The Global Spa Summit has released the latest data on the spa market and it certainly makes for some interesting reading. They estimate the global spa economy is now worth $60 billion worldwide, and more than $250 billion once you factor in the impact of the spa industry on hospitality, tourism and related products. Of course, wellness is more than just spas, so if you add to that the beauty, fitness, wellness, products and health food markets, you’re talking about a trillion dollar market!
We were never ones for maths and all those zeros can be hard to fathom, so let’s put that in perspective for a second. In 2007, according to official bodies, the hugely high profile worldwide motion picture box office took $26.7 billion, while the global recorded music market (including digital music) was $29 billion and, unlike the wellness industry, that’s a shrinking market.
But the market isn’t just large in terms of the money that’s spent – it’s big in terms of the number of providers as well. The study found that there are now more than 71,000 spas worldwide. Day and salon spas represent the majority of the market (63%), hotel spas (16%), medical spas (6%), and destination spas (2.1%).
Customers often tell us they’re overwhelmed by the choice in the wellness area and unsure of where to go – this report helps explain why. Consumers are spending increasingly large amounts of their disposable incomes on wellness, and given the scope of the industry, consumers deserve better tools to make more informed decisions about their wellness providers, and it’s here that we think Wahanda comes in.
Tags: Global Spa Summit Report, Spa economy, Wellness market size