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Indian Spa Association supports FICCI Wellness Conference
 

Indian Spa Association supports FICCI Wellness Conference

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Knowledge Partner Supported by Spas india & Indian Spa Association ...

Knowledge Partner Supported by Spas india & Indian Spa Association
www.spasindia.com & www.IndianSpaAssociation.com

Wellness is being heralded as the sunrise industry of the 21st century. Rising consumer income, along with increasing discretionary spending and changing lifestyles has given rise to individual awareness and spending on Wellness. But what does “Wellness” really mean? At first glance, Wellness is the overall fulfillment of an individual’s needs, which could range from basic physical health, nutrition and exercise to esteem- and aesthetic-based needs such as beauty, social lifestyle and mental peace. Although certain human needs are basic and constant, evolving lifestyle trends have revolutionized the human mindset, and a great deal of importance is now attached to concepts such as Wellness. Currently, the approach to Wellness is proactive rather than reactive.
While Ayurveda, health foods and drinks and tonics have traditionally been integral to the Indian diet,
Indians are now increasingly looking at new avenues of Wellness, in line with their proactive approach. In order to maintain and improve their Wellness, they engage in activities such as regular exercise, massage therapies and counseling. Even on the supply side, industry players are increasingly moving away from “curative wellbeing” to “preventive and lifestyle wellbeing” by providing services ranging from health-oriented hospitals, pharmacies and alternative therapies to rejuvenation based spas and yoga centers and beauty-based salons, gyms and cosmetic procedures. Increased consumer focus, along with favorable supply dynamics, has put the Wellness industry in a sweet spot. Going forward, as per Ernst & Young (EY) research, this industry is likely to feature among the country’s fastest growing businesses.
Key Wellness segments
Wellness can be segmented into two broad categories: physical and social.
1. Physical Wellness includes all activities related to fitness and the prevention of physical ailments.
2. Social Wellness encompasses elements of mental, emotional and lifestyle wellbeing, and social Wellness services primarily cater to needs such as esteem, aesthetics and self-realization.
More than 30 products and services fall under the gamut of Wellness. These can be classified into the following sub-categories:
• Allopathy: This includes hospitals and pharmacies.
• Alternative therapies: These include Ayurvedic medicines, products and treatments.
• Nutrition: This sub-category includes dietary supplements and health and convenience foods.
• Rejuvenation: This includes spas and yoga centers.
• Exercise and fitness: Gyms and slimming centers fall under this sub-category.
• Beauty: Beauty-based services include salons and cosmetic procedures (both surgical and nonsurgical).
• Counseling: This sub-category encompasses professional counseling on nutrition, diet and
emotional wellbeing.
• Holidays: This includes travel services.
India’s Wellness industry: potential
Driven by the country’s current demand and supply dynamics, India’s Wellness industry is poised to grow at a double-digit rate over the next five years, with certain sectors, such as spas and beauty treatments, projected to grow at more than 35–40%. Moreover, given that few organized players currently exist in most Wellness segments, the opportunity for corporate and organized players is significant. Further, when positioned in the global context, Wellness in India is well below the international average of not only developed economies but also emerging economies such as China and Brazil. India’s Wellness story is at its tipping point, a period when players can tap into, exploit, and be part of, this potentially lucrative industry.
India’s Wellness industry: growth drivers
Demand-based factors
• Seamless international mobility following an increase in the frequency of international travel and expanded reach has enhanced awarene

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    Indian Spa Association supports FICCI Wellness Conference Indian Spa Association supports FICCI Wellness Conference Document Transcript

