The med spa industry is one of the fastest-growing sectors in the American economy. In 2019, the industry was valued at $13.82 billion, and it’s projected to grow to $47.14 billion by 2030. Understanding the market trends allows med spa companies to serve more clientele and increase their revenue.
Positive Outlook for the Med Spa Industry
During a time when people spend more time at home than ever before, certain industries suffered. Businesses that offered in-person services saw dramatic decreases in revenue, and many had to permanently close their doors.
And although the med spa industry should have suffered due to the COVID-19 pandemic, it didn’t. On the contrary, med spas across the nation not only survived, but they thrived.
Med spas provide soothing spa treatments as well as cosmetic medical procedures, focusing on the holistic health and well-being of their clients. Combining a national increase in stress levels, regular video calls for work-from-home professionals, more free time, and more disposable income, many Americans have opted to choose med spa services as an outlet for stress relief and self-care.
Below, we’ll share the top five trends shaping the growing med spa industry and how you can take advantage of these trends to grow your business.
1. Med Spa Memberships
Med Spa experiences help people feel beautiful and to love their skin and bodies. Many med spa regulars choose these treatments because they reduce stress and contribute to a person’s total wellness. For these reasons (and more), many med spas have incorporated subscription and membership models in their marketing strategies.
Membership models encourage members to commit to your med spa services. This model provides consistent, stable streams of income for your business. Memberships also foster long-term relationships, which boost loyalty and increase the sales of your goods and services.
You can customize the membership to fit your business’s needs. Memberships could include monthly specials, discounts, or exclusive scheduling benefits. Create scaled memberships that allow members to choose the benefits they want at prices that fit their budgets. Dream of the perks your clientele would love and include them in your packages.
Med Spa memberships encourage consistent business from your clients, and they enjoy the total-health benefits of regular med spa treatments.
2. Facial Treatments are More Popular Than Ever
Video calls have replaced in-person office meetings, family gatherings, and even classrooms. People are using screens to connect, which means they’re staring at their faces more than ever. With an increased focus on how they present themselves, Americans of all ages are seeking out ways to improve their appearance. Med spas are in prime position to meet these needs and market to clients looking for facial services.
Many of today’s popular med spa treatments target the face and neck, which is exactly what clients are seeking out. Thanks to the COVID-19 pandemic, many people have experienced irritation from constantly wearing face masks. Additionally, video-calling is at an all-time high, which means people are focusing on how their faces and necks appear on-screen.
As a result, med spas have seen a significant uptick in the number of face and neck treatments their clients are purchasing. Take note of this surge in demand and promote your facial services. Clients want treatments that help them look fresh on-screen, and you can meet those needs with your med spa services.
3. Minimally Invasive Treatments are on the Rise
The demand for minimally and non-invasive med spa treatments continues to grow. Non-invasive procedures provide several benefits over invasive surgeries:
- Lower cost
- Fast results
- Little or no recovery time
Unlike cosmetic surgeries, med spa treatments can be done in as little as a few minutes. Clients enjoy a calming atmosphere and avoid the stresses associated with outpatient cosmetic surgery procedures.
Non-invasive procedures provide significant results with much less financial and emotional investment than plastic surgery or other cosmetic procedures. According to the International Association for Physicians in Aesthetic Medicine, the top five non-invasive treatments are as follows:
- Hyaluronic Acid
- Hair Removal
- Nonsurgical Fat Reduction
Minimally invasive and non-invasive treatments make the med spa experience accessible to more people than ever before. Now a client can decide on a treatment on one day and have it done the same day or the next. Non-invasive procedures help men and women alike feel great about themselves without significantly interrupting their schedules. Med spas provide a service, then the client can run errands or even return to work immediately after it’s done.
Minimally invasive treatments can provide near-instant results to people looking for a boost in their appearance, making these procedures attractive to med spas and clients alike.
4. Increased Focus on Natural-Looking Results
In one beauty industry study, women across all age brackets describe beauty with the word “natural.” In fact, it was the most popular term among those surveyed. The med spa industry should heed this data to best serve its clientele.
Med spa clients want treatments that enhance their beauty with natural-looking results. Botox has long been a popular med spa treatment, and now younger clients utilize the injection to stave off fine lines and wrinkles. Preventative Botox injections are mainstream for women between the ages of 20 and 39 largely because the results are so natural looking.
Social media usage is at its highest point, and there’s no denying the link between social media and self-worth and body image. When users post on their socials, they want to put their best foot –– and face –– forward. Med spas provide beauty enhancement that doesn’t look fake or unnatural, making these offices ideal destinations for anyone looking to love their reflection and want a natural-looking boost.
5. Med Spa Clients Want Financing Options
As we noted above, med spas make aesthetic enhancement more accessible than ever, especially when compared to cosmetic surgery centers. But for some clients, a lack of cash on hand inhibits their ability to enjoy the stress-reducing, self-esteem-boosting benefits of med spa treatments.
Consumer financing options enable med spas to provide services to a wider breadth of clients regardless of the client’s ability to pay in advance, in full. United Consumer Financial Services offers decades of financing experience to med spas seeking out point-of-sale financing. Your med spa business will immediately benefit from working with a professional financing firm like UCFS with the following advantages:
- Additional payment methods that offer greater access and convenience for your clients with low monthly payments
- Financing in amounts of $1,000 to $10,000
- Quick approval to streamline scheduling or provide immediate treatment
- Pay only when you use the financing. No registration fees, no setup fees, no monthly fees.
These benefits and more draw businesses like yours to utilize UCFS’s med spa consumer financing services. And your clients will benefit as well. With affordable monthly payments and friendly customer service, your med spa clientele can confidently choose their treatments and love their reflection without dipping into their savings account or charging their credit card.
The med spa industry is growing with no signs of slowing down. Staying on top of the latest trends prepares you to meet client needs. Offering consumer financing gives you a competitive advantage that draws clients to your center and empowers them to choose the services they want on the same day. When you’re ready to take advantage of all that consumer financing can do for your med spa business, contact the team at UCFS.