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Spa's Big Business Opportunity WorldwideMay 23, 2008 By: George Dooley
The global spa economy is estimated to be over $250 billion, according to a major report unveiled at the 2008 Global Spa Summit in New York.
Prepared by SRI International, the report's estimate for 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. 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.
"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 from
investors to policymakers to the industry's own leaders 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 study defined spas as establishments that promote wellness through the provision of therapeutic and other professional services aimed at renewing body, mind, and spirit. Visit [email protected].