How big is the global wellness economy 2024?

AI Frontline - The Future of Technology in 2024 by Jean & Jane

Global Wellness Economy Key Insights

Source: Global Wellness Institute (GWI) - Statistics & Facts (Accessed February 27, 2024)

Overview: The Global Wellness Institute is a leading research organization focused on the wellness industry. This briefing doc analyzes key data and insights from their latest reports, highlighting significant trends and statistics.

Key Themes:

1. Robust Growth of the Wellness Economy:

• Despite a pandemic-induced dip in 2020, the global wellness economy has rebounded strongly, reaching $5.6 trillion in 2022.
• "As the world continues to recover from the pandemic, GWI predicts that the wellness economy will return to its robust growth. We project 8.6% average annual growth, with the wellness economy reaching $8.5 trillion in 2027."
• This demonstrates a growing global awareness and prioritization of well-being.

1. Impact of COVID-19:

• While the pandemic negatively impacted certain sectors like tourism and spas initially, it also accelerated growth in areas like mental wellness and wellness real estate.
• "COVD-19 has accelerated the growing understanding among consumers and the building industry about the critical role that external environments play in our physical and mental health and well-being."
• The pandemic served as a catalyst, shifting consumer behavior and industry focus towards health and well-being.

1. Emerging Trends:

• Wellness real estate is experiencing explosive growth, with consumers increasingly seeking homes and communities designed for well-being.
• "Wellness real estate has been the fastest-growing sector in the wellness economy since before the pandemic, significantly outpacing projections and economic growth trends."
• Mental wellness is another rapidly expanding sector, reflecting a growing awareness of mental health and demand for solutions.

Important Facts & Figures:

• Largest Wellness Economy Sectors (2022):
• Personal Care & Beauty: $1,089 billion
• Healthy Eating, Nutrition, & Weight Loss: $1,079 billion
• Physical Activity: $976 billion
• Fastest Growing Sectors:
• Wellness Real Estate: $398 billion (2022), significant growth driven by pandemic-induced demand
• Mental Wellness: $181 billion (2022), fueled by increased awareness and demand for mental health solutions
• Wellness Tourism:
• While negatively impacted by the pandemic, wellness tourism is projected to grow at 16.6% annually, reaching $1.4 trillion in 2027.
• "International wellness tourists on average spent $1,764 per trip in 2022, 41% more than the typical international tourist." This highlights the higher spending power of wellness-focused travelers.
• Workplace Wellness:
• Despite its potential, workplace wellness remains underutilized, with only 10% of global workers having access to programs.
• GWI estimates significant economic losses due to workforce unwellness, highlighting the need for increased investment in this area.

Conclusion: The global wellness economy is a rapidly growing market driven by increasing consumer awareness and prioritization of well-being. The pandemic has further accelerated this trend, leading to significant growth in sectors like mental wellness and wellness real estate. As the focus on holistic health continues to rise, the wellness economy is poised for continued expansion in the coming years.

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