Growth at Breakneck Pace-Global Spa Economy Reaches $255 Billion
The global spa economy is estimated to be over $255 billion, according to a major report unveiled at the 2008 Global Spa Summit in New York attended by more than 220 industry leaders in May.
Prepared by SRI International on behalf of The Global Spa Summit, the first-ever Global Spa Economy Report represents the most comprehensive effort yet to quantify the rapidly expanding global spa industry. According to study sponsor Pete Ellis, CEO of SpaFinder, the data shows investors, policymakers, and spa industry leaders the economic and business benefits of the spa industry.
The report's estimate, which looked at the year 2007, includes $60.3 billion in core spa industry revenues, such as spa facilities, capital investments, education, consulting, media, associations, and events, and $194 billion in spa-related hospitality, tourism, and real estate.
When broader spa-related industries such as beauty, nutrition, and fitness were factored into the equation, last year's global health and wellness market exceeded $1 trillion, according to the report. This one-year snapshot makes the spa sector one of the first industries to organize at a global level and analyze its own worldwide impact.
The report also found that 1.2 million workers were employed in more than 71,600 spas worldwide in 2007. During the same period, capital investment in spas approached $13 billion, with continued expansion on the horizon.
"The spa industry is growing at a breakneck pace, but its diversity and scope have always made it difficult to quantify its size and financial strength, as well as to harness the full power of its collaborative voice," said SpaFinder CEO Pete Ellis, who also serves as the chairman of the board for the Global Spa Summit. "For the first time ever, this report shows decision-makers just how big the industry is, and how integral it is to the global economy." In a breakdown of spa revenues by nation, the United States emerges on top, with earnings of more than $12 billion, followed by Japan ($5.7 billion) and Germany ($3.8 billion). The list continues with France, Italy, the United Kingdom, and China.
The report's findings derive from interviews with over 50 high-level industry executives; 1,000 responses to a global survey of industry sources; and data collected from more than 210 countries – ten times more than in previous spa industry reviews. The study defines spas as establishments that promote wellness through the provision of therapeutic and other professional services aimed at renewing body, mind, and spirit. Refreshingly candid, principal researchers who conducted the study at SRI International, a worldwide independent research firm originally founded as the Stanford Research Institute, said they had to use models for other industries like golf because there are no global data bases for spas. "It was like comparing apples, oranges, and rice," said a report author.
Ipsos Mendelsohn and American Express Publishing-Harrison Group OfferFreshInsight on Consumer Behavior in 2010
According to new studies from two blue-chip research sources, Ipsos Mendelsohn and American Express Publishing - the affluent are not only ready to travel -- they are frequently going to spend more on it. While the Ipsos study focused on intent and American Express Publishing on mindset, they both point to a surge in affluents taking to the road (Amex sees an increase of 6 to 8% in spending on all luxury categories).Interestingly, both studies agree on a positive attitude despite lingering concerns about the economy. Here's a look at the highlights of both 2010 studies.
LuxuryTravel 360 has long looked to the affluent as a burgeoning market in business and leisure travel, fueling growth in more affordable, common sense luxury - less glitz and glamour, but ready to pay extra for memorable family experiences and genuine local culture.
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