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NEWS
GWI report identifies mental wellness as US$121bn emerging industry
POSTED 09 Nov 2020 . BY Megan Whitby
The report defines mental wellness as 'an internal resource that helps us think, feel, connect and function; it’s an active process that helps us to build resilience, grow and flourish' Credit: Shutterstock: marvent
The Global Wellness Institute (GWI) has named mental wellness as a new US$121bn (€101.6bn, £91.8bn) segment of the global wellness economy, based on consumer spending in four markets in 2019.

The figure was released today (9 November) in the GWI’s new study, called Defining the Mental Wellness Economy, claimed to be the first paper to define mental wellness as its own industry.

Researchers say the industry ‘encompasses businesses whose primary aim is to develop our internal mental wellness resources and help us to think, feel, connect and function better’.

The report defines mental wellness as more than just an absence of mental illness. Instead, it’s an internal resource that helps us think, feel, connect and function; it’s an active process that helps us to build resilience, grow and flourish.

The GWI has valued and categorised the emerging industry into four main sectors:
– Self-improvement, US$33.6bn (€28.2bn, £25.5bn)
– Meditation and mindfulness, US$2.9bn (€2.4bn, £2.2bn)
– Brain-boosting nutraceuticals and botanicals, US$34.8bn (€29,2bn, £26.4bn)
– Senses, spaces and sleep, US$49.6bn (€41.7bn, £37.6bn)

Due to COVID-19, mental health issues and mental unwellness are on the rise and taking their toll on individuals, families and society.

Furthermore, the World Economic Forum has estimated mental illness and mental unwellness will cost US$16.1trn (€13.5trn, £12.2trn) globally in 2030.

In response, the report argues mental wellness can provide strategies to help increase wellbeing and be used as a pathway to ease the financial burden caused by mental unwellness and illness – a point it hopes will incentivise governments and business to promote and invest into mental wellness.

“Clearly, the human suffering and economic dislocations caused by the pandemic have increased demands for mental wellness pathways and solutions on a global scale,” said co-authors Katherine Johnston and Ophelia Yeung.

“Not enough attention is paid globally to mental illness prevention and mental wellness promotion.

“Practices that improve our mental wellness don’t only lessen the symptoms of mental illness, but also reduce the risk of developing a mental illness,” they added.

The GWI has now added mental wellness as a new industry bubble to its Global Wellness Economy framework, which defines and measures the size of the US$4.5trn (€3.8trn, £3.4trn) global wellness economy.

Johnston shared that next year's research will focus on updating the framework diagram, which will hopefully show the impact of Coronavirus on the industry in a post-virus world with a vaccine.

The paper officially launched today on the first day of the annual Global Wellness Summit (GWS).
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NEWS
GWI report identifies mental wellness as US$121bn emerging industry
POSTED 09 Nov 2020 . BY Megan Whitby
The report defines mental wellness as 'an internal resource that helps us think, feel, connect and function; it’s an active process that helps us to build resilience, grow and flourish' Credit: Shutterstock: marvent
The Global Wellness Institute (GWI) has named mental wellness as a new US$121bn (€101.6bn, £91.8bn) segment of the global wellness economy, based on consumer spending in four markets in 2019.

The figure was released today (9 November) in the GWI’s new study, called Defining the Mental Wellness Economy, claimed to be the first paper to define mental wellness as its own industry.

Researchers say the industry ‘encompasses businesses whose primary aim is to develop our internal mental wellness resources and help us to think, feel, connect and function better’.

The report defines mental wellness as more than just an absence of mental illness. Instead, it’s an internal resource that helps us think, feel, connect and function; it’s an active process that helps us to build resilience, grow and flourish.

The GWI has valued and categorised the emerging industry into four main sectors:
– Self-improvement, US$33.6bn (€28.2bn, £25.5bn)
– Meditation and mindfulness, US$2.9bn (€2.4bn, £2.2bn)
– Brain-boosting nutraceuticals and botanicals, US$34.8bn (€29,2bn, £26.4bn)
– Senses, spaces and sleep, US$49.6bn (€41.7bn, £37.6bn)

Due to COVID-19, mental health issues and mental unwellness are on the rise and taking their toll on individuals, families and society.

Furthermore, the World Economic Forum has estimated mental illness and mental unwellness will cost US$16.1trn (€13.5trn, £12.2trn) globally in 2030.

In response, the report argues mental wellness can provide strategies to help increase wellbeing and be used as a pathway to ease the financial burden caused by mental unwellness and illness – a point it hopes will incentivise governments and business to promote and invest into mental wellness.

“Clearly, the human suffering and economic dislocations caused by the pandemic have increased demands for mental wellness pathways and solutions on a global scale,” said co-authors Katherine Johnston and Ophelia Yeung.

“Not enough attention is paid globally to mental illness prevention and mental wellness promotion.

“Practices that improve our mental wellness don’t only lessen the symptoms of mental illness, but also reduce the risk of developing a mental illness,” they added.

The GWI has now added mental wellness as a new industry bubble to its Global Wellness Economy framework, which defines and measures the size of the US$4.5trn (€3.8trn, £3.4trn) global wellness economy.

Johnston shared that next year's research will focus on updating the framework diagram, which will hopefully show the impact of Coronavirus on the industry in a post-virus world with a vaccine.

The paper officially launched today on the first day of the annual Global Wellness Summit (GWS).
Sign up here to get the Spa Business and Spa Business insider weekly ezines and every issue of Spa Business and Spa Business insider magazines free on digital.
RELATED STORIES
GWI’s Wellness Moonshot goes global, reaching six million people around the world


In 2017, the Global Wellness Institute (GWI) launched the Wellness Moonshot’ initiative – a global commitment by the GWI to eradicate preventable, chronic diseases.
2020 Shark Tank of Wellness competition winner hopes to help more people eat ‘food without fear’


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Anthony Molet to become Davines Group CEO as Paolo Braguzzi announces plans to step down
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“The future has always been tech-based, but COVID-19 will drive this trend from a nice-to- have to a must-have,” claims Frank Pitsikalis, founder and CEO of hospitality management software system ResortSuite. [more...]

VOYA unveils new seasonal offering inspired by human connection
Due to the pandemic, many human connections and experiences have been lost and organic marine product house, VOYA, has sought to find ways to bring those vital connections back with its new seasonal offering. [more...]
COMPANY PROFILES
KLAFS GmbH & Co. KG

Founded in 1928, KLAFS is known as an award winning, world-leading trendsetter in wellness and spa. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

AskNicely
Experience Awesome Increase reviews, testimonials and repeat visits. Empower and motivate your frontline teams to make every customer experience awesome! Find out more...
+ More videos  

DIRECTORY
+ More directory  
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01-03 Dec 2020

Self-Care and Personal Sustainability Summit

Kripalu Center for Yoga and Health, Massachusetts, United States
03-04 Dec 2020

World Sauna Forum

Online, Finland
+ More diary  
 


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©Cybertrek 2020

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