Published: Jul, 2016
The Americas spas and beauty salons market is dominated by well-established players such as The Roose Parlour and Spa, Salon U, Chris Chase Salon, Robert James Salon and Spa, Muse Salon & Spa LLC, Metropolis Salon & Dry Bar, and John Barrett Salon. In a competitive market marked by steeply rising demand, several spa and beauty center operators have started to offer international training program to their employees. This has helped the Americas spa and beauty salon market present a promising profile to a cosmopolitan clientele.
Spas and beauty salons offer various services to enhance the health as well as appearance of clients. While spas and beauty salons have been commonplace in the developed world, emerging regions are witnessing a rapid increase in the demand for premium segments of the services sector.
High Living Standards in the U.S. and Mexico Drive North America Market
The North America market for spas and beauty salons took up the dominant share in the Americas market in 2013 due to the high living standards in the U.S. and Mexico. The widespread availability of advanced infrastructure and the high disposable income of consumers have driven the North America market for spas and beauty salons. The growing desire among North American citizens to retain a youthful appearance is likely to be a major driver for the Americas spa and beauty salon market in the coming years.
“Mexico is also likely to emerge as a major spa and beauty salon market in the coming years, thanks to the country’s growing GDP and the resultant increase in the purchasing power of the consumers,” according to TMR’s lead analyst.
Increasing Purchasing Power of Expanding Urban Demographic Propels LATAM Market
In Latin America, spas and beauty salons have been operating on a fairly small scale due to the lack of economic progress across South and Central America. The relatively recent spurt in urbanization and increasing development in countries such as Brazil, Colombia, and Argentina has been vital for the market for spas and beauty salons in South and Central America.
With increasing disposable income and health consciousness, consumers in Central and South America have shown increasing demand for spas and beauty salons in the last few years. The steady economic growth witnessed in the region over the last few years has also handed consumers the purchasing power to avail premium spa and beauty services, resulting in an increasing demand from the spa and beauty salon market.
The increasing prevalence of joint disorders, which can be relieved by spa treatments, is another key driver for the Americas spa and beauty salon market.
The Americas spa and beauty salon market was valued at US$85.1 bn in 2013. Exhibiting a 7.20% CAGR between 2014 and 2020, the market is likely to rise to a value of US$138.2 bn. This information comes from a recent market study from Transparency Market Research, titled ‘Spas and Beauty Salons Market - South America, Central America and North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020.’
The Americas spa and beauty salon market is segmented as follows:
Americas Spa and Beauty Salon Market, by Geography
- North America
- Central America
- South America