    • Supported by Media Partner Knowledge Partner Hotel Partner
    • W Key Wellness segments ellness is being heralded as the sunrise industry of the 21st century. Rising consumer income, along with increasing discretionary spending Wellness can be segmented into two broad and changing lifestyles has given rise to individual categories: physical and social. awareness and spending on Wellness. But what does 1. Physical Wellness includes all activities related to “Wellness” really mean? At first glance, Wellness is fitness and the prevention of physical ailments. the overall fulfillment of an individual’s needs, which 2. Social Wellness encompasses elements of could range from basic physical health, nutrition and mental, emotional and lifestyle wellbeing, and exercise to esteem- and aesthetic-based needs such social Wellness services primarily cater to needs as beauty, social lifestyle and mental peace. such as esteem, aesthetics and self-realization. More than 30 products and services fall under the gamut of Wellness. These can be classified into the following sub-categories: • Allopathy: This includes hospitals and pharmacies. • Alternative therapies: These include Ayurvedic medicines, products and treatments. • Nutrition: This sub-category includes dietary supplements and health and convenience foods. • Rejuvenation: This includes spas and yoga centers. • Exercise and fitness: Gyms and slimming centers Although certain human needs are basic and constant, fall under this sub-category. evolving lifestyle trends have revolutionized the • Beauty: Beauty-based services include salons human mindset, and a great deal of importance is now and cosmetic procedures (both surgical and non- attached to concepts such as Wellness. Currently, the surgical). approach to Wellness is proactive rather than reactive. • Counseling: This sub-category encompasses While Ayurveda, health foods and drinks and tonics professional counseling on nutrition, diet and have traditionally been integral to the Indian diet, emotional wellbeing. Indians are now increasingly looking at new avenues • Holidays: This includes travel services. of Wellness, in line with their proactive approach. In order to maintain and improve their Wellness, they India’s Wellness industry: potential engage in activities such as regular exercise, massage therapies and counseling. Driven by the country’s current demand and supply dynamics, India’s Wellness industry is poised to grow Even on the supply side, industry players are at a double-digit rate over the next five years, with increasingly moving away from “curative wellbeing” certain sectors, such as spas and beauty treatments, to “preventive and lifestyle wellbeing” by providing services ranging from health-oriented hospitals, pharmacies and alternative therapies to rejuvenation- based spas and yoga centers and beauty-based salons, gyms and cosmetic procedures. Increased consumer focus, along with favorable supply dynamics, has put the Wellness industry in a sweet spot. Going forward, as per Ernst & Young (EY) research, this industry is likely to feature among the country’s fastest growing businesses.
    • Key questions for a Wellness player projected to grow at more than 35–40%. Moreover, given that few organized players currently exist in most Wellness segments, the opportunity for Given the dynamic and ever-evolving nature of the corporate and organized players is significant. Wellness industry, most players are faced with the following key questions: Further, when positioned in the global context, • What are the key observations one can draw from Wellness in India the international market and bring to the Indian is well below market? the international • What is the current average of not status of India’s only developed Wellness industry? economies but How is this going to also emerging change? economies such as • Is the Wellness industry China and Brazil. recognized? If yes, by India’s Wellness which authority? What story is at its tipping point, a period when players are the regulatory can tap into, exploit, and be part of, this potentially requirements, if any, lucrative industry. which one needs to be aware of? India’s Wellness industry: growth drivers • How does one identify the latent needs of customers, and how does one Demand-based factors align and integrate one’s products and services • Seamless international mobility following an with customer preferences and trends? increase in the frequency of international travel • How can one create a sustainable and expandable and expanded reach has enhanced awareness. business in this niche market? • The incorporation of consumer credit, along • Considering the industry’s high-customer with increased disposable income and higher involvement, current industry status and other discretionary spending has given impetus to risk factors, what are the different growth models conspicuous consumption. that can be adopted? • People are increasingly working toward holistic Wellness, which includes not only physical Objectives Wellness, but also emotional and social Wellness. Outline the definition of Wellness and analyze the • Contemporary lifestyle trends are driving the areas that players should look at for growth need for convenience, but with a predominant • Identify the changing trends influencing shifts in health angle. the consumer mindset and the industry, from a • Supply-based factors “preventive” to “curative” approach • Industry players are currently exploring multiple • Highlight the fine line between healthcare and new channels — from niche single-service stores Wellness to complete one-stop stores — to offer a variety • Identify the various challenges the industry faces, of Wellness-based products and services. • Media channels have increased their focus on Wellness-based programs, thereby providing a platform to increase public awareness and also to showcase innovative products and services. • Multiple international companies are entering the Indian market to cash in on the Wellness boom, thus further expanding the market.
    • infrastructure, paucity of qualified human capital and high advertising and promotion costs • Identify mitigating factors for the industry’s challenges and ways to convert them into lucrative opportunities to fuel the growth of India’s Wellness space • To bring together various stakeholders such as organized and unorganized players, relevant government and regulatory bodies, educational institutes, researchers, experts and analysts • To identify various international best practices which are related to quality and accreditation, and assess ways to replicate them in the Indian competition from other countries, suitable market. ABOUT FICCI Set up in 1927, FICCI is the largest and oldest apex business organization of Indian business. Its history is very closely interwoven with the freedom movement. FICCI inspired economic nationalism as a political tool to fight against discriminatory economic policies. FICCI’s commitment is now directed at changing the economic landscape of India, through reforms that expand the space for private sector and public private partnerships. FICCI is the rallying point for free enterprises in India. It has empowered Indian businesses, in the changing times, to shore up their competitiveness and enhance their global reach. With a nationwide membership of over 1500 corporates and over 500 chambers of commerce and business associations, FICCI espouses the shared vision of Indian businesses and speaks directly and indirectly for over 2,50,000 business units. It has an expanding direct membership of enterprises drawn from large, medium, small and tiny segments of manufacturing, distributive trade and services. FICCI maintains the lead as the proactive business solution provider through research, interactions at the highest political level and global networking. In the knowledge-driven globalized economy, FICCI stands for quality, competitiveness, transparency, accountability and business-government-civil society partnership to spread ethics-based business practices and to enhance the quality of life of the common people. For further details please contact: Amita Kardile Federation of Indian Chambers of Commerce & Industry, Western Regional Council (FICCI WRC), Krishnamai, Plot No. 33-B, Sir Pochkhanwala Road, Worli, Mumbai 400 030 India. Tel: +91 - 22 - 2496 8000 - Extn: 127. Fax: +91 - 22 - 2496 6631 - 32 Email: amitak@ficci.com • Website: www.ficci.com