With figures this staggering, it’s never been a better time to be in beauty…
According to the latest report from SRI International, the global spa and wellness industry is currently valued at a whopping US$3.4 trillion.
Encompassing beauty and lifestyle businesses, the spa and wellness industry was divided into six key areas for the report: spa industry, wellness tourism, wellness lifestyle, products and services and thermal and mineral springs.
The global spa industry alone, which is most closely associated with beauty products and services, is now a US$94 billion a year business, more than triple what it was worth just six years ago, in 2008, when it was valued at US$26 billion.
…beauty products and services are now a US$94 billion a year business, more than triple what they were just six years ago
And growth is evident in all reigons, with Asia and Europe both up by more than 60 per cent, Latin America up by a whopping 86 per cent and, taking the cake, the Middle East and Africa, which have risen by an incredible 134 per cent.
The report speculates that the key factor driving all this growth is an increase in middle class populations with disposable incomes.