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: establishing hotel product for new markets

Hotel brands are expanding across new and exciting global markets in Africa, Asia and the Middle East. In order to fully exploit these vast opportunities, brands must first analyse the needs and expectations in their chosen location. A successful product will be established in a way that embraces the ideas emerging from these unique markets and will avoid using a “cookie-cutter” approach.

Brands are adapting their business strategies to incorporate a sense of place, while maintaining the standards and services which differentiate them from their competitors. This briefing includes case studies and comments from:

  • Patrick Fitzgibbon, SVP- Development, Europe and Africa at Hilton Worldwide on giving an African flavour to their services
  • Jean-Jacques Dessors, COO – Middle East, Africa, Indian Ocean & Caribbean Island, Accor SA on responding to market needs
  • Susan Harmsworth, founder of ESPA on marrying brand standards with a strong sense of place
  • Darroch Crawford, Managing Director of Premier Inn Hotels LLC on tweaking a product to fit the market

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

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