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FINAL PROJECT
The document discusses the wellness and spa industry in India. It notes that the industry is currently in a growth stage and gaining popularity. Spas have been working to expand their businesses and connect with consumers. There is significant scope for the industry to flourish as lifestyle demands are shifting towards wellness. However, the industry faces limitations like spas unwilling to share customer data and lack of trained professionals. Trends seen include medical tourism and tie-ins between spas and the medical industry. The conclusion is that India presents many opportunities in the growing wellness tourism sector.
FINAL PROJECT
- 1. Study of Wellnessand Spa Industry K.V.S.Kiran Presented by:
- 2. Executive Summary • Thewellness industry in India is at its growth stage and is gradually gaining popularity amongst the common people • Spas have been working hard to sustain and grow their businesses, deploying a wide range of approaches to connect with and incentivize the consumer • The industry has a lot of scope to flourish as the lifestyle of people is demanding a bend towards to wellness and fitness sector
- 3. Limitations The following arethe limitations of our study: In order to maintain their confidentiality, the spas were unwilling to share their customer database. Hence, the profile of customers and customer details couldn’t be obtained Due to monetary constraints, a number of paid online reports could not be obtained Lack of man power confined our study.
- 4. India is currentlyenjoying a surge in the wellness industry, with international visitors attracted by quality and affordable medical tourism, and the alluring traditions and benefits of Ayurveda and yoga With the rising uptake of domestic low-cost airlines and the middle class’ growing appetite for consumerism, the domestic demand for wellness and spa activities is expected to expand in the coming years. Introduction
- 5. Definition of theWord Spa The word "spa" comes from the Latin expression for health by water. The term spa is associated with water treatment which is also known as BALNEOTHERAPY. Spa towns or spa resorts (including hot springs resorts) typically offer various health treatments. The belief in the curative powers of mineral waters goes back to prehistoric times. Such practices have been popular worldwide, but are especially widespread in Europe and Japan. Day spas are also quite popular, and offer various personal care treatments.
- 6. Defining Wellness • TheAmerican Heritage Medical Dictionary terms ‘wellness’ as a ‘condition of good physical, mental and emotional health, especially when maintained by an appropriate diet, exercise and other lifestyle modifications.’ • In India, traditional medicine and preventive practices have always stressed on ‘a healthy mind in a healthy body’. Accordingly, Indian traditional practices of ayurveda, yoga and meditation were aligned to deliver physical and internal well- being, mental peace and happiness.
- 7. Wellness comprises thefollowing five segments- • Beauty services and cosmetic products • Fitness and cosmetic products • Nutrition • Alternate therapy • Rejuvenation Spas
- 8. Wellness Spa CombinesSpa services with Wellness Programs within appropriate Day Spa facilities. Will need to provide evidence of: Day Spa facilities. Spa Therapy and Body Therapy Wellbeing and lifestyle programs. Offers Spa Cuisine
- 9. The Wellness EcoSystem The wellness industry in India has evolved rapidly from its nascent unstructured beginning in the early 90s to a comprehensive ecosystem today including consumers, providers, adjacent industries, facilitators and Government. • Consumers mainly comprise a young population with rising income levels • Providers offer wellness services and products to meet the hygiene, curative and enhancement needs of the consumer • Adjacent industries such as healthcare, media, retail, gaming, hospitality and education are capitalizing on the growth of the wellness sector to generate additional revenue streams, leverage existing competencies and offer a wider array of services/products to customers
- 10. • Facilitators includeemployers, insurance companies and schools, who are likely to play a key role in encouraging and inculcating pro-wellness habits among consumers going forward •The Government wears multiple hats in its roles as a provider, facilitator, enabler and regulator in the industry
- 11. Consumers of theWellness Industry • The young population in India is the core target group • India’s growing middle class
- 12. • Increase indiscretionary spends is positive for the industry • Growing number of lifestyle diseases makes wellness relevant today
- 13. SPAS • The ancientconcept of spa revolved around the therapeutic powers of water fortified with the powers of minerals • Mineral springs in ancient times were renowned for their therapeutic values ,especially in Rome where hundreds of roman baths did double duty as bath houses and health centres • Over the time, resorts and accommodation mushroomed around these springs where people congregated • Where there were no natural springs, canny entrepreneurs built mind-body rejuvenation centres and fitted them with modern gadgets • In the modern day spa, people can detox, distress and rejuvenate themselves without bothering to leave town.
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- 16. The industry hasattracted a number of domestic entrants and international players. Established players are pursuing revenue maximisation through product and service diversification. They are also exploring newer geographies. Franchising is emerging as a popular option for scaling up. Micro segmentation to develop better targeted value propositions for consumers and commercialisation of traditional Indian home remedies are other emerging trends in this industry Industry Trends
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- 18. Competition in theIndian Spa Industry: • The Indian spa industry is highly fragmented with spas across the country. • As of now, around 70 per cent of the spa business is run by local brands, while the rest is taken over by international spa firms • The industry is expected to witness exponential growth in the times to come and many domestic and international are setting up expansion plans • International brands like MSpa international from Thailand, Aman resorts from Singapore and express spa from us are establishing a presence and planning to scale up
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- 20. S.W.O.T. S TRENGTHS W EAKNESSES T HREATS O PPORTUNITIES • International background •Reliability • Newness in the Hungarian market • Desired services and products • Narrow target group • Loyalty of the customers • Solvency • High price • False location • Wrong target group definition • Inadequate services and treatments • Inadequate communication strategy • Coverage of the Italian lifestyle • Italian products • Costumers are not loyal yet
- 21. The main problemsare as follows: Lack of Standards – there are no organisations currently. Lack of Accredited Training Institutes. Lack of Accredited Spa’s. Lack of Uniformity in Traditional Treatments - Every Spa one visits in India do the Traditional Treatments differently, simple therapy like Ayurvedic Massage is done in different manner in different places, for example, Shirodhara is done at any time of the day, where as it is strictly contra indicated in the afternoons. No Association to Address Issues & Grievances of the Industry. Lack of Government support in promotion of industry except in few cases. Lack of Awareness in all strata’s of the society.
- 22. Shady placesworking under the name of Massage joints giving a bad name to the profession & Industry. People not choosing the Spa Industry as a profession as they would choose any other off course due to the bad name acquired by the Industry due to wrong doings by few. Non-sharing, discreet & Orthodox attitude of some Ayurvedic Practitioners not wanting Ayurveda to be used in Spa Industry. Many Practitioners looking at Ayurveda as a Therapeutic Modality rather than Lifestyle Management Modality. The Indian spa industry, which is growing at around 20-30 per cent annually due to increased affluence of people and lifestyle related ailments, is still unregulated and lacks trained therapists. India needs 20,000 trained therapists and there are over 2300 spas, and there are only 1000 trained therapists in India. Use of Non-Standardized products.
- 23. Analysis The new spatrends that will drive the Indian market are: • Medical Tourism – The Truth of an Affordable Health Destination - Medical wellness and cosmetic med spas is a booming business as it fills certain critical gaps in the traditional health care system. Spas tie in with medical tourism as part of the “post- op” recuperative holiday. • Many hotel/resort spas will recognize the new opportunity that medical tourism presents and market themselves as ideal pre- and post- operation stays
- 25. Why do peoplevisit a spa? (advantages of visiting SPA) Get healthy Relax Lose weight Detox Take a hike Conquer your fear Do yoga Eat well Reconnect with people you love Get inspired
- 26. Managing Your DaySpa Business Develop effective systems for running your spa business on a daily basis Set your spa's hours of operation Working with spa employees Determine the staffing needs of your spa business Find employees who are qualified to work at your spa Set sales goals and keep spa employees motivated
- 27. Managing Your DaySpa Business Establish a maintenance schedule for equipment Set prices for your spa's service and develop packages to encourage clients to buy more Spa products Identify suppliers for the products you will use and retail Set retail markup margins Keep track of inventory Create in-store displays to market products
- 28. Managing Your DaySpa Business Create your image on and off paper Develop promotional materials to market your spa business (including LOGO, a menu of services, website, brochures, etc.) Advertising and publicity Stimulate repeat business from your spa clients
- 29. Conclusion India’s fast-evolvingwellness world presents many opportunities for spa developers, owners and operators. The time is ripe to take advantage of the growing attraction of India as a centre of wellness and medical tourism for both domestic and international spa-goers, however these activities should not just be limited to Kerala or the Himalayas, but also in urban areas where day spas can be promoted as oases of peace and relaxation.
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