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RESEARCH

GROWING UP Wellness is now a US$4.2tn global industry and spa was the fastest growing sector from 2015 to 2017 according to the latest research from the Global Wellness Institute

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Global spa economy

he global wellness industry has grown 12.8 per cent, from a US$3.7tn (€3.2tn, £2.8tn) market in 2015 to US$4.2tn (€3.6tn, £3.2tn) in 2017, according to the 2018 Global Wellness Economy Monitor, revealed at the Global Wellness Summit last month (see p78). The all-new data, by the Global Wellness Institute (GWI), shows that the wellness economy increased by 6.4 per cent annually, nearly twice as fast as global economic growth at 3.6 per cent. The research is based on 10 markets (see Diagram 1) and all of these – from fitness & mind-body to wellness tourism – gained much traction. The GWI says this “provides fresh evidence that wellness remains one of the world’s biggest and fast-growing industries.”

Valued at US$119bn (€103.1bn, £90.6bn), the global spa economy comprises spa facility revenues, now worth US$93.6bn (€81.1bn, £71.3bn) yearly; and also spa education, consulting, associations, media and event sectors, now US$25.2bn (€21.8bn, £19.2bn). While the spa economy is the third smallest out of all wellness markets, it’s grown the fastest in the last two years with revenues increasing by 9.8 per cent. This is much higher than the 2.3 per cent pace of growth from 2013 to 2015. The number of spas jumped from 121,595 in 2015 to over 149,000 in 2017, employing nearly 2.6 million workers. Interestingly, hotel and resort spas brought in the most income and have now surpassed day spas and salons as the industry’s revenue leader.

Report co-authors Johnston (left) and Yeung unveiled their findings at the 2018 Global Wellness Summit

GLOBAL WELLNESS ECONOMY

DIAGRAM 1

Traditional & complementary medicine $360bn

Preventive & personalized medicine and public health $575bn

US$4.2 trillion in 2017 Wellness real estate $134bn

Personal care, beauty & anti-aging $1,083bn

Wellness Tourism $639bn

Workplace wellness $48bn

Healthy eating, nutrition & weight loss $702bn

Thermal /mineral springs $56bn

Fitness & mind-body $595bn

Spa economy $119bn

Note: Numbers do not add due to overlap in segments. Dark coloured bubbles are the sectors for which GWI conducts in-depth, country-level primary research. Light coloured bubbles are sectors for which GWI aggregates global estimates only, drawing from secondary sources.

Source: 2018 Global Wellness Economy Monitor, Global Wellness Institute

88 spabusiness.com issue 4 2018

Profile for Leisure Media

Spa Business issue 4 2018  

Spa Business issue 4 2018