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Highlights from the Global Spa Summit
The second annual Global Spa Summit, which took place in New York in May, brought together industry leaders and visionaries from all over the world. Top spa, wellness and hospitality executives gathered to discuss and shape the future of the global spa and wellness industry, exchange ideas and advance industry goals.
More than 220 industry leaders from around the globe attended this year’s Summit, which was highlighted by keynote speeches from famous hotelier Ian Schrager and Dr. Richard Carmona, the 17th Surgeon General of the United States and Vice Chairman of Canyon Ranch.
Another highlight was the presentation of the first-ever Global Spa Economy Report*. Prepared by SRI International, on behalf of The Global Spa Summit, the report estimated that the global spa economy is over $250 billion, of which $60.3 billion is in core spa industry revenues, such as spa facilities, capital investments, education, consulting, media, associations and events, and $194 billion is in spa related hospitality, tourism and real estate.
The report also found that 1.2 million workers were employed in more than 71,600 spas worldwide in 2007. During the same period, capital investment in spas approached $13 billion, with continued expansion on the horizon.
“For the first time ever, this report shows decision makers from investors to policymakers to the industry’s own leaders just how big the industry really is, and how integral it is to the global economy,” said SpaFinder CEO, and chairman of the board of the Global Spa Summit, Pete Ellis.
Excerpts from Dr. Carmona’s Keynote Address
In his memorable speech, Dr. Carmona, stressed the importance of disease prevention, reviewed his contributions to world health and disease prevention and discussed how he continues to contribute to the same causes through his new position as Vice Chairman of Canyon Ranch.
“Today, the United States spends more by far on health care than any nation in the world,” Dr. Carmona said. “Nobody is even close. Yet, when you look at the health metrics of the United States – life expectancy, maternal child mortality, and vaccination rates, to name a few variables – we generally rank between about 25th and 40th in the world. That’s a ‘disconnect’. We obviously aren’t spending our money effectively and efficiently when we have that much disease burden, that much economic burden, 50 million people without insurance, and an increasing disease and economic burden.”
“We are a nation and a world that has a disease burden that is largely preventable. In the United States, we spend over 16 percent of our gross national product on healthcare. That’s $2.1 trillion a year. With the trajectory that we’re on today, if we don’t break that cycle, within the decade we’ll be spending over $4 trillion, over 20 percent of our gross national product, and the legacy we’ll leave our children is unsustainable.”
“In the spa industry we have the privilege and ability to immerse our guests in glorious, transformational experiences that enhance our businesses. And through return guest visits we can motivate behavioral change that potentially results in improved life expectancy, quality of life and decreased cost of care.”
*The Global Spa Economy Report is available for purchase, please inquire at research@globalspasummit.org
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