ISPA Perseveres Through Tough Economy
LEXINGTON, Ky. – Members of the International SPA Association are withstanding the current economic climate, according to a recent survey of ISPA members. ISPA conducted a member snapshot survey in October 2008 requesting year-to-date data relating to spa visits, revenue and profit change. Contrary to the current economic struggles many industries are facing, members of ISPA have proven that their businesses are stable as people are seeking out a place to de-stress and relax in these uncertain times.
- Change in Spa Visits: 40 percent of ISPA member spas say that spa visits are up while 11 percent report no change in the number of visits their spa receives.
- Revenue Change: 48 percent have seen an increase in their gross revenue while 10 percent have not had any change.
- Profit Change: 47 percent say that profits are up compared to last year, and 18 percent report having experienced no change in their profit.
Another study conducted by ISPA found that the average annual visits per spa that ISPA members experienced came in at 16,900 versus 6,900 visits for nonmembers. More visits equals more business and revenue for ISPA members; it literally pays to be a member as they make an average of $175 in revenue per visit while nonmembers only garner $121.
“We had been hearing from our members that visits were steady and this survey confirms those reports,” said ISPA President Lynne McNees. “We are proud to report that our members are seeing steady growth in the number of visits and revenue their spas are receiving. With the increased stress resulting from the state of the economy, it is important to take time out and care for yourself. In fact, reducing and relieving stress is the number one reason that people go to spas. We will be directly addressing the economy at the annual ISPA Conference & Expo, held Nov. 10-13 in Las Vegas, to provide the spa community with the education it needs to continue on this upward path. “
When members were asked about actions they are taking to increase revenue, responses focused on training, education and creative marketing. Many spas are investing in their employees training and education to provide a better client experience and build loyal relationships that result in less turnover. Spas are creating new promotions and forming community partnerships to identify cost-effective promotions.
About the International SPA Association
ISPA is recognized worldwide as the leading professional organization and voice of the spa industry. Founded in 1991, ISPA advances the spa industry by providing invaluable educational and networking opportunities, promoting the value of the spa experience and speaking as the authoritative voice to foster professionalism and growth. More details on ISPA are available on www.experienceispa.com.
Spas are places devoted to enhancing overall well-being through a variety of professional services that encourage the renewal of mind, body and spirit.