Study finds Americans would prefer to earn, rather than relax, more
During the '80s and '90s, time-strapped Americans groused about their lack of free time, fantasized about cutting back on their work schedules, and spent money on anything that was marketed as 'time-saving.' But now it's 2003, and cash-strapped Americans are eager to trade their few remaining leisure hours for more money.
That's the finding of a new survey conducted by RoperASW.
When the research firm asked people whether they'd rather have more time or more money, the majority—56%—said they'd prefer to have the cash, thank you.
'If they can work more hours, they will do that, and take the money they gain from that extra work,' explains Tom Miller, the managing director of RoperASW. 'No one is really pushing for eight weeks of vacation a year; they'd rather have an $8,000 raise.'
The findings have clear implications for health club operators who, for the past two decades, have been hearing that lack of time—rather than the lack of financial resources—was the principal obstacle to people's joining and utilizing clubs. That state of affairs seems, if anything, likely to get worse, rather than to abate.
For right now, the focus on cash is strongest among workers at the lower end of the income scale, or among those who have been laid off; well-compensated people continue to be more concerned about their leisure time. 'There's a direct correlation between how much money you've got and how much you want more time,' observes Miller. 'Those at the high end of the income scale . . . want more time; people at the low end of the income scale—it's the exact opposite.'
That may explain why, thus far, IHRSA facilities have been able to avoid discounting their membership fees—for they most part, they're attracting middle- and upper-income professionals who can still afford a membership, or who, even if they've lost their job, are loathe to give up their daily workout. IHRSA's 2002 Profiles of Success reports that, in 2001, 55% of the responding clubs raised their monthly dues, and 44% maintained them at the 2000 level; only 1% trimmed their fees. However, if the present trend continues, the profit equation may have to be revisited.
