Wellness – A surging $3.4 trillion market
The Global Wellness Institute’s 2014 report has revealed that Wellness is a US$3.4 trillion industry. The Global Spa & Wellness Economy Monitor shows that there has been rapid growth of the industry in recent years, which the report attributes to population aging, economic prosperity in emerging economies, and the stresses and strains of modern living. The spa industry alone has grown more than 50% from US$60 billion in 2007 to US$94 billion in 2013.
The Institute’s study covers spas, wellness tourism and thermal/mineral springs. It suggest that wellness tourists, which it defines as tourists seeking activities to, “maintain or enhance their personal wellbeing,” spend 59% more than the average tourist.
Asia now has the largest number of spas globally, the report states, whilst Europe still receives the highest revenues from the industry at US$29.8 billion. Africa and Latin America have also seen rapid growth of spas. Asia is the leading region for the more traditional thermal and mineral springs, with a revenue of US$26.7 billion, most of which is produced by resorts in Japan and China.
In 2013 the spa industry had 1.9 million employees and the wellness industry had 14.5 million employees, according to the report.
The study predicts that growth in these industries will continue. It states: “As more and more consumers take preventative measures to maintain good-body health, prevent diseases, and to age well as they live longer, the demand for wellness industry products and services will only increase.”