Wellness is booming.
The general public is becoming increasingly aware of the importance of health and wellbeing, and demands wellness as a standard wherever they go. With greater market sophistication, hospitality companies need to understand this demand and act accordingly – or risk being left behind.
The global wellness economy grew 6.4% annually between 2015-2017, almost twice as fast as the global economy. It is now worth $4.2 trillion.
Wellness tourism alone contributed $639 billion to this growing market. Wellness tourists present a very attractive target market as they tend to:
- spend more,
- stay longer (usually a minimum of three days, typically around seven days, and sometimes up to 21 days),
- be loyal (wellness resorts typically experience 30-50% repeat guests); and
- be less influenced by seasonality.
The value of wellness tourism is expected to grow to $808 billion within the year 2020.
Populations around the world are also ageing rapidly, creating a new market where hospitality and real estate merge. Entire communities are built around a 360-degree concept of wellness, as older generations want to be part of multigenerational housing that is dedicated to living well.
And it is not just the older generation that wellness real estate is attractive too. Wellness real estate was worth $134 billion in 2017 and has been growing at an annual rate of 6.4%. There are said to be 1.3 million potential buyers in the US alone.
The wellness movement is not expected to slow any time soon; in fact, it is foreseen to accelerate and grow to influence more and more aspects of our daily lives.
Individuals are putting more time and money towards their health, expecting professional support in preventing common illnesses such as heart disease, cancer and diabetes in order to live a longer and happier life.
Whichever way you look at it, wellness is here to stay.
Find out more about how we can help you inject wellness into your project.