Wellness Spending Equals Healthcare Costs: How the World Invests in Self-Care
Krissy Vann | Host, All Things Fitness and Wellness
In a press event held in New York City today, the Global Wellness Institute (GWI) unveiled a comprehensive report shedding light on the state of the wellness industry worldwide. The report offers a comprehensive overview of the wellness market's size, growth trends, per capita spending, and economic contribution in various countries.
The United States, as highlighted in the report, continues to stand tall as the undisputed leader in wellness spending. With an annual market worth a staggering $1.8 trillion, the U.S. takes the top spot in nine out of the eleven wellness sectors surveyed. The report further revealed that a multitude of top wellness markets have experienced remarkable growth since the onset of the pandemic. Notable countries in this regard include the United Kingdom, the Netherlands, Mexico, Canada, and Australia, which have surpassed their pre-pandemic market sizes by an impressive 120% or more.
Globally, the wellness economy now constitutes a substantial 5.6% of the total GDP, illustrating that approximately one in every 20 dollars spent by consumers worldwide goes towards wellness-related products and services. This revelation underscores the significant economic impact of the wellness industry on a global scale.
To provide context for the magnitude of wellness spending, GWI research has found that annual per capita spending on wellness, averaging at $706 globally, closely rivals consumer out-of-pocket spending on healthcare, which stands at $711. Notably, wellness spending per capita surpasses spending on clothing and shoes ($289) as well as hotels and restaurants ($475) worldwide. In countries like Switzerland, Iceland, and the United States, individuals allocate a staggering average of over $5,300 annually on wellness-related expenditures.
The report also identifies the top five wellness markets globally, which include the United States ($1.8 trillion), China ($790 billion), Germany ($269 billion), Japan ($241 billion), and the United Kingdom ($224 billion). Together, these five markets contribute to a substantial 70% of the global wellness economy, showcasing their pivotal role in the industry's landscape. Furthermore, the top 25 wellness markets account for an impressive 86% of the global wellness economy, reflecting the concentrated nature of this burgeoning sector.
In light of the ongoing pandemic and its economic repercussions, the GWI report reveals that 22 out of the 25 largest wellness markets have experienced robust growth since 2019, measured in U.S. dollars. Notable exceptions include Thailand, Japan, and Brazil. This resurgence in the wellness industry underscores its resilience and adaptability even in challenging times.
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