III. Industry Analysis
The Massage Services industry has grown over the past five years. Given the discretionary characteristics of industry services, the increase in per capita disposable income during the period has provided consumers with the means to afford massages. In addition, overall consumer spending is expected to rise at an annualized rate of 2.9%, further benefiting industry operators. As a result, industry revenue is anticipated to increase at an annualized rate of 4.7%.
The relationship between industry operators and the healthcare sector has continued to grow, driving rising demand for industry services over the period. According to the American Massage Therapy Association (AMTA), the number of massage therapists who receive referrals from healthcare professionals has steadily increased during the period. Combined with rising consumer income levels, the strengthened relationship between industry operators and the healthcare sector drove industry revenue and profit growth during the past five years.
Moreover, the aging of the US population is also forecast to benefit the industry because people aged 35 and older make up a significant and stable market for massage services. The number of adults aged 20 to 64 is expected to increase at an annualized rate of 0.2% in the next five years, expanding the potential customer base for domestic massage therapists and boosting industry revenue.