This industry comprises establishments (except amusement parks and arcades; gambling industries; golf courses and country clubs; skiing facilities; marinas; fitness and recreational sports centers; and bowling centers) primarily engaged in providing recreational and amusement services.
As of late 2023, the NAICS 71399 industry, encompassing all other amusement and recreation industries, has been significantly shaped by several qualitative trends. One noticeable trend is the increasing integration of technology to enhance customer experiences. Virtual reality (VR) and augmented reality (AR) have become common tools, attracting a tech-savvy audience and providing immersive experiences that are difficult to replicate at home.
Moreover, there is a growing emphasis on sustainability within the industry. Businesses are adopting eco-friendly practices, such as reducing plastic use and implementing renewable energy sources, to appeal to the environmentally conscious consumer. Health and wellness trends are also increasingly significant, with more recreational facilities offering activities focused on physical and mental well-being, such as yoga retreats, meditation workshops, and fitness bootcamps.
In the near future, we can expect technology's role to expand further, with innovations like AI and real-time data analytics providing personalized recommendations to enhance user engagement. The push for sustainability is likely to intensify, prompting more businesses to adopt green technologies and practices. Additionally, as health and wellness continue to be a priority, offerings that integrate relaxation and fitness will gain traction, driven by a consumer base that values holistic well-being experiences.
The forecast suggests that businesses that can successfully blend advanced technology, sustainable practices, and wellness offerings will thrive, catering to diverse consumer demands and setting new industry standards.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.