Global Wellness Economy set to reach £5.25 Trillion by 2025
New research from the Global Wellness Institute (GWI), released at the 2021 Global Wellness Summit in Boston, USA, revealed that despite growing to a record $4.9 trillion (£3.7 trillion) in 2019, the global wellness market fell to $4.4 trillion (£3.3 trillion ) during the pandemic year.
Despite the drop in the market, the GWI predicts the global wellness economy is set to grow by 10% annually through to 2025, when it will stand at $7 trillion (£5.25 trillion) thanks to major shift in values for consumers, governments and the medical world as wellness takes on an important role during and post-pandemic.
The UK ranked number nine in the top wellness tourism destination markets and was responsible for $9 billion (£6.76 billion) worth of industry spending in 2020 despite seeing a 40.4% fall from 2019-2020. European destinations such as France and Switzerland made up nine of the top 20 destinations.
Europe also ranked second in the personal care and beauty market, defined as consumer spending on products and services for personal hygiene and appearance, including beauty salons, with $273.6 billion (£205.5 billion) spent in 2020, a 9.9% decrease from 2019.
The personal care and beauty market saw the most spending in 2020, despite seeing a 13% decrease overall, and spending in this market it set to see 8.2% annual growth from 2020-2025.
The spa industry saw significant growth from 2017 to 2019, growing at an 8.7% annual rate. Despite revenue dropping by 39% due to restrictions during the pandemic, with over 4,000 day spas forced to close their doors globally, the industry is set to make a fast recovery and is predicted a 17% market growth annually between 2020 and 2025, as well as being set to double revenue.
Whilst revenue in destination spas saw a dramatic hit during the pandemic year (falling 42%), an estimates 22 new locations were opened worldwide, with more consumers searching for a wellness aspect to their travel plans.
The UK market ranked sixth in the top spa markets globally, as many consumers turned staycations and wellness based short trips without the need to travel abroad during the pandemic year, when restrictions allowed.
Access the full report on the GWI’s website here.
In addition to releasing the report, the GWI announced a new digital film series about the world of wellness, in collaboration with BBC StoryWorks.
The series is set to be produced ahead of the 2022 summit in Tel Aviv, Israel, and looks to inform, educate, and entertain a large online audience, challenging the perception that wellness is only for a select group, and raising awareness of the importance and impact of wellness on societies around the world.
Simon Shelley, vice president programme partnerships at BBC StoryWorks, said he hopes the series will “bring a new comprehension of wellness to our global audiences, and start a deeper conversation about integrated, personalised health.”
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