RESEARCH
The entire global spa and wellness cluster (including fi tness) is a US$3.4tn industry
STRENGTH IN NUMBERS
The global spa industry has grown by 56 per cent since 2007 and is now worth US$94bn according to a brand new study. Researcher Ophelia Yeung takes a closer look
I 94
t’s been six years since SRI International released the fi rst Global Spa Economy study in which it defi ned and measured the size of the global spa industry (see SB08/4 p40).
Many events have happened following
that original study, which was commis- sioned by industry body the Global Spa & Wellness Summit (GSWS), including the global fi nancial crisis, regional confl icts and natural disasters ranging from tsunamis to hurricanes and fl oods. So it’s surprising to see that the spa and wellness industry has not only been growing but thriving. According to SRI’s 2014 Global Spa & Wellness Economy Monitor, it’s now worth US$3.4tn (€2.6tn, £2tn). The research was revealed by SRI at the eighth GSWS held last month (see p88). The global spa and wellness cluster
outlined by SRI encompasses many industries that provide products and services to help consumers integrate
Outpacing economic growth Revenue in just the global spa industry cluster reached US$94bn (€73bn, £57bn) in 2013, a 56 per cent growth from 2007, compared to a 31 per cent change in world GDP during the same period. While spa facilities are at the centre of this cluster, they’re supported by other businesses such as spa education, consulting, media, trade associations and events and investment. All of these businesses also experienced robust expansion during this period. During the same time, the world
added almost 34,000 spas, bringing the estimated total to 105,591 spas in 2013. Unsurprisingly, spa industry growth is not evenly distributed across the globe.
wellness into their daily lives, from what they eat and how they exercise, to how they live and work (see Diagram 1). SRI’s research focuses on three components of this cluster: the spa industry, wellness tourism, and thermal/mineral springs.
Sub-Saharan Africa and Middle East-North Africa are two regions that experienced the fastest revenue growth from 2007-2013. The spa sector in these regions is still small but stimulated by economic growth in some countries such as South Africa, Nigeria, the UAE and Saudi Arabia; and by robust tourism in others such as Morocco, Kenya, Mauritius and Botswana. Growth in Asia and Latin America
is driven by emerging markets such as China, India, Brazil, Mexico and Argentina. Strong growth in Europe refl ects the resil-
ience of several major western European spa markets in the face of global recession such as Germany, the UK and France; and strong economic momentum to the east including Russia, Poland and Turkey. North America, a mature spa market
of which the US accounts for 89 per cent, grew modestly despite an environment of slow economic and job growth. The fi ve largest markets account for almost half of global industry revenue
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