The spa industry is forecast to be one of the top-three fastest-growing wellness markets this year and is expected to reach a revenue of $122 billion.
This is according to the Global Wellness Institute’s (GWI’s) new report on the global wellness economy, which further predicts that the spa industry will grow by 17% a year from 2020 to 2025, more than doubling revenues.
Being a ‘high-touch’ market, spa was a major ‘pandemic loser’ during Covid. The GWI report notes that overall, spa revenues in Latin America, Middle East and Africa saw the greatest level of decline in 2020 (-44%; -50%; and -47% respectively), because the spa sector in these regions is more heavily weighted towards hotel/resort spas, which were more negatively impacted by the pandemic restrictions.
It’s evident that the global spa industry is heavily concentrated in Europe, Asia and North America, with the top five countries being USA, China, Germany, Japan and France. These countries accounted for 50% of global revenues in 2020.
GWI defines and measures six categories of spas: Hotel/Resort Spas: Day/Club/Salon Spas; Destination Spas & Health Resorts; Medical Spas; Thermal/Mineral Springs Spas; and Other Spas. Hotel spas are by far the fastest growing sub-sector.
For more information click here 2021 Global Wellness Economy: Looking Beyond COVID - Global Wellness Institute