Researchers Ophelia Yeung and Katherine Johnson, from the Global Wellness Institute (GWI), revealed the results of their latest research on the global wellness economy at the Global Wellness Summit this morning (17 October 2016).
They found the total value is US$3.7trillion. This represents five per cent of the global economy and half of all health expenditure.
In arriving at this figure, Yeung and Johnson included data on " ten industries which enable consumers to pursue their own wellness lifestyle," including spa, health and fitness, alternative and complementary medicine and beauty (full list below).
They found that between 2013 and 2015, the global wellness economy grew by over 10 per cent, while by comparison, the overall global economy shrank by 2 per cent.
They citied a number of reasons for this success. Firstly the growth in the middle classes who have more money to spend on lifestyle. Secondly growth in chronic disease and thirdly, ageing populations which mean we're spending more on healthier lifestyles and prevention.
They said there will be a growing need for people to experience a stronger connection to nature, communities, other people and things which are authentic - deepening what wellness means.
Yeung and Johnson believe the wellness economy and wellness sectors will grow faster than global GDP and that their growth trajectories will outstay global growth cycles and geo-political disruptions.
They said "We predict a major shift in how people think about wellness – from discretionary to something we integrate into the core parts of our life."
They predicted that major growth areas for these industries will be the workplace and the home, saying "For many people, it’s our work and home environments that are making us feel unhealthy."
Workplace wellness was found to be a US$43bn market, with huge growth potential, as only 10 per cent of employees are currently receiving support (US$142 per person is currently being spent on wellness). Yeung and Johnson said 10-15 per cent of GDP is lost each year through unwell and disengaged employees.
The numbers break down as follows:
GLOBAL SPA ECONOMY 2016
From Global Wellness Institute
SPA
Value US$99bn
Number of spas 121,595
Number of jobs generated 2.2million
WELLNESS TOURISM
Value US$563 billion
Number of trips 691m (1m more than 2014)
Number of jobs generated 17.9m
THERMAL SPA
Value US$51bn
Number of thermal spas 27,507
Number of jobs generated 1.4m
THERMAL MINERAL SPAS
Value US$51bn
Number of mineral spas 27,570
WORKPLACE WELLNESS
Value US$43bn
WELLNESS LIFESTYLE REAL ESTATE
Value US$119bn
COMPLEMENTARY AND ALTERNATIVE MEDICINE
Value US$199m
FITNESS AND MIND BODY INDUSTRY
Value US$542bn
PREVENTATIVE AND PERSONALISED MEDICINE
Value US$534bn
HEALTH, EATING, NUTRITION AND WEIGHT LOSS
Value US$648bn
BEAUTY AND ANTI AGEING
Value US$999bn
TOTAL US$3.7trillion
