Dublin, September 15, 2021 (GLOBE NEWSWIRE) – The ‘Global Spa Market Size, Share and Trend Analysis Report by Service Type (Hotel / Spa, Destination Spa, Day Spa / Salon, medical spa, mineral spring spa), by region and segment forecast, 2021-2028 “has been added to ResearchAndMarkets.com offer.
The global spa market size is expected to reach USD 117.9 billion by 2028 and is expected to grow at a CAGR of 12.1% from 2021 to 2028.
Unhealthy lifestyles have increased the need for stress management, mental clarity, and system detoxification. The growing need to maintain a healthy lifestyle both physically and mentally is expected to drive the market. Additionally, increasing disposable income, changing lifestyles and increasing population are expected to propel the market growth.
The coronavirus pandemic (COVID-19) has had a significant impact on the industry, as companies have been forced to shut down or enforce strict hygiene requirements and regulations for their workers and visitors. In a March 2020 survey of spa industry professionals around the world, 31.0% predicted that the number of spa visits decreased by more than 70.0% during the pandemic compared to the same period the previous year.
The ability to avoid unwanted interactions can lead to setting new standards for the hospitality industry. Disinfectants are the new tabletop goal, and all staff are required to wear masks and gloves. Hotel owners and asset managers plan new SOPs and security measures while the hotel is shut down and ensure transparency and direct contact with guests.
New wellness-based digital platforms, including online yoga sessions via live streaming to clients, create an opportunity to invest in digital health. Companies are increasingly focusing and investing in sponsorships and strategic partnerships as these growth strategies help target a wider audience and increase brand visibility. In addition, these strategies allow companies to interact with the right audience. In addition, the growing sustainability and popularity of brands helps generate more revenue.
Highlights of the Hot Tub Market Report
- The hotel / spa segment dominated the market and accounted for the largest share of revenue in 2020 due to the rise in wellness tourism globally.
- On the other hand, the destination spa segment will likely experience the fastest growth during the forecast period due to the increasing demand for traditional spas such as Swedish, Ayurvedic and Turkish massage. The majority of people visit destination spas for week-long programs to start their fitness or work on a particular problem.
- In 2020, Asia-Pacific held the majority of the regional market share due to increasing disposable income, increasing wellness tourism and availability of advanced technological infrastructure.
- In Europe, the market is expected to experience the fastest growth during the forecast period. Due to the growing tendency of clients to control, minimize and relieve stress, lose weight and take a more positive and holistic approach to their well-being
- The key players represent a considerable market share and have a strong presence across the world. The increasing trend of digitalization in the industry increases the competition between players and also presents opportunities for new entrants in the market.
Consumer behavior analysis
- Consumer trends and preferences
- Factors Affecting the Purchase Decision
- Adoption of consumer products
- Observations and recommendations
Driver impact analysis
- Increased hectic lifestyle in urban areas
- Expansion of the tourism sector
- Innovative marketing strategies
Analysis of the impact of constraints
- High prices and strict regulations
- Lack of qualified personnel
Business environment analysis
- Industry Analysis: Porter’s Five Forces
Market entry strategies
Mapping of penetration and growth prospects
- Emirates Palace Spa
- Planet Beach
- Hot Springs Resort & Spa
- Four Seasons Hotels and Resorts
- Fancy a massage
- Jade Mountain
- Rancho La Puerta Inc
- Mandarin Oriental Hotel Group
- Omni Hotels and Resorts
For more information on this report visit https://www.researchandmarkets.com/r/44f8wj
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