Wellness Industry: The Ultimate Growth Spurt!
Whoa! According to a new report from the Global Wellness Institute ("GWI"), a leading industry group, the global wellness industry was worth $6.32 trillion in 2023. That’s 25% larger than it was in 2019. It is even bigger than the sports and pharmaceutical industries!
Also, GWI reported that the biggest sector is “self-care,” while its fastest-growing is real estate comprised of commercial and private properties geared toward the health of occupants is booming.
“Growth was even stronger than we predicted,” says Katherine Johnson, one of the authors of the Global Wellness Economy Monitor. She added that the wellness industry grew due to the focus on health and well-being resulting from the pandemic. Research from the nonprofit stated that trends such as an aging population, chronic disease and an increased focus on mental health are helping to drive the growth.
Katherine Johnson also stated that “Once wellness starts to permeate your personal or consumer values, it starts shaping your purchasing decisions and just becomes a bigger and bigger share of your out-of-pocket spending."
The report predicts the wellness industry will grow 7.3% annually from 2023 to 2028, hitting $9 trillion by 2028!