It was the worst of times, it was the best of times …
The 2022‒23 Trends in Private Clubs marks the 47th year for this annual report highlighting operating and financial trends of more than 200 clubs throughout Florida—the state with the highest concentration of private clubs.
This report is a nonsolicited statistical review comprised of data compiled from the latest annual reports of private clubs and associations audited by RSM US LLP. This methodology speaks to the integrity of the data and the reliability of our findings.
While the impact of the COVID-19 pandemic on club results has lessened from the darkest days of 2020, the operating results of many clubs throughout 2021 were still affected. In addition, private clubs have not been immune to the general pressures facing the United States and global economies today stemming from the “Great Resignation,” upward wage demands and inflation.
On the bright side, throughout the year, clubs have enjoyed historic demand for memberships. Joining fees have stepped up to meet demand and capital spending has continued unabated, approximating pre-pandemic levels. The ultimate measure of a club’s financial health—member equity—has increased statewide by 14%.
One might say, “It was the worst of times, it was the best of times.”
We highlight these factors in our new report and share industry benchmarks providing clubs with the ability to compare their situations to other similar organizations. At the same time, clubs are reminded that performance relative to neighboring properties is less telling than performance relative to their individual operating budgets.
To explore these and many other financial and operational trends in the industry, download the complete report.