New Delhi, March 10, 2023 (GLOBE NEWSWIRE) -- The spa market has evolved significantly over the years, with many spas now offering a more holistic approach to wellness. In addition to traditional spa treatments, many spas now incorporate elements such as mindfulness, meditation, and yoga into their offerings. Some spas also offer specialized services such as Ayurvedic treatments, hydrotherapy, and sound healing.
The market is highly fragmented with various types of spas catering to different customer segments. Destination spas, for example, offer a comprehensive wellness experience with accommodation and meals, while day spas cater to customers seeking a shorter, more focused treatment. Resort and hotel spas, on the other hand, cater to customers looking for a luxury experience as part of their vacation.
The global spa market is also becoming more environmentally conscious, with many spas now incorporating sustainable and eco-friendly practices into their operations. For example, some spas use natural and organic products, implement water conservation measures, and utilize renewable energy sources.
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The COVID-19 pandemic has had a significant impact on the spa industry, with many spas being forced to close temporarily or permanently due to social distancing measures and reduced demand. However, many spas have adapted by implementing safety measures such as increased sanitation, reduced capacity, and contactless payment options. The pandemic has also led to an increased demand for at-home spa treatments and products, as customers seek to recreate the spa experience in their own homes.
Astute Analytica’s Survey Reveals Consumer Insights and Opportunities In Global Spa Market
Recent consumer behavior analysis, polls, and survey findings by Astute Analytica show that the spa industry is experiencing a shift in customer preferences. Convenience and relaxation are becoming increasingly important to customers, with 76% of them seeking out spas that offer a range of amenities like massages, facial treatments, saunas, and hot tubs.
In the International Spa Association's survey, over 70% of spa-goers stated that convenience was a crucial factor when choosing a spa. This is likely due to the fast-paced nature of modern life, with many people struggling to find time to relax and unwind in the global spa market. As a result, customers are seeking out spas that offer multiple services in one location to maximize their time and spa experience.
Natural ingredients are also becoming a growing preference for spa-goers. Customers are increasingly aware of the potential harmful effects of synthetic ingredients on their health and are therefore seeking out spas that use natural and organic products. This trend aligns with the wider demand for natural, sustainable, and eco-friendly products in the beauty industry.
Massages, facial treatments, and relaxation areas such as saunas and hot tubs are essential amenities that customers are seeking out in the spa market, with 76% of survey respondents citing these as their top choices. These amenities provide a relaxing spa experience and are often the primary reason why customers choose a particular spa.
By leveraging these consumer behavior insights, spa providers can tailor their offerings to meet the changing preferences of customers. There is a growing preference for convenient and luxurious experiences that incorporate natural ingredients and a range of amenities like massages, facials, and relaxation areas. By adapting to these trends, providers can remain competitive in the spa industry and deliver exceptional service experiences that meet the evolving needs of customers.
Rising Demand for Self-Care: An Analysis of Consumer Behavior in the Growing Spa Market
Consumer behavior in the spa market is shaped by a myriad of factors. These include the need to unwind and de-stress, the pursuit of physical and mental wellness, and a growing consciousness of the benefits of self-care. One of the primary motivations for visiting spas is to alleviate stress and improve mental health. The spa's ambiance is curated to create a relaxing atmosphere with soothing lighting, calming music, and luxurious amenities. The combination of therapeutic treatments like massage and aromatherapy with this atmosphere works wonders to reduce stress and promote a sense of well-being.
Beyond stress reduction, consumers seek out spa treatments to improve their physical health. Spa treatments such as facials, body wraps, and scrubs are known to enhance skin health, while massage therapy can help with pain relief and muscle and joint tension. Additionally, consumers may seek out spa services for other health goals such as weight loss and detoxification.
The growing awareness of self-care and a health-conscious approach to life also influence consumer behavior in the spa market. Individuals are now prioritizing self-care practices like exercise, healthy eating, and mindfulness. Visiting a spa is perceived as an opportunity to boost these practices by providing a chance to disconnect from everyday pressures and concentrate on personal wellness.
Finally, the desire for luxury and indulgence is another factor that shapes consumer behavior in the spa market. Spas offer an escape from daily life and pamper consumers with amenities such as heated pools, saunas, and jacuzzis. Consumers are willing to pay a premium for these luxurious experiences, making the spa industry a highly lucrative market.
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Day Spa Segment Projected to Maintain 31% Market Share in Terms of Revenue Due to Increasing Popularity
The day spa industry is a rapidly growing segment, generating over $29.45 billion in revenue annually across the globe and is expected to attain a valuation of $57 billion by 2030. The spa market is expected to continue its upward trajectory with a CAGR of 7.6%. The majority of spa-goers view visiting a spa as beneficial to overall health and wellness, with stress reduction being the primary reason for their visits.
The global spa market is projected to reach US$ 185 billion by 2030, with rising middle-class incomes, growing demand for anti-aging and skin care treatments, and increasing popularity of wellness tourism being key drivers. Women between the ages of 30 and 55 make up the largest segment of spa-goers, with massage and facial treatments being the most popular services.
However, there is also a growing demand for men's services, couples' treatments, and wellness-focused treatments like meditation and yoga. These numbers highlight the potential for the day spa segment to continue its market share in terms of revenue due to its increasing popularity among consumers.
High Fragmentation in the Spa Market: Top 10 Players Contribute Less than 24% of Global Revenue
The spa market is indeed highly fragmented, with a significant presence of local and regional players. According to Astute Analytica's study, the top 10 players in the market contribute less than 24% to the global revenue, indicating that the majority of the market is comprised of smaller players.
Interestingly, Marriot International is the only player in the top 10 with a market share of more than 5%. This suggests that there is a significant opportunity for smaller players to gain market share and compete with larger, more established brands.
This fragmentation of the spa market can be attributed to the fact that the spa industry is highly localized, with customer preferences and trends varying greatly depending on the region. Additionally, the low barriers to entry make it relatively easy for new players to enter the market and compete with existing players.
As the spa industry continues to evolve and adapt to changing consumer preferences, it will be interesting to see how the market share of larger players like Marriot International shifts and whether smaller players will be able to successfully gain market share in this highly competitive industry.
Some of the Top Market Players Are:
- Planet Beach
- Hot Springs Resort & Spa
- Bannatyne Spa
- Marriott International
- Massage Envy
- Rancho La Puerta
- Banyan Tree
- Marilyn Monroe Spas
- Miraval Resorts
- Massage Green Spa
- Siam Wellness Group
- Four Fountains
- The Ritz - Carlton Spa
- Windsor Hotel
- Lspas SPA
- Hyatt Hotels Corporation
- Other Prominent Players
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