Wellness- A Global Mission
The Global Wellness Institute defines wellness as the active pursuit of activities, choices and lifestyles that lead to a state of holistic health. The world is increasingly moving towards spiritual awakening, with people leaning more and more towards a healthy lifestyle and balanced mental state. To fulfill this sudden yet raging demand, the wellness industry has risen to the occasion. According to a study conducted by The Global Wellness Institute in 2019, the wellness industry is now worth a whopping $4.5 trillion. Wellness is not just limited to a state of mind anymore- its reach has become quite widespread in past years.
Global consumers are now quickly changing their outlook towards wellness. Current trends and findings suggest that health market provide lucrative arenas for development.
Many industries are now rapidly shifting gears to incorporate wellness in their portfolio to grab eyeballs. Wellness economy has roots in varied sectors such as corporate, tourism, hospitality, real estate, fitness, health foods, personal care & hygiene, traditional medicines like Ayurveda, spas & many more. According to the 2018 Global Wellness Economy Monitor, there are more than 740 wellness estate and community developments either built or in the works across 34 countries. It’s projected to grow 8% in the next five years, reaching over $197 billion by 2022. Amongst its vast sectors; spas, tourism and real estate has seen an unprecedented growth. These sectors are forecasted to grow exponentially with majority of millennial psyche aiming to live a balanced mind-body life. The wellness economy is more than half the size of all global health spending, which was last estimated at $7.3 trillion.
“As people incorporate more of the wellness values into their lifestyle, our interaction with the wellness economy is also becoming less episodic and more intentional, more integrative, and more holistic,” GWI senior research fellow Ophelia Yeung said at the Global Wellness Summit. Industries and hospitality sector are now taking charge to make wellness an integral part of any workplace. Tourism industry is rebranding itself with promises of spiritual retreats that awaken your inner self. As one of the fastest-growing travel trends, wellness travel represented 17% of total tourism expenditures in 2017. Many fitness brands are now selling the concept of wellness into their clothing and wearables. Food industry has also hitched its wagon to the shooting star of wellness. From veganism to diet supplements and from organic foods to superfoods, there’s major scope of growth. Multiple spas are now peddling age old tried & tested remedies like acupressure, acupuncture, Ayurveda and naturopathy under the umbrella of physical wellness. Mental wellness has also picked up its pace in the past few month as people understand the fact that happy mind makes a happy body.
Wellness industry has surely seen immense growth though it has only scratched the surface. From Microsoft Japan trying the concept of 4-day work week to many IT conglomerates looking forward to following suit, it’s evident that corporates are now eager to tap into this gold mine. The Health & Wellness revolution has much to offer in terms of market share returns and expansion schemes.
TCW Group has lucrative businesses that cater to wellness and fitness. We believe that healthy on the inside makes one happy on the outside and that’s how one can truly live, grow and celebrate life!