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percent and 30 percent , respectively . Looking ahead , however , it ’ s likely that the expenditures on services is likely increase , as 37 percent of respondents expect to spend more on services ( compared to just 23 percent who expect to spend more on goods ) in the coming year .
Next Steps
As encouraging a picture as this data paints for the spa industry , acknowledging the potential impact of a wellness boom on the spa industry and taking advantage of that boom are two different things . So how , specifically , can spas make the most of the opportunity suggested by these numbers ? McKinsey ’ s analysis offers some insights : l More than a third ( 36 percent ) of consumers reported that they prefer to use natural skin care products , even if those products are less effective than their non-natural counterparts ( compared to just 21 percent who said the reverse ). Spas and resource partners that can provide these natural skin care solutions and other natural products stand to capitalize on that segment of the market . l Personalization is rapidly climbing consumers ’ list of priorities , with nearly nine in 10 ( 88 percent ) of consumers planning to prioritize personalization as much as or more than they did two or three years ago . The ability to craft personalized spa therapies and services that address their mental and physical wellness needs can be an important differentiator for spas going forward . l In 2015 , McKinsey estimated that about a quarter ( 26 percent ) of consumer purchases were influenced by social media . Today , more than 60 percent of consumers say that they will “ definitely ” or “ probably ” consider a brand or product posted on social media by a favorite influencer . Though working with influencers requires careful consideration on spas ’ part , such partnerships can certainly lead to increased exposure and revenue when executed well ( see the June 2021 issue of Pulse for more ). Spas that strategize around delivering on these growing consumer expectations stand an excellent chance at benefitting from the continued worldwide emphasis on improving health and wellness . However , it ’ s worth noting that as the so-called wellness economy grows larger , it is also growing more competitive . In a world of meditation and nutrition apps , telehealth appointments , home fitness programs and an ever-growing swell of wellness products and “ solutions ,” it seems , then , that the key for spas hoping to stand out in an increasingly crowded market is to emphasize the unique ways in which their treatments , services and initiatives are equipped to meet the consumer expectations outlined above . The moment to do exactly that has arrived . ■
Increase in wellness prioritization compared with two to three years ago .
74.1 % 74.1 %
35.0 % 35.9 %
51.3 %
48.2 %
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46 PULSE ■ AUGUST 2021