Industry Analysis
The global wellness economy was worth $4.4 trillion in 2020 amidst the chaos and disruptions caused by COVID-19. The spa market is expected to grow by 17% annually by 2025, with a revenue of $150.5 billion.
The average adult in the UK spends £400.32 a year (£33.36 a month) on hair and beauty products and treatments. Women spend more money than men, however, spending an average of £454.08 a year, while men spend an average of £342.84.
According to the recent studies, the age group that spends the most amount of money on hair and beauty products is 16-24, who spend an average of £67.50 a month. The age group that spends the least amount of money is 55+, who spend an average of £32.23 a month.
The spas and beauty business sectors are competitive. You must not be fooled that it is always easy to succeed. However, with a good business plan and a good strategy in place, coupled with a strong desire to be successful, then there is no reason why you cannot provide a good quality of service and create a strong, profitable business.
You should ensure that you research and develop your business ideas as thoroughly as possible. It is essential that you determine whether there is room in the area you want to set up in. With near two decades of experience, B&F business plan team is helping entrepreneurs with a comprehensive outline for starting their new business.
Contact our experts to discuss your idea at +44(0) 203 637 6137 and follow us on social media.
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