The unveiling of the “ Big Five ” statistics has become a welcome ritual for an industry that has seen such strong growth in the decade following the Great Recession .
gain of three percent .
Of course , the growth indicated by these impressive figures must now be viewed within the context of the pandemic ’ s unprecedented economic impact . In the U . S . alone , unemployment rates jumped from below four percent into double digits , and the nation ’ s GDP fell by nearly a third in just a few months . Spas faced lengthy shutdowns and worked tirelessly to adapt to the demands of running businesses while keeping guests and staff safe . Most have reopened , but the industry continues to navigate an uncertain economic climate . It ’ s enough to make those end-of-year statistics from 2019 feel like they belong to another lifetime .
But in fact , it ’ s essential that this year ’ s Big Five not be disregarded or treated as irrelevant in light of the pandemic . Not only do those statistics offer us an opportunity to accurately evaluate the pandemic ’ s impact on the industry , but they also provide a clear
benchmark against which we can measure its recovery , which has already begun in earnest .
In the months and years to come , it is essential that ISPA continues to provide its members with the kinds of robust , methodologically sound research made possible by our foundation and our partnership with PwC . It allows spa leaders to act with confidence , knowing that their decisions are supported by high-quality data as they step toward the future . n
TO LEARN MORE about how you can support the ISPA Foundation and its invaluable research efforts , please contact Crystal Ducker at crystal . ducker @ ispastaff . com .
NOVEMBER / DECEMBER 2020 ■ PULSE 55