DUBLIN, May 3, 2023 /PRNewswire/ — The “Sauna and Spa Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The Global Sauna and Spa Market is estimated at USD 120.5 billion and is poised to grow at a CAGR of more than 6% during the forecast period.
- KLAFS Group
- Harvia PLC
- TyloHelo Oy
- SAWO Inc.
- Narvi Oy
Saunas have been used for thousands of years and are still popular today. A sauna can help people to unwind and relax, and it may have other health benefits. The Mayans used sweat houses 3,000 years ago, and Sweating has long been used as a therapy. Traditional Finnish saunas usually use dry heat, with a relative humidity that is often between 10% and 20%.
In other sauna types, the moisture is higher. Turkish-style saunas involve a greater level of humidity. There are several types of saunas, based on how the room is heated. These include wood burning, electrically heated, infrared room, and steam room. Sauna and spa are seemed to be supportive of the body and mind healing treatments. Spa followed by sauna treatments has become common.
The most common spa treatment is a massage. Other services offered range from facials, manicures, pedicures, and body treatments. Bonding sessions, detox, improving confidence and self-esteem, lowering blood pressure, reducing pain, reducing stress, weight reduction, meditation, healthy skin, and relaxation are significant benefits of frequent spa treatment.
There are diverse types of saunas, such as the traditional Finnish sauna, steam bath (also known as a Turkish bath), and infrared sauna, etc. Technology advancements and different innovations are introduced in the infrared sauna. Sauna is considered a part of spa treatment generally along with aromatherapy, body wraps or mud bath, bathing, waxing, manicure and pedicure, and massage are different types of spa treatment.
The different types of spa therapy based on offering locations are day spa, destination spa, hotel or resort spa, medical spa, cruise ship spa, airport spa, mineral springs spa, etc. The European spa is one of the world’s largest due to its relatively higher average revenues.
The spa industries in most European countries have recovered well from the economic crisis of the early 2010s. Russia’s spa industry has also grown significantly in the last five years. The growing wellness industry in Europe is one of the major growth drivers of the sauna and spa market. The growth in the hospitality industry in the region and the associated influx of tourists to Europe are expected to keep the sauna and spa market buoyant in the region.
In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the sauna and spa services demand have declined rapidly between January to March and extended further. The impact was indirectly hit by other sectors which associated with this markets.
Sauna & Spa Market Trends
The Rising Expenditure Capacities of the Consumers Drive the Market
The increasing disposable income, rising expenditure capacities, and spending pattern of millennials has been remarkably changed in the last few years. The buying behavior and pattern have changed due to urbanization and lifestyle. Their lifestyle focuses on social health, which is backed by rising expenditure due to increased earning. This generation is looking at this sauna and spa industry as a necessity. Thus, millennials are ready to spend on their lifestyle, which is driving the growth of this industry.
The rapid urbanization, sedentary lifestyles, and hectic schedules of working professionals around the globe are major concerns for health. It is mandatory for working professionals to be healthy physically and mentally to maintain and increase productivity.
In addition, the rising adoption of sauna and spa services primarily across geriatric groups is also one of the factors bolstering the demand for spa services and thereby adding up to the market growth significantly.
Increasing Tourism Fuels the Sauna and Spa Industry
A spa hotel is a hotel with the primary purpose of providing individual services and treatments for clients, focusing on health. The global tourism industry has experienced growth in the last many years, excluding 2020. International tourist arrivals have risen as global per capita income has increased and consumer sentiment has improved. Leisure tourism is the largest sector of the tourism industry.
The leisure tourism and hospitality market bring domestic and international tourists to destinations to spend official or vacation time. These tourists avail the sauna and spa services provided by hotels, luxury hotels, and resorts. In the leisure tourism and hospitality industry, sauna and spa services are available as part of the package or amenities. Thus, the sauna and spa industry is perceived as the packaged part of the hospitality and tourism market. The growth in the leisure tourism and hospitality industry is driving the sauna and spa market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Porter’s Five Force Analysis
4.6 Technological Innovations and Developments
4.7 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Application
5.1.2 Gym/Fitness and Spas
5.1.4 Other Applications
5.2 By Type of Market
5.3 By Geography
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
7 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/plxmwk
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Originally published at https://www.prnewswire.com/news-releases/global-sauna-and-spa-market-report-2023-rising-expenditure-capacities-of-consumers-drive-growth-301814529.html
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