MEITUAN(HK:03690) 艾瑞咨询·2025-10-19 00:06Core Viewpoint - The Chinese massage and foot therapy industry is experiencing significant growth and structural upgrades driven by the "Healthy China 2030" strategy and increasing health awareness among the public, with the market expected to exceed 730 billion by 2026 and online user penetration surpassing 45% [1][2]. Market Size and Trends - By 2026, the user base in the massage and foot therapy industry is projected to reach approximately 250 million, with nearly 30 billion orders and a transaction value exceeding 730 billion [2]. - The industry has entered a stable and mature development phase, with online platforms becoming a crucial part of its growth [2]. Industry Development and Growth - The therapeutic wellness segment is becoming the growth engine of the industry, driven by the aging population, increased demand for body care, and chronic disease management [6]. - The shift in consumer health awareness from "leisure and relaxation" to "proactive wellness" is accelerating the development of therapeutic wellness services [6]. Market Concentration - The therapeutic wellness market remains fragmented, but leading brands in high-tier cities are expanding rapidly, contributing to an increase in market concentration [10]. - The top 10 brands in the therapeutic wellness sector have seen their order share rise from 9.8% in 2020 to 13.5% in 2025, indicating a gradual increase in concentration [10]. Store Growth Distribution - The number of therapeutic wellness stores is growing rapidly, with first-tier and new first-tier cities averaging a growth rate of around 20% [15]. - The growth rates in second-tier and third-tier cities are 26.9% and 44.1%, respectively, driven by policy support and market gaps [15]. User Characteristics - The user base is increasingly female and younger, with diverse needs driving continuous growth in the industry [38]. - Women are more health-conscious and willing to invest in wellness services, with full-time mothers and young professionals showing significant engagement [38]. Female-Friendly Services - The "healing + social" model in female-friendly stores meets women's needs for a safe, comfortable, and private therapeutic experience [41]. Consumption Trends - Users are increasingly engaging in high-frequency consumption, with those making three or more transactions contributing 43.7% of the industry's gross transaction value [47]. - High-net-worth individuals are showing stable growth in the therapeutic wellness sector [47]. Project Supply - Massage and therapeutic services are the core offerings, with the highest profit margins coming from combinations like massage + moxibustion [27][29]. Technician Influence - The professional skills of technicians are a core driving force in the therapeutic wellness sector, directly impacting service quality and customer trust [32]. Purchase Experience - Female users often prefer to make their first purchase directly in-store, while younger women are more inclined to use online platforms for group purchases [80].