What’s Driving Wellness Industry Growth? 2021 Trends & Statistics
The word “wellness” encapsulates a goal that almost every human on earth strives to achieve. The wellness economy is made up of industries that offer products and services to help people in their pursuit of healthy lifestyles, and it’s valued at a whopping $4.5 trillion, according to the Global Wellness Institute.
While consumer trends and needs will shift and change, what holds steady is an increasing priority on health and well-being that has contributed to exciting wellness industry growth, and experts predict the bullish progress to continue through the foreseeable future.
While it’s unsurprising that entrepreneurs are eager to invest in the expanding wellness industry, it’s important to narrow your focus down to the best possible opportunity based on upcoming trends and recent data.
The Financial Health of The Wellness Industry: The Big Picture
The Global Wellness Institute (GWI) divides the wellness industry into 10 sectors, including personal care, nutrition, wellness tourism, preventative medicine and public health, traditional and complementary medicine, wellness lifestyle real estate, the spa economy, thermal/mineral springs, and workplace wellness.
Combining all 10 sectors, the wellness industry as a whole grew twice as fast as the global economy from 2015 to 2017, growing by 6.4 percent annually, according to recent GWI data compiled for the Global Wellness Economy Monitor publication released in 2018.
What Are The Best Wellness Sectors To Invest In?
Among the 10 sectors described above, you may be wondering which sector is outperforming the others. According to GWI, revenue growth leaders from 2015–2017 were the spa industry at 9.8 percent, wellness tourism at 6.5 percent, and wellness real estate at 6.4 percent.
The outlook for the spa industry is continually optimistic. A recent report found that the spa market grew at a compound annual growth rate (CAGR) of about seven percent from 2014 to 2019.
Despite the recent COVID-19 pandemic, the report describes a “positive outlook” for the spa industry, with growth driven by the wellness tourism industry and “increasing health consciousness among the masses.”
How is The Wellness Industry Expected to Grow Post-COVID 19?
While no one has a crystal ball, trusted industry experts forecast a bright future for the wellness industry, building on momentum that began in the years before 2020.
In a recent interview with the U.S. Chamber of Commerce, Beth McGroarty, vice president of research for GWI, described a promising future for the wellness industry, despite pandemic setbacks during government-mandated shutdowns in 2020. She said, “At the big-picture, long-term level, the case for the wellness concept and wellness markets post-pandemic looks very bullish.”
In the same article, Wendy Liebmann, CEO of WSL Strategic Retail, explained wellness was emerging as one of the greatest consumer spending opportunities in decades, even before the pandemic, and she expects demand will only continue to increase. WSL’s 2019 “How America Shops” survey found 73 percent of respondents engage in “some aspect of living well,” such as healthy diets, meditation, or exercise.
“What the pandemic has revealed is that taking care and control of your own health is even more critical than before,” Liebmann said.
GWI’s April 2020 publication, “Resetting the World with Wellness: A New Vision for a Post COVID-19 Future,” also points out the emphasis the pandemic placed on health and wellness, indicating opportunities for continued growth in the industry.
Trends to Watch
Wellness is a priority. According to mindbodyonline.com, a survey of nearly 20,000 Americans in fall 2020 found 78 percent of respondents said, “Wellness is now more important than ever.”
Within the wellness industry, what trends are taking off? Expect to hear more about wellness tourism and anticipate demand for more membership models.
GWI defines wellness tourism as “travel associated with the pursuit of maintaining or enhancing one’s personal well-being.” According to BBC.com, wellness tourism will represent 18 percent of all global tourism by 2022.
Trends show that membership models will be very popular in 2021, answering to the demand for regular stress relief for spa-goers. Rather than paying for each visit and service, consumers pay a monthly membership fee that covers basic spa services and access to spa amenities.
Consider MassageLuXe, a Fast-Growing Spa Franchise
MassageLuXe is an expanding spa franchise in the growing wellness industry that has pioneered the membership revenue model, which is relatively new to the marketplace and franchise community. The competitive monthly membership program is key for maintaining the brand’s edge over other spa franchises and provides franchise owners with a more consistent revenue stream.
Founded in 2007 in St. Louis, Missouri, MassageLuXe is a fast-growing company with a mission of delivering the highest quality massage while providing a comfortable, relaxing, and luxurious environment to clients. To further this mission, MassageLuXe also grants clients access to RepechageÓ facials and waxing services.
For franchising information about MassageLuXe, please go to https://massageluxe.com/franchise-opportunities/.