A Spa: Business Scenario Presentation

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.