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Spas and the Global Wellness Market: Synergies and Opportunities
On behalf of the Global Spa Summit (GSS) – an international organization that brings together spa industry leaders and visionaries to exchange ideas at an annual conference – SRI developed one of the first ever comprehensive analyses of the global wellness industry.
The focus of the report was to provide a rigorous investigation of how the spa industry fits into, and can capitalize on, the growing wellness movement. The study incorporates findings from numerous interviews with high-level spa and wellness industry executives around the world, as well as two globally distributed surveys (a consumer survey with more than 1,000 respondents and an industry survey with more than 300 respondents).
SRI’s study examined the history and evolution of the wellness movement, the global trends driving its growth, as well as wellness consumer segments and preferences. SRI also created a framework to define the wellness industry cluster, comprised of nine sub-segments, and estimated that this industry represents a nearly $2 trillion market at the global level.
The study pinpointed opportunities for spa businesses to take advantage of wellness-related opportunities – including partnering with conventional medicine and corporate wellness providers, and launching new wellness-focused service offerings. It also recommended a series of initiatives that could be pursued by industry organizations like GSS to position the spa industry to take advantage of the wellness movement.
The findings and recommendations from the study were presented at the 2010 Global Spa Summit in Istanbul, Turkey, attended by high-level executives and leaders from over 35 nations.