Local Dive Shops Market Trends: 2024 Forecast and 2023 Revenues & Profits
This 2024 dive industry market report is part of a series of eight scuba diving industry market reports from the annual State of the Dive Industry survey.
Considering the extraordinary amount of time this scuba market study requires (both from us and from dive industry professionals answering the survey), we have opted to conduct this study every 2 years instead of annually. Subscribe to be kept in the loop.
This post is part of our Dive Industry Compass series by the Business of Diving Institute and Darcy Kieran, author of:
Table of Contents
In early 2024, the Business of Diving Institute conducted the second annual State Of The Industry (SOTI) survey of the dive industry in collaboration with InDEPTH Magazine. We examined the 2023 results for dive certifications, scuba diving equipment sales, and dive travel, comparing them to the prior year. We also surveyed expectations and forecasts for 2024.
We extend a special thank you to all of you who participated in this effort to help the dive industry with more readily available market data.
Find a complete list of 8 market reports from the State of the Dive Industry 2023 study here.
In the dive shop category, 78% of respondents were business owners, 15% were managers, and 7% were staff. Yet, 17% of the respondents only worked part-time in the dive industry.
In Europe, 100% of respondents operated a standalone dive center, while in the USA, 9% of respondents were from dive centers that were part of a chain.
You may consult the number of respondents per business category and geographic region here.
We can only provide statistics on local scuba diving centers in the USA and Western Europe because we did not get enough participation in other geographical regions to provide statistically valid results. We are working on fixing this issue for the 2025 survey – with your help!
Participating in our surveys and inviting your colleagues to do so can help us provide you with more accurate and comprehensive dive industry market reports.
Please subscribe and invite your colleagues to participate in our ongoing dive industry market surveys.
Dive Centers’ REVENUES
For dive centers in the USA and in Western Europe, 2023 results fell short of expectations.
- In 2023, 39% of dive centers in the USA reported a revenue decrease, while only 10% had forecasted a decline.
- 36% of dive centers in Western Europe reported a revenue decline in 2023, while none had forecasted a decrease.
Dive centers experienced a wide range of sales results.
- 47% of dive centers in the USA reported sales growth, while 39% had a decline.
- 36% of dive centers in Western Europe experienced growth, while the same percentage had a decline in revenues.
In both regions, despite historical results and the many challenges of 2024, reporting dive centers are very optimistic about the future.
- 57% of American dive centers expect revenues to increase between +5% and +15% in 2024, and 33% are forecasting sales growth above +15%, for a total of 90% of dive centers in the USA forecasting revenue growth.
- 72% of Western European dive centers expect revenues to increase between +5% and +15% in 2024, and 9% are forecasting sales growth above +15%, for a total of 81% of dive centers in Western Europe forecasting revenue growth.
Dive Centers’ PROFITS
Numerous dive centers managed to control their costs while facing a decline in revenues.
- While 39% of dive centers in the USA experienced a decline in revenues in 2023, only 21% reported a decrease in profits.
- While 36% of dive centers in Western Europe saw revenue declines in 2023, only 18% reported decreased profits.
The percentages in the graphs below indicate the number of survey respondents who reported or forecasted a decrease, flat, or increase in revenues or profits.
The green columns represent the actual results (2022 & 2023), while the orange-brown columns represent the forecasts (2023 & 2024). Both columns for 2023 are wrapped by a black dotted line to facilitate comparisons between projections and actual results.
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There are eight scuba diving industry market reports prepared from the results of the State of the Industry (SOTI) survey of the dive industry.
The State of The Dive Industry annual market study is part of a series of scuba diving industry surveys by the Business of Diving Institute in collaboration with InDEPTH Magazine with support from DAN Europe, Shearwater, GUE, and most importantly, YOU!
Besides participating in the surveys, please let us know if you would like to add your name to the official list of “supporters who are supporting the industry!”
Have a look at more scuba diving market research, surveys, reports & statistics in Your Dive Industry Compass.
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