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.”

Briefing: China’s ground-breaking demand

The unrelenting growth of all industries in China is too much to ignore for the big hotel brands. Entering this market isn’t as simple as cut and pasting Western philosophies into the new cities. Strategic alliances need to be sought and alternative business techniques understood.

Of paramount importance is capitalising on a fast-growth market. Whether that be creating new brands or twisting existing ones, many brands are attempting to be malleable in this Chinese market.

In this briefing we hear from key experts on their thoughts about China. Including:

  • Ed Fuller, former President and Managing Director of Marriott International on the unprecedented growth in hotel development.
  • Yann Caillère, COO of Accor Hotels, on Accor’s strategy for tackling the Chinese market
  • Chris Boulton, CEO of yoo on demand for hotels, particularly branded ones.
  • And James Chappell, of Horwath HTL, on a different development perspective in Asia.

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Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interviews from industry conferences such as the most recent IHIF conference as well as specific Hospitality Channel shoots.

Briefing: global market conditions for deal-activity

Confidence in the hospitality deal-making market seems to be picking up. The volume of deals has lagged in the past few years, but has hospitality finally turned a corner? Many believe the industry is now slowly picking up again. The relief for all is paramount.

What markets will see the quickest growth in activity? Have we seen the worst of a flat market? What are the market conditions required for deal-activity? These questions are all answered in this week’s briefing, including comment from:

  • Frank Croston, Partner at Hamilton Hotel Partners, on what markets he sees picking up first.
  • Peter Malone, Managing Director of Madison Mayfair, on deal-activity finally being seen in the marketplace.
  • Clive Hillier, CEO of Vision Hospitality Asset Management, on the market that is no longer falling.
  • And James Chappell, Global Marketing Director at Horwath HTL, on the continued need for confidence in the hospitality market.
 


If you’ve been sent to this page but you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do so here. It’s free.

Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interviews from industry conferences such as the most recent IHIF conference as well as specific Hospitality Channel shoots.

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