For the third year, the beauty and wellness software leader shares industry performance benchmarks and insights to help salons, spas, and medical spas grow their business
BELLEVUE, Wash., April 8, 2024 /PRNewswire-PRWeb/ -- Zenoti, the leading technology provider for the beauty and wellness industry, has released The 2024 Beauty and Wellness Benchmark Report, the only source of definitive benchmark data for salons, spas, and medical spas. This marks the third year Zenoti has developed the report as a critical growth resource for businesses across the industry.
The 2024 report highlights eight key metrics reflecting revenue growth, provider performance, and customer engagement. For each metric, Zenoti identifies data at three benchmark levels: top-earning businesses (the top 10%), high achievers (the top 25%), and the industry average.
The report also features insights into current trends, revealing strategies that business owners and managers can use to help guide their growth trajectory.
"With data now a requirement for true business growth, we're excited to share this year's report with the industry," says Sudheer Koneru, Zenoti CEO and co-founder. "We see the incredible value that deep data insights bring to our customers – data makes a difference. Benchmarks help every business owner compare to peers, identify high-impact strategies, and set achievable goals for growth, customer satisfaction, even staff happiness."
"I'm data obsessed and I think it's been a key to our success," says Zenoti customer Courtney Anderson, founder and award-winning owner of Spa Trouvé. "It's essential to know which areas of your business are growing, which are down, and how others in the industry are performing. There's so much value in knowing and tracking your numbers and I love that only Zenoti provides that data so easily."
"We have such a great passion for this industry," continues Koneru, "dating back to our start as wellness business owners, and we want to help every brand and person thrive. With our leadership position – 13 years and nearly 30,000 businesses – we feel an obligation to share these insights and are uniquely positioned to do so."
Inside the report
The 2024 Beauty and Wellness Benchmark Report covers seven business segments: salons, barbershops, nail salons, membership-focused spas, non-membership spas, medical spas, and waxing centers. This degree of segmentation makes it easy for nearly every beauty and wellness business to find benchmark data relevant to them.
With multiple benchmark levels for each metric, there are two dozen data points for each business segment – the result of exhaustive data collection and analysis.
"This year's report is a testament to our approach: combining data aggregation across systems, normalizing for accuracy, and using consistent data for year-over-year comparisons," explains Srinivas Karuturi, Chief Data Officer at Zenoti. "This ensures our analysis is comprehensive, reliable, and supports informed decision-making. The report is more than just numbers; it's a roadmap for future growth and innovation in the industry."
Key findings and trends
The report also details the business trends currently shaping beauty and wellness, including the continued expansion of membership revenue models, the online migration of gift card sales, and the role upselling plays in revenue growth.
"We know that overall industry growth slowed in 2023, at just five percent," says Koneru. "Understanding the trends that can move the needle further is a distinct advantage for business owners."
"For instance, nail salons are making a clear transition to membership revenue, which we point out in the report. A nail studio owner can see that and feel confident that now's a great time to implement and test a membership program. This is just part of the power of data."
The 2024 Beauty and Wellness Benchmark Report is currently available at the Zenoti website.
ABOUT ZENOTI
With the industry's most complete end-to-end software growth platform, Zenoti helps nearly 30,000 beauty, wellness, and fitness businesses across 50+ countries find their greatness. The choice of top salons, spas, medical spas, and fitness centers, Zenoti helps ambitious brands grow their business, elevate the guest experience, engage their talented staff, and work more efficiently than ever.
Business owners, managers, and staff use Zenoti to seamlessly run every aspect of their business, both online and in-person. Zenoti provides a single solution that includes online appointment booking, POS, CRM, employee management and engagement, inventory management, built-in marketing programs, and more. Zenoti is also the force behind the industry's premier live event, Innergize, which hosted more than 600 business leaders and innovators in 2023 and will be held in Las Vegas in 2024. For more about Zenoti, see zenoti.com.
Media Contact
Norm Schrager, Zenoti, 978.771.9976, [email protected], https://www.zenoti.com/
SOURCE Zenoti
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