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Americas Spas and Beauty Salons Market Grows with Increasing Urbanization and Affluence of Consumers
Spas and Beauty Salons Market - South America, Central America and North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020
Published 29 October 2015
Visiting beauty salons and spas is one of the modern trends that have tagged along with the increasing urbanization in the world and the consequent rise in the affluence of customers. With increasing affluence comes the ability to pay attention to luxuries such as personal care and beauty treatments. Thank to increasing urbanization in the early-adopting region of the Americas, particularly North America, beauty salons and spas have now become ubiquitous in the region and are within the reach of much if not most of the population.
The Americas spas and beauty salons market had humble beginnings in Central and South America, due to the poverty prevalent in many countries in the region. This was due to widespread political and consequentially economic instability. However, thanks to the rapid development of several Latin American countries in the past two decades, the market had grown to be valued at US$85.11 billion by 2013.
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Physical and Psychological Benefits on Offer to Drive Americas Spas and Beauty Salons Market
In North America, the U.S. and Canada have long been among the most developed countries in the world and are thus ahead of the rest of the Americas when it comes to the spas and beauty salons market. Statistics regarding the spas and beauty salons market in the Americas clearly reveal the lopsided hierarchy of the market, as North America accounted for around 70% of the market in 2013. The highly developed and affluent region is expected to retain dominion over the spas and beauty salons market in the Americas till the end of the decade, according to market research carried out by Transparency Market Research, a leading U.S.-based market analysis firm.
Spas and beauty salons are fast becoming a necessity in today’s hectic lifestyle. Relaxation and other benefits offered by spas help physical and psychological recovery from day to day life, while treatments offered in beauty salons, besides enhancing the attractiveness of an individual, also help the body stay fit and young in the face of rising pollution and the harmful effects thereof on the human body. These are the major reasons why consumers are increasingly opting for spa and beauty salon treatments and are expected to remain the major growth drivers of the spas and beauty salons market.
Argentina, Panama, Colombia to Lead Latin American Spas and Beauty Salons Market
The growing prevalence of said lifestyle in the previously undeveloped Latin American region is helping the spas and beauty salons market establish a sizeable foothold. Spas and beauty salons are extremely popular in Central America and Mexico, while South American spas and beauty salons markets such as Argentina and Colombia are also witnessing rapid growth. The latter two countries are among the fastest growing regional spas and beauty salons markets in the Americas, along with Mexico, Panama, and Nicaragua. Other major markets for spas and beauty salons in the America are:
South America:
- Chile
- Peru
- Ecuador
- Paraguay
- Rest of South America
Central America:
- El Salvador
- Honduras
- Guatemala
- Rest of Central America
Thanks to the consistent and cosmopolitan demand from the Americas, the spas and beauty salons market in the Americas is growing at a strong 7.2% CAGR from 2014 to 2020. If this CAGR holds true for the rest of the ongoing decade, the spas and beauty salons market will reach a value of US$138.27 billion at the end of it.
The high profit margins on offer in the spas and beauty salons market have led to a large number of companies claiming a significant share in the market, making the market fragmented. The following are the leaders in the Americas spas and beauty salons market: Salon U, Muse Salon & Spa LLC, The Roose Parlour and Spa, Robert James Salon and Spa, Metropolis Salon and Dry Bar, Chris Chase Salon, and Metodo Rossano Ferretti Salon.
Browse Full Americas Spas and Beauty Salons Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/americas-spas-beauty-salons-market.html
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