Growth projections of the spa market stand at a CAGR of 5.7% from 2018 to 2023 while the market size is projected to reach $154.6 billion by 2022. The major drivers of the market were attributed to increasing focus on health and beauty as well as rising expenditure on luxuries.
The success of any startup largely depends upon understanding the competitive landscape of the industry.
For the benefit of the client the competitive landscape was segmented into four categories viz. Corporate partners, Day and Hotel Spas, On-demand spa service providers, and Top Target Market.
It is estimated that in 2018, there were 190 million visits to U.S. spas. The figure stood at 187 million in 2017, three million more than in 2016 which itself had an increase of five million in comparison to 2015.
Top Factors Impacting the Spa Services Market
Innovative marketing strategies
Players operating in the market have consistently adopted innovative marketing strategies in order to gain a competitive advantage. Companies have regularly involved themselves in promoting spa services not only amongst higher income groups but also in middle-income groups through adjusting their pricing policies.
Lack of trained personnel
The spa services market is restrained by the lack of presence of skilled labor. Moreover, spas have to incur a huge cost in order to employ well-trained therapists. Owing to rising competition in the market, spa owners have started to invest in spa education such as on the job training programs of international standards for better service.
Visit blockseed.co to get your Market Research