The Growth Potential for the Beauty Industry is a Motivation for Starting a Spa Business

woman having a facial maskThere are many business opportunities for entrepreneurs with capital. They can start their own business from scratch, or they can buy a franchise. One of the fastest growing industries which small business people like to start are wellness related. These include gyms, massage clinics, derma clinics, and spas.

However, no matter how lucrative the industry is, a businessman should only consider a spa franchise if he has the dedication to the job.

Growth Potential

The U.S. wellness industry is described as consumer-driven, a huge market, and very innovative. The opportunities just keep growing. In 2017, the U.S. wellness market had revenues of $202.2 billion, compared to the global revenues of $563.2 billion. This is equivalent to a 36% market share. In comparison, Germany is at second place with only $60.2 billion.

Wellness trips are another revenue generating segment with revenues of $141.4 million in 2013. This grew to $161.2 million by 2015, for 5.8% year-to-year growth. In the spa segment, the U.S. generated revenues of $18.7 billion with 24,421 spa locations leading the rest of the world. The global spa market is worth $77.6 billion in annual revenues.

No Limits

spa clients having a massageThe growth of spas and wellness centers only shows that Americans are concerned about being beautiful and healthy in a natural manner. In 2013, the worldwide spa industry was estimated to be worth $94 billion, and the overall beauty and anti-aging industry had revenues of over $1 trillion. Even having a big 9% share of the industry, the spa segment is even growing faster than ever, with annual growth of 2.7% since 2010.

The worldwide and national growth in the spa segment shows that the market is still growing. This is fueled by a strong economy and the growing buying power of the population. In general, the U.S. market seems to be growing stronger. For the entrepreneur, buying into a spa business is a good investment with plenty of potential growth.

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