LONDON--(BUSINESS WIRE)--Technavio analysts forecast the spa market in Europe to grow at a CAGR of close to 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the spa market in Europe for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors.
Europe is the largest market for spas worldwide. The spa industries in most European countries have recovered well from the economic crisis of the early 2010s and will see strong growth during the forecast period. In terms of wellness tourism expenditures, the analysts at Technavio expect the region to gain USD 225 billion; in terms of wellness trips, the region is expected to gain approximately USD 245 million. Nearly 36,000 spas operate in the region, with Germany being the largest market. Russia's spa industry has also grown significantly in the last five years.
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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the spa market in Europe:
- Innovative service offerings by spa players
- Need for personal grooming, relaxation, stress-free life, and healthy living
- Growing wellness industry, tourism, and globalization of spa players
Innovative service offerings by spa players
Unique services offered by spas and the variety of treatments administered by expert professionals are adding to the popularity of spas. For instance, the Chodovar in the Czech Republic offers beer spa, where dark beer is mixed into a mineral bath, which offers various health benefits. The beer yeast helps in the improvement of the skin and helps in relaxation of the mind and body.
Poonam Saini, a lead retail goods and services research analyst at Technavio, says, “The VIVAMAYR in Austria offers medically approved solutions for people willing to reduce weight. The medical spa under the supervision of doctors offers abdominal treatments to help digestion, intravenous therapy to boost vitamin deficiency, and various other detox services.”
Need for personal grooming, relaxation, stress-free life, and healthy living
Massage continues to be the major type of service that is generally opted by a customer during a spa visit. The demand for this service is generally witnessed in a day spa where a quick massage session enables in providing relaxation and relief from pain. Facial massage continues to remain the bestseller among spa services. It helps in releasing the muscles of the face, head, and neck, relieving tension; rebalances muscles; and also helps in anti-aging.
“Sauna, pool, steam room, and body wrap are some of the features that are often used by customers, driving the demand for more exclusive relaxation and experience other than only massage. For instance, the chocolate body wrap service helps in detoxing the body while mud bath helps in curing skin-related diseases such as psoriasis,” adds Poonam.
Growing wellness industry, tourism, and globalization of spa players
The growing wellness industry in Europe stands to be one of the major growth drivers of the market. There has been a considerable growth in the overall wellness industry at large, with spa market reflecting similar growth. The growth in hospitality industry in the region and associated influx of tourists to Europe are expected to keep the market buoyant in the region.
The demographics, lifestyle, and health trends among the European consumers draw attention to how wellness may be able to improve life and reduce societal healthcare costs. As a result, wellness tourism is positioned at a profitable intersection between the rising wellness industry and the world’s massive tourism economy.
Top vendors:
- Lanserhof
- Ritz Carlton
- Clarins
- Fonteverde
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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