Premium Pricing for Spa Services to Boost Spa Market Growth
Posted by Loise Williams on January 9th, 2020
Technavio analysts forecast the global spa market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Personalization of spa services is one of the major trends being witnessed in the globalspa market 2019-2023. With the aim of delivering effective spa treatments, the spa industry focuses on providing personalized spa therapies or services. These services enable them to further enhance their treatment results. Many vendors offer package spa treatments as per customer requirements and also provide day packages. Thus, many spas offer these packages at their premises to attract more customers and the personalization of products and services has become a growing trend in the industry.
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According to Technavio analysts, one of the key factors contributing to the growth of the global spa market is the brand positioning enabling premium pricing for spa services:
Global spa market: Brand position enabling premium pricing for spa services
The global spa market is fragmented with the presence of many players. Hence, brand positioning is a key factor for the players. Spas offering wellness programs and treatments target customers trying to unwind and relax which leads them to adopt brand positioning strategies to create an image of the brand with its associated services. This also helps vendors price their services at a premium, depending on the location, superior facilities, and use of technology-based treatments and services.
According to a senior analyst at Technavio for research on health care providers & services, “Spas launch advertisement campaigns to promote their brands. In March 2017, Massage Envy franchising started a campaign called 'Making the Best of Everybody' with two prolonged communication approaches. The first set of advertisements highlighted their membership value whereas the second set featured more than 25,000 massage therapists employed by franchised locations.”
Global spa market: Segmentation analysis
The global spa market research report provides market segmentation by type (day/club/salon spa, hotel/resort spa, destination spa, medical spa, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA held the largest share of the market in 2018, accounting for close to 43% share. It was followed by the Americas and APAC respectively. Europe is the largest spa market in EMEA. The rise in the working population and an increase in expenditure drive the spa market in Europe.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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About the AuthorLoise Williams
Joined: August 7th, 2019
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