InTents June/July 2023 - 8

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2023 State of the industry
TENT
CONFERENCE
A
t the start of each year, ATA surveys
the readers of its various publications
to learn about current trends, business
challenges and opportunities. As
anticipated, inflation, the supply chain
and hiring remain the top concerns, but
revenues are up and growth plans are in
the works for most respondents.
Even though the makeup of each
The good news is that
63% of our survey
takers expected
revenues to rise in
2023, with almost a
third projecting them to
be up more than 10%.
year's survey takers is different, the 2023
responses were similar to last year's in
many respects: revenues and prices are up
and many companies plan to expand into
new markets. Five of 2022's top concerns
relating to costs, price sensitivity, labor
and supply chain delays are still around
this year, just ranked slightly differently.
(See Figure 1)
This year's survey found that revenues
were up for 65% of respondents in 2022
(compared with 2021), and for 70%,
are even above pre-COVID figures. (See
Figure 2) About 18% reported revenues
being down in 2022, and for 17% they
are still down as compared with the preCOVID
era. (See Figure 3) One respondent
noted, " Demand in [the] hospitality sector
remains suppressed. "
Other concerns include cheap knockoff
products, regulations, finding suppliers
who will deal with smaller manufacturers
and, of course, " Cash flow. Getting paid
on time. "
Figure 1: Top 6 concerns
2023
1. Finding skilled labor
2. Inflation
3. Increased shipping costs
4. Supply chain delays
5. Customer price sensitivity
6. Higher cost of
employee wages
2022
1. Supply chain delays
2. Inflation
3. Increased shipping costs
4. Finding skilled labor
5. Higher cost of
employee wages
6. Customer price sensitivity
Inflation and recession worries
Geopolitical and economic uncertainty
always have a significant impact on businesses.
Last year during the survey period,
the war in Ukraine was front and center in
the news every day and there was a great
deal of concern surrounding how it would
affect energy prices, markets and shipping/
supply chain logistics.
The aftereffects of that invasion-
inflation from the higher energy and grain
prices that continue to ripple throughout
the global economy-still have people's
attention, however. Companies are paying
more to employees and suppliers and
spending more on utilities; plus, they're
worrying whether they can keep up
with the " rising cost of living. " Ultimately,
businesses have to pass at least some of
those increases on to customers by raising
their prices again (94%, with 58% having
to raise prices by at least 10%), which may
be why customer price sensitivity has
reached this year's top five concerns. Last
year, 92% increased prices some too, with
63% increasing prices at least 10%.
Though the forecast for a recession
had been pushed forward from the first
quarter this year, as was predicted (with
some prognosticators also thinking
that it might not be as bad as previously
expected), the " planned recession " was still
bringing about " fairly conservative buying
patterns, " one person reported. Another
listed the " changing retail landscape " and
" overpurchasing by customers in 2022 " as
affecting sales this year.
But maybe we can consider an element
of " flatness " to growth to be cautious optimism
as people wait and see how the
expectations of a recession end up. Concerning
the next two years of the markets,
though 9% of respondents said that they
didn't anticipate growth in any market
categories, a full 25% reported that they
didn't expect slowdowns in any, either.
8 intents june-july 2023

InTents June/July 2023

Table of Contents for the Digital Edition of InTents June/July 2023

InTents June/July 2023 - Cover1
InTents June/July 2023 - Cover2
InTents June/July 2023 - 1
InTents June/July 2023 - 2
InTents June/July 2023 - 3
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InTents June/July 2023 - Cover3
InTents June/July 2023 - Cover4
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