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.