes their costliness and unreliability.
Consequently, there’s a pressing need for a simpler, more cost-effective drowning prevention solution suitable for all types of water bodies, including public and private pools, as well as natural settings like lakes and ponds where installing underwater cameras is impractical.
The patent proposes leveraging wearable devices such as the Apple Watch for broader applicability, increased reliability, and the ability to detect various types of emergencies.
Alerting When Swimmers Are In Distress
For instance, if the Watch detects a wearer who is not proficient in swimming entering deeper water, it can promptly dispatch an alert instead of waiting for signs of distress.
These alerts can be transmitted to nearby devices, including those of friends and family, and seamlessly integrate with existing drowning detection and alarm systems to ensure lifeguards are promptly notified.
Apple Watches already boast capabilities to detect and respond to falls, vehicle accidents, and cardiac irregularities. Heartwarming testimonials featured in Apple’s “Dear Apple” video series show individuals whose lives were saved by these functionalities.
As with many patents from Apple, it’s important to note that not all concepts may materialize into actual products. Nonetheless, this innovation stands as a promising addition for potential integration into future watchOS updates.
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