Introduction
To start and run a successful Spa business, one requires:
- A proper analysis of the market.
- Proper forecasts of the industry.
- A comprehensive understanding of consumers’ mindsets.
- Knowledge of opportunities and challenges in the industry.
Spas and the global wellness market
- The article is available online.
- It is authored by the SRI International.
- The data available addresses how spas contribute to the wellness market.
Data available
The article addresses:
- Synergies and opportunities.
- A rigorous investigation of the market and consumer forces.
- How the spa industry can benefit from growth in the wellness industry.
- Drivers of the market.
Importance of the article
The article offers:
- Estimations of the global market size of the wellness industry.
- An explaination of the spa industry as the biggest in the industry worth $60.3 billion (SRI international, 2010).
- An analysis of potential markets for a spa business.
- An analysis of the future of the industry.
Usefulness as a learning material
- It offers a survey of the overall wellness industry.
- It is an analysis of opportunities for spas in the wellness industry.
- Reccomendations for moving the industry forward.
- Spa terminologies and concepts in relation to the beauty and wellness industry.
- It is an evidence based consumer research.
The new consumer mindset
- The article is authored by Euromonitor International.
- It is available online.
- Major types of data addressed include forecasts and emerging markets analysis.
- The article also analyses the changing consumer mindset.
Available data
- Emerging markets and GDP growth 2005-2015.
- Effects of the recession in different regions.
- Consumer spending 2007-2015.
- Key trends in the market.
- The global nutraceuticals markets.
- Beauty and personal care industry performance.
Significance of the article
- The article offers key trends in the industry, which gives an investor ideas.
- It gives an outlook of the beauty industry to help one know where to invest.
- It offers forecasts in the indutry to allow proper planning.
- It gives an analysis of the consumer mindset making it easier to design a marketing strategy.
Importance as a learning material
- Offers an insight into the post-recession consumer behaviours and the recovery of markets.
- Compares the spa market and other markets.
- Explains health and wellnes, pointing out its a key strategy for economies (Euromonitor International, 2010).
- Gives a closer look at the consumer as the biggest asset for a business.
Reference list
Euromonitor International. (2010). The new consumer mindset. Web.
SRI international. (2010). Spas and the global wellness market: Synergies and opportunities. Web.