The global wellness economy is expected to reach $8.5 trillion in 2027, according to the Global Wellness Institute’s 2024 Trends Report. Sarayut Thaneerat—Getty Images
Around the world, more and more people are keen to spend their money in the name of well-being, especially on wellness tourism, wearable technology, and healthy eating.
The wellness market is booming, according to the Global Wellness Summit’s 2024 Trends Report by the Global Wellness Institute, which compiles research and insights from experts in the field, including scientists, CEOs, and academics. And it’s not expected to slow down anytime soon.
The global wellness economy was valued at $5.6 trillion in 2022, an increase of 12% from 2020. According to the report, approximately 1 in every 20 dollars is spent on wellness, and the global wellness economy is expected to grow to $8.5 trillion by 2027.
The United States leads the world in spending on wellness, with the annual market size reaching $1.8 trillion, an increase of 14% from 2020. People in the United States spend an average of $5,321 a year on wellness, ranking fifth behind Seychelles, Switzerland, and Switzerland. Iceland and Aruba.
In larger areas, global wellness spending is categorized into personal care and beauty, physical activity, healthy eating, nutrition and weight loss, public health and prevention, and wellness tourism. New categories such as mental wellness, wellness real estate, and workplace wellness are gaining momentum, with values of $181 billion, $398 billion, and $51 billion, respectively.
soft care and hard care
The report highlights the expansion of both ‘soft care’ and ‘hard care’. “Soft care” involves cheaper, simpler forms of happiness promoted by sexy girl walks, bed rot, and a total rejection of hustle culture in favor of improved social well-being through community and connection. Includes trends. “Hard care” includes the rapid growth of wearable technology, hyper-optimization with countless measurements of biomarkers, preventive medical treatments, weight loss drugs, and more.
“The speed at which pharmaceuticals are penetrating the wellness market is nothing short of astonishing,” the report says. “Generational, income, and cultural disparities between men and women are widening, creating a wellness space that is increasingly defined by dramatically different and even contradictory markets and mindsets.”
Wellness trends for 2024
Predicted trends for 2024 include climate-smart wellness, including design for a cooling planet and “coolcations.” Whether you