2023-11-11 23:56:51
Bloomberg — Wellness, or physical and mental well-being, is big global business, with revenues of $5.6 trillion in 2022, according to a new report from the Global Wellness Institute, one of the main groups in the sector. According to this nonprofit organization’s research, the sector has grown from $3.4 trillion in 2013; By 2027, it is expected to grow a further 57% to $8.5 trillion, roughly double Germany’s gross domestic product.
“We are amazed at the resilience of the global welfare economy and how quickly it has recovered from the pandemic,” Katherine Johnston, senior fellow at GWI, said in a press release.
There are varying estimates of the actual size of the wellness sector. For example, a frequently cited figure is $1.5 trillion, published by consulting firm McKinsey & Co. in 2021.
Wellness can be a confusing label for a wide variety of businesses. For its report, GWI defined the sector as “the active pursuit of activities, choices and lifestyles that lead to a state of comprehensive health.” In its study, GWI breaks down wellness into several broad categories, the largest of which – self-care and beauty – is valued at $1.08 trillion. This subsector includes skin care and hair and nail salons.
Just behind this category are healthy eating, nutrition and weight loss, with $1.07 trillion; This does not include the rapidly growing market for prescription weight loss drugs, such as Ozempic. Other GWI categories include wellness tourism, a $651 billion sector; physical activities, such as going to the gym; and public health, along with traditional and complementary medicine.
In one of the biggest changes since before the pandemic, spending on public health, prevention and personalized medicine rose the most, to $611 billion in 2022 from $358 billion in 2019. The report includes This metric tests for detection of Covid-19 and cancers.
One of the smaller sectors is “workplace well-being.” This consists of employer-designated programs aimed at boosting employee health and well-being, such as fitness and educational classes. Unlike many of the other sectors, this market has shrunk since 2019, from $52.2 billion to $50.6 billion in 2022, because more employees are now working from home and corporations have been cutting costs.
It is a different panorama for hotel companies, which are increasingly trying to capitalize on wellness tourism and the demand for spas. Kerzner, with luxury brands such as One&Only and individual properties such as Atlantis the Royal, is building a brand around this trend, with its first outlet opening in Dubai early next year: Siro will revolve around fitness, guests’ mental health, nutrition and sleep. He won’t be the only one. Equinox, previously known for its luxury gyms, opened its first hotel in New York’s Hudson Yards in 2019, with rooms described as “temples of regeneration”; In September, it was included in the first list of the 50 best hotels in the world.
The only other New York hotel on that list, Aman New York, has a three-story wellness wing that’s part spa, part doctor’s office. A Harvard-trained internist can analyze your blood work and prescribe “wellness immersion programs” that include hyperbaric oxygen therapy.
“All the big brands have come to terms with the idea that wellness is the new battleground for super-luxury hotels,” says Inge Theron, founder of Facegym, in an interview with Bloomberg earlier this year. “Where before it was regarding what restaurant concept you have, now it’s regarding what you do in the spa space. It’s no longer just regarding having a great pool, it’s now regarding what smart doctors and scientists you have on staff.”
As for who spends the most on well-being, the highest per capita spending is recorded in North America, with $5,108 per year, well above the $1,596 in Europe. All those gym memberships, haircuts, vitamins, spa visits, and yoga sessions add up.
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