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The global spa services market size is expected to reach USD 133.28 billion by 2027. The increasing knowledge and popularity about cryotherapy, LED therapy, hydrotherapy, and sound therapy will have an excellent effect on the global market, mentioned in a report, titled “Spa Services Market Size, Share & COVID-19 Impact Analysis, Facility Type (Day, Hotel/Resort, Medical, and Others), Service (Massage, Beauty/Grooming, Physical Fitness, and Others), End-user (Women and Men), and Regional Forecast, 2020-2027.” The market size stood at USD 105.18 billion and is expected to exhibit a CAGR of 4.1% between 2019 and 2027.
Acquisition of Six Senses Hotels Resorts Spas by IHG® to Propel Market
InterContinental Hotels Group (IHG®), British multinational hospitality company headquartered in Denham, Buckinghamshire, England announced that it has acquired Six Senses Hotels Resorts Spas, one of the major leaders in luxury hotels, resorts, and spas. The acquisition involved a transaction of $300 million from Pegasus Capital Advisors for all the Six Senses’ brands and companies. The company Six Senses has a total of 16 hotels and resorts, with 18 management contracts signed into its pipeline along with 50 further deals for final discussion. The company has properties in locations like the Maldives, Seychelles, Yao Noi in Thailand, Zighy Bay in Oman, and Portugal’s Douro Valley. The deals and award-winning hotels of Six Sense will aid IHG’s position in the hospitality and luxury sector. The deal of one of the largest luxury hotel brands can create lucrative business opportunities for the market owing to its presence in more than 14 countries and well-established businesses.
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High Inclination towards Luxury Services to Stimulate Growth
The rising popularity of beauty and luxury services among teenagers is expected to foster the healthy growth of the market. The growing focus on fitness and diet programs among the young population will subsequently propel the growth of the market. The growing prominence of attractive specialty packages, with interior décor, lighting effects, and music facilities in spa services for teenagers will boost the market. For instance, Slieve Russell Hotel s offer packages for 13-16 yrs old guest under ‘Professional Junior Treatments’ services such as manicure, pedicure, and facials. Besides, the demand for relaxing treatments, pain management, anti-aging treatment, and healing packages among geriatric customers will further enhance the market growth.
Focus on Customized Packages by Major Brands to Aid Business Development
Major corporations such as Marriott and Hyatt are focused on providing customized packages to enhance customer experience and gain a competitive edge over other players. The companies are implementing software-based tracking systems and applications to collect customer data and embrace paperless services in their facilities. The constant efforts of players to upgrade their facilities and renovation activities owing to the evolving customer preferences will encourage the growth of the market. For instance, in 2019, Naantali Spa underwent refurbishment and room renovations at the facility to attract new clients and retain previous customers.
The Report Lists the Main Companies in the Spa Services Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion)
By Facility Type
By Service Type