According to a new American Med Spa Association (AmSpa) study, younger generations aged 18–34 are driving the medical spa boom as they are dedicated to prevention, and enjoy a non-clinical environment and short wait times that medical spas offer.
Since 2013, the U.S. medical spa industry has grown in revenue by more than 20% each year. As millennials age, they begin investing in non-invasive procedures, driving the $4 billion medical spa industry to potentially grow up to an additional 8% by 2020, according to AmSpa’s State of the Industry Report.
Currently, millennials have surpassed baby boomers in numbers, accounting for about 20% of medical spa patients, with that amount expected to grow as millennials enter prime income-earning years. With this continual growth, the AmSpa survey stated 50% of medical spa owners believe their revenues will increase by more than 10% this year.
“Today’s society is highly in influenced by Hollywood, where looking younger has become the best way to feel younger,” said Alex Theirsh, CEO and founder of AmSpa. “Consumers are very focused on the many affordable and ingenious ways to retain that feeling of vitality and youth.”