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GWI report shows wellness sector is booming
By Andy Knaggs 10 Oct 2018
Katherine Johnson and Ophelia Yeung presented the new report at this year's Global Wellness Summit in Italy on
The wellness economy is growing twice as quickly as general global economic growth, according to a new Global Wellness Economy Monitor report from the Global Wellness Institute (GWI).

The report shows that the wellness market grew by 12.8 per cent over the last two years – an annual increase of 6.4 per cent, as compared to a 3.6 per cent rate of global economic growth.

The market was worth US$4.2tn (€3.6tn, £3.2tn) in 2017, which represents more than half of all global health expenditures (US$7.3tn (€6.3tn, £5.5tn) and the wellness sector now represents 5.3 per cent of global economic output.

Such rates of growth strongly suggest wellness is becoming increasingly essential in people’s lives, rather than an occasional indulgence.

Breaking down the wellness economy into ten different sectors, the report goes on to establish revenue growth rates for each of these, with the spa economy (which includes facilities, education, consulting, associations, media and events) leading the way at 9.8 per cent growth (US$98.6bn (€85.6bn) in 2015; US$118.8bn (€103.2bn, £90.1bn) in 2017). Wellness Tourism and Wellness Real Estate have achieved revenue growth rates of 6.5 per cent and 6.4 per cent respectively.

Of the other seven sectors, six have recorded growth rates between 3.7 per cent and 4.9 per cent (personal care, beauty and anti-aging; healthy eating, nutrition and weight loss; fitness and mind-body; preventive and personalised medicine and public health; thermal/mineral springs; workplace wellness).

The seventh – traditional and complementary medicine – has been subject to a change in definition during the course of the period studied, with the likes of Ayurveda and Traditional Chinese Medicine added, so a formal growth rate can’t be provided. It is, however, a sector that was worth US$359.7bn (€312.4bn, £272.9bn) in 2017.

Looking ahead, the report predicts continued strong growth for wellness across all sectors, with projected growth rates as high as 8 per cent in specific fields between 2017 and 2022.

"The wellness market isn’t just growing, it’s extremely dynamic," said Ophelia Yeung, senior research fellow at GWI. "We believe that the three sectors that represent the core spheres of life will see the strongest growth - wellness real estate, workplace wellness and wellness tourism - while other sectors will also grow as they support the integration of wellness into all aspects of daily life. And wellness markets will become less siloed and more interconnected, converging to offer solutions and experiences in the places where people live, work and travel."

The full report is accessible here


News
1 to 12 of 7177 news stories
05 Dec 2019
The Global Wellness Summit (GWS) has announced the launch of its first podcast series, recorded live during the 2019 conference in Singapore. The 21-episode series features in-depth interviews with wellness speakers who attended the GWS ... More
04 Dec 2019
Victoria Beckham Beauty (VBB) has announced a partnership with stem-cell biomedical scientist, Prof Augustinus Bader. Originally from Germany, Bader is known for his eponymous skin-care range which uses patented stem-cell TFC8 technology, which took 30 ... More
03 Dec 2019
Four Seasons Hotel and Resorts has announced plans to add a fourth Mexican Resort – Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol – which is slated to open in 2022. ... More
03 Dec 2019
HRH The Prince of Wales has officially opened Monart Destination Spa’s first UK property – The Monart Spa - Poundbury, in Dorset. Owned by the Griffin Group, the seven treatment room spa has been built ... More
03 Dec 2019
Amrit Resort & Residences – due to open on Singer Island, Florida in Spring 2020 – has named industry veteran David Erlich as co-general manager, spa division. Set on over seven acres of the Atlantic ... More
02 Dec 2019
Bernhard Mayer-Klenk, founder of spa supplier Kemitron GmbH, passed away on 6 November 2019 at age 78. Kemitron is a German company specialising in the development and manufacture of high-quality products for the sauna, spa ... More
29 Nov 2019
The Chedi Club Tanah Gajah Ubud resort, Bali, is undergoing a change of management and a rebrand, with the handover scheduled for 1 January 2020. Owned by Singapore-based General Hotel Management (GHM), the 20-villa-property will ... More
02 Dec 2019
English hotel collection, De Vere, has announced a partnership with JustBe Botanicals. Spas at De Vere Tortworth Court and De Vere Cotswold Water Park have been selected to include JustBe Botanicals’ product line and six ... More
28 Nov 2019
Anantara has recently launched its first Mauritian destination – Iko Mauritius Resort and Villas – on Le Chaland beach, Mauritius. Owned by Currimjee Jeewanjee & Co, the 164-bedroom property resort was created by Australia-based Ground ... More
27 Nov 2019
SHA Wellness Clinic has announced the second phase of an ambitious global expansion plan, with SHA Emirates at AlJurf in Abu Dhabi, UAE, in partnership with Abu Dhabi-based place-maker IMKAN. The property will be the ... More
26 Nov 2019
Architect Alberto Apostoli is designing a new four-level spa for the Formentin Hotel, which is set to open next year. A historic thermal hotel built in 1911, the Formentin Hotel is located in the centre ... More
27 Nov 2019
Sangha Retreat by Octave Institute is offering a four or seven-day Traditional Spinal Alignment retreat at its wellness destination in Suzhou, China. The experience is claimed to correct vertebral alignment, improve mental and emotional wellbeing, ... More
     
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Jobs   News   Products   Magazine
NEWS
GWI report shows wellness sector is booming
POSTED 10 Oct 2018 . BY Andy Knaggs
Katherine Johnson and Ophelia Yeung presented the new report at this year's Global Wellness Summit in Italy on
The wellness economy is growing twice as quickly as general global economic growth, according to a new Global Wellness Economy Monitor report from the Global Wellness Institute (GWI).

The report shows that the wellness market grew by 12.8 per cent over the last two years – an annual increase of 6.4 per cent, as compared to a 3.6 per cent rate of global economic growth.

The market was worth US$4.2tn (€3.6tn, £3.2tn) in 2017, which represents more than half of all global health expenditures (US$7.3tn (€6.3tn, £5.5tn) and the wellness sector now represents 5.3 per cent of global economic output.

Such rates of growth strongly suggest wellness is becoming increasingly essential in people’s lives, rather than an occasional indulgence.

Breaking down the wellness economy into ten different sectors, the report goes on to establish revenue growth rates for each of these, with the spa economy (which includes facilities, education, consulting, associations, media and events) leading the way at 9.8 per cent growth (US$98.6bn (€85.6bn) in 2015; US$118.8bn (€103.2bn, £90.1bn) in 2017). Wellness Tourism and Wellness Real Estate have achieved revenue growth rates of 6.5 per cent and 6.4 per cent respectively.

Of the other seven sectors, six have recorded growth rates between 3.7 per cent and 4.9 per cent (personal care, beauty and anti-aging; healthy eating, nutrition and weight loss; fitness and mind-body; preventive and personalised medicine and public health; thermal/mineral springs; workplace wellness).

The seventh – traditional and complementary medicine – has been subject to a change in definition during the course of the period studied, with the likes of Ayurveda and Traditional Chinese Medicine added, so a formal growth rate can’t be provided. It is, however, a sector that was worth US$359.7bn (€312.4bn, £272.9bn) in 2017.

Looking ahead, the report predicts continued strong growth for wellness across all sectors, with projected growth rates as high as 8 per cent in specific fields between 2017 and 2022.

"The wellness market isn’t just growing, it’s extremely dynamic," said Ophelia Yeung, senior research fellow at GWI. "We believe that the three sectors that represent the core spheres of life will see the strongest growth - wellness real estate, workplace wellness and wellness tourism - while other sectors will also grow as they support the integration of wellness into all aspects of daily life. And wellness markets will become less siloed and more interconnected, converging to offer solutions and experiences in the places where people live, work and travel."

The full report is accessible here
RELATED STORIES
Global Wellness Institute to release in-depth analysis on global wellness economy


The Global Wellness Institute will release an in-depth update of its Global Wellness Economy Monitor at this year’s Global Wellness Summit, taking place at Technogym Village, Cesena, Italy, 6-8 October.
Tonia Callender joins Global Wellness Institute


Research expert Tonia Callender has joined the nonprofit Global Wellness Institute (GWI) as a research fellow. In the newly created position, Callender will work alongside senior research fellows Katherine Johnston and Ophelia Yeung on the new research underway at the GWI, analysing diverse markets within the nearly $US4tr global wellness industry.
GWI launches monthly virtual think tank series


The Global Wellness Institute (GWI) has launched access+INSIGHTS, a new series of monthly virtual video explorations of the most relevant topics impacting the US$3.7tr global wellness economy.
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The motherload of wellness content: GWI launches podcasts
The Global Wellness Summit (GWS) has announced the launch of its first podcast series, recorded live during the 2019 conference in Singapore.
Stem-cell specialist Augustinus Bader collaborates with Victoria Beckham Beauty
Victoria Beckham Beauty (VBB) has announced a partnership with stem-cell biomedical scientist, Prof Augustinus Bader.
Four Seasons to expand luxury Mexico collection
Four Seasons Hotel and Resorts has announced plans to add a fourth Mexican Resort – Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol – which is slated to open in 2022.
Prince Charles opens Monart’s first UK sister-site
Prince Charles has officially opened Monart Destination Spa’s first UK property – The Monart Spa - Poundbury, in Dorset.
Erlich, Silva to lead spa team at Florida’s upcoming Amrit Resort
Amrit Resort & Residences – due to open on Singer Island, Florida in Spring 2020 – has named industry veteran David Erlich as co-general manager, spa division.
Bernhard Mayer-Klenk, inventor of the experience shower, dies at 78
Bernhard Mayer-Klenk, founder of spa supplier Kemitron GmbH, passed away on 6 November 2019 at age 78.
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07 Dec 2019

TRX Trainer Summit 2019

University of Nottingham, Nottingham, United Kingdom
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