Overview:
The Global Wellness Institute’s (GWI) latest research forecasts substantial growth in the wellness sector, projecting the total wellness economy to reach $8.5 trillion by 2027. The report indicates that wellness spending is set to outpace the global GDP growth, growing at an annual rate of 8.6%, fueled by increased consumer interest in health, a focus on prevention by the medical industry, and government initiatives.
Key Growth Sectors:
Wellness Real Estate (17.4% annually):
Wellness real estate, encompassing buildings, neighborhoods, and communities designed for holistic health, has experienced accelerated growth post-pandemic.
Consumers, recognizing the impact of their environment on well-being, seek spaces with wellness features, leading to an increased demand for amenities like recovery products, gym equipment, and social engagement zones.
Leading players like Life Time are integrating fitness, wellness, and luxury residences, making healthy building features an expectation rather than a luxury.
Wellness Tourism (16.6% annually):
Despite challenges during the COVID-19 pandemic, wellness tourism is making a comeback as one of the fastest-growing sectors in the wellness economy.
Tourists are willing to spend more on wellness-seeking activities, and companies like Equinox are expanding into the hospitality industry to offer comprehensive wellness experiences.
Airlines, such as United collaborating with Therabody, are incorporating wellness touchpoints, indicating a growing trend of incorporating wellness into travel experiences.
Mental Wellness (12.8% annually):
Mental wellness has shown resilience and consistent growth, becoming a focal point for consumers seeking solutions to cope with stresses, especially during the pandemic.
Products and experiences promoting a mind-body connection, including self-help guides, aromatherapy, stress gadgets, and functional food, are gaining popularity.
The sector overlaps with wellness tourism, with consumers seeking sensory-based entertainment like forest bathing, laughter yoga, and flotation tanks.
