It's saturated market with not-so-great economy, holding onto cash or your saving is highly recommended....or rather invest if you are well equipped..
We seek for value though, whether business thrives or not, it's about experience and how they treat clients, some will still do well, while others' won't.
One spa in my area had steady amount of clients but their parking lot was practically empty past few days - at least when i was driving by - and even saw closing early, so it is definitely happening to some. If they don't have backup or exit plan, it won't be fun....