Insights With Trent Munday

The 4 Stages of a Business or Industry Lifecycle are Emergence - Growth - Maturity - Decline. Somewhere between Maturity and Decline, it must find a way to reinvent, reinvigorate itself to find a new way forward and start a new curve. If it fails, then the end is inevitable. The Spa Industry has Emerged and Grown. It is now at the Maturity stage. However, it is missing one of the key characteristics of a Mature industry. Namely, Consolidation. By and large, we are still a fragmented industry. That should represent an opportunity for consolidation, which it does. However, if the Industry is on the tail end of it's Maturity phase, as I would suggest it is, who is going to want to consolidate in a declining Industry? So what's the answer? Innovate, Tweak, Pivot, Reinvent. The COVID 19 crisis has not caused the Spa Industry's issues. But it has revealed them. Don't kid yourself that all will be ok if you can just survive this current COVID 19 downturn. Now, more than ever, the Spa Industry needs to fin