RESEARCH ROUND-UP: GLOBAL Building on traditions, hot springs are a
huge focus for investment in China. Over 200 new hot springs resorts are slated to open, all of which offer spa-like services, but catering to Chinese consumer tastes. Japan is also a world leader in hot springs, as the home of over 17,600 onsen, which account for two-thirds of all thermal/mineral springs establishments in the world. Together, China and Japan represent more than half of global ther- mal/mineral springs industry revenues.
NORTH AMERICA North America is the world’s third largest spa market, with 26,510 spas, US$18.3 (€16.1bn, £12bn) in revenues and 489,100 employees in 2013. It was hit hard by the recession and new compet- itive pressures are changing the shape of the industry dramatically. Growth has largely been in the day spa category, driven by the rapid rise of franchised spas such as Massage Envy, Woodhouse, Massage Green and Hand & Stone. Increased competition is also coming from the proliferation of lower-price single service establishments such as facial clinics and pop-up massage stations in shopping malls, as well as from gyms,
Table *: Spa Facilities and Revenues by World Region (2013) Est # of Spas
Africa
Middle East & North Africa Latin America & Caribbean North America Asia-Pacific Europe
1,544 3,889 9,007
26,510 32,451 32,190
doctor’s offices and other businesses adding spa services. These shifts are democratising the market and expanding the consumer base, making spa and wellness accessible to middle income consumers at a variety of price points and to meet a variety of needs.
LATIN AMERICA & CARIBBEAN Spa industry growth is robust in Latin America and the Caribbean, with more than 3,500 spas opening since 2007. Today, the region is home to 9,007 spas, with US$4.7bn (€4.1bn, £3.1bn) in revenues and over 141,000 employees. Top mar- kets, such as Brazil, Argentina, Colombia, Venezuela, Chile and Mexico, are seeing
Table *: Thermal/Mineral Springs Facilities and Revenues by World Region (2013) Establishments
Africa
Middle East & North Africa North America
Latin America & Caribbean Europe
Asia-Pacific 35
315 203 961
5,035 20,298 Source: *2014 Global Spa & Wellness Economy Monitor, SRI International 68 SPA BUSINESS HANDBOOK 2015
Revenues in US$billions $0.05 $0.23 $0.49 $0.87
$21.65 $26.75
Est Total Spa Revenues US$billions $0.79 $1.75 $4.67
$18.30 $18.76 $29.80
Source: *2014 Global Spa & Wellness Economy Monitor, SRI International
a convergence of the day spa, aesthetic clinic and salon markets as a variety of traditionally beauty-focused establish- ments add spa-like services. Meanwhile, tourism growth is driving the continued dominance of the hotel/resort spa sector across the Caribbean and in Mexico. Latin America’s Andes region boasts
a wealth of thermal water resources and is home to 961 thermal/mineral springs establishments. These are largely recre- ational (thermal waterparks, swimming pools) and serve a local and regional clientele, and they’re little known outside the region. These sites are increasingly recognised as a new frontier for invest- ment in upgrading facilities and adding spa/wellness services, expanding their appeal to a broader regional and interna- tional wellness-focused consumer base.
MIDDLE EAST & AFRICA The world’s smallest spa markets in size, the Middle East and Africa also boast the highest growth rates. Middle East and North Africa more than
tripled its number of spas since 2007, reaching 3,889 spas and US$1.7bn (€1.5bn, £1.1bn) in revenues in 2013. The region’s spa market continues to focus on luxury, relaxation and
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