Spa Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The spa market is one of the large hit markets in 2020 due to the sudden COVID-19 pandemic. The tourism, accommodation, and food and beverages service sectors which performed well during 2019, have slowed down due to the lockdowns and the temporary ban on international travel and domestic travel restrictions across the globe. The spa market records a sudden drop in revenue and is reviving comparatively slow due to the second wave of the virus across many nations.
Changing lifestyles, and interests, and increasing disposable incomes have been changing the face of the spa market globally. The health benefits associated with the spa services such as relief from stress, minimization of body pain, and the calmness offered have made spa services a major part of people's lives. The growing interest in personal pampering and perception of a spa as a self-improvement investment is expanding the spa market in dimensions across the world. Spa services include a range of services for health management and body relaxation. They include but are not limited to, massages, facials, body scrubs, steam baths, waxing, and nail care.
Globally, the rising consumer interest in experiencing wellness services during vacation trips is driving the destination and leisure wellness businesses. Offering a wider range of services to appeal to well-seasoned spa-goers, spas have increasingly begun to diversify and branch into health and aesthetics, in order to complement their regular spa services, in addition to the formerly "alternative" health treatments, including acupuncture, following the global shift toward a more holistic approach to health and beauty. In order to reduce psychological stress, several corporate organizations have also been advising various stress reliving practices to employees, which is also acting as a driving factor for the market growth. Owing to the growing demand for beaauty enhancements among majority customers several spas and are offering various non-invasive cosmetic medical procedures, along with their usual spa treatments, to capture the growing demand trend.
Growing Interest of People Towards Health and Wellness is Driving the Market
With the growing awareness among people regarding their health and wellbeing, the spa market is gaining popularity across the world. Moreover, growing mental health problems, such as depression, anxiety, and stress, which are becoming more common among people is driving the demand for Spa services. As regular massage was proven to improve the wellness of people, coupled with their affordability ranges the market is gaining more popularity. Body and foot reflexology and head and back massages have also proven to relieve pain or stress from a specific body part, thus, promoting healthy outcomes. Tiredness being a factor, people prefer to have services that help them rejuvenate and relax, in order to keep themselves fit and healthy.
Asia-Pacific Region is Fastest Growing in the Market
The Asia-Pacific region is the fastest-growing geographical segment of the market studied. The region is anticipated to record high growth in the revenue transaction owing to the rising number of working professionals, and their increasing disposable incomes. Moreover, the huge populations in the region, especially in countries, such as China and India, and the growing working population and their hectic lifestyles are driving them towards ways to reduce the stress through various massages and other beauty spa services, which is expected to help the market to record more revenue transactions.
The report covers major players operating in the Spa market. It covers the competitive landscape of the players along with their geographical presence and the various services offered by them. The players are widely spread across the countries and are leading the business with diverse and quality service offerings.