SINGAPORE, Feb. 19, 2018 /PRNewswire/ — The Global Wellness Institute (GWI) analysed that wellness tourism in 2015 was a US$563.2 billion global industry, a figure that surpasses the GDP of a lot of countries. By comparison, Singapore, with the third highest per capita GDP in the world in 2017 had a GDP of US$305.7 billion.
Indeed, the GWI reported that from 2013 to 2015, while the world economy shrank by -3.6%, the wellness economy grew by 10.6%. This type of growth has largely been unseen in other industry sectors, and what’s more, wellness tourism (and the wellness industry as a whole) appears to be resistant to general economic headwinds.
The GWI predicts wellness tourism to grow to more than a US$800 billion industry by 2020. With such a staggering and stellar growth since 2013, the battle-cry for more wellness to be incorporated into all vacations has steadily been growing louder from general tourists.
The wellness tourism industry may present huge economic opportunities for many travel-related businesses that jump on the band-wagon, but it is the companies who truly understand and are committed to making wellness accessible to a wider demographic by adapting their price-points and offerings will benefit the most in the longer term.
For example, the new retreat centre opening in Bali this year, Bali Weight Loss, is committed to providing affordable detoxification and weight loss retreats for tourists on a modest budget. Others too are following this same business model and to great success. While still more provide high luxury resorts like Chiva Som in Thailand.
These companies understand that millennials who are now in their early earning years will remember and stay loyal to businesses that give recognition to them now and speak to their ideals of how wellness is to be a given, and not the preserve of the wealthy. For the millennials, wellness is a way of life and when on vacation is to be heightened rather than let-up.
Wellness as a fashion statement worthy of an Instagram moment will be levelled out and normalized by expectations for authenticity and accountability.