The world wellness market grew 12.8 percent in the last two years according to the Global Wellness Institute’s (GWI) 2018 Global Wellness Economy Monitor.
What was a $3.7 trillion industry in 2015 was worth $4.2 trillion in 2017, meaning consumer spend on wellness is now more than half as much as total global health expenditures ($7.3 trillion). The wellness market is growing at an historic rate – nearly twice as fast as global economy. Of the 10 markets that comprise the global wellness economy, every single one – from wellness tourism to fitness and mind-body to workplace wellness – has demonstrated significant recent growth.
The report, released at the annual Global Wellness Summit, revealed the wellness industry now represents 5.3 per cent of global economic output. Revenue growth leaders from 2015-2017 were the spa industry (at 9.8 per cent) and wellness tourism (at 6.5 per cent).
Katherine Johnston, senior research fellow at the GWI, says: “Once upon a time, our contact with wellness was occasional: we went to the gym or got a massage. This is changing fast. A wellness mindset is starting to permeate the global consumer consciousness, affecting people’s daily decision-making. Wellness is evolving from rarely to daily, from a luxury to a dominant lifestyle value. And that profound shift is driving powerful growth.”
Spa facility revenues are now at $93.6 billion yearly and spa locations jumped from 121,595 in 2015 to more than 149,000 in 2017, employing nearly 2.6 million workers.
“In the face of longer lifespans, and rising chronic disease, stress and unhappiness, we only see growth for wellness ahead,” said Ophelia Yeung, senior research fellow, GWI. “But the wellness market isn’t just growing, it’s extremely dynamic. We believe that wellness markets will become less siloed and more interconnected, converging to offer solutions and experiences in the places where people live, work and travel.”
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