Spa and Wellness in the Hotel Industry
From a Loss Leader to a Profit Center
By Michael G. Tompkins Executive Recruiter, Hutchinson Consulting | July 24, 2016
Those of us lucky enough to work in the spa and wellness industry experience the pleasure of helping people day in, day out. However, from an executive perspective, there is one very common complaint: the industry doesn't get the respect it deserves.
There are times when it seems like the media and the investment industry only seem to care about the growth in the technology and biotechnology industries. What excites them is another gadget, an app, a new pill, or whatever other newfangled notion is "flavor of the month." And yet the spa and wellness industry has also grown at a clip that most investors would give their right arm for-and its growth isn't going to stop any time soon.
Spa Industry's Growth
Let's begin with some broader industry perspective: my comparison to the technology and biotechnology industries may appear unreasonable at first. After all, the spa industry doesn't really have a Facebook or a Google, a company that has gone from being an idea to worth billions of dollars in the space of time it takes to earn an associate's degree. So in order to counter that position, it's worth thinking about just how much the spa and wellness industry has grown in the last couple of decades.
When I left the medical industry behind in the mid-1990s, the spa industry was still considered as little more than an expensive and very occasional indulgence, a pampering treat for "ladies who lunch" rather than an integral part of overall wellness for anyone who wants it. The wellness side of the business wasn't even in its infancy. How times have changed.
Thanks to the explosive growth in the understanding of nutrition, the benefits of alternative medicine, and general maintenance of wellness through treatments like massage and facials, the industry has moved from the fringes to the mainstream. And more importantly, it has become profitable at almost every level.
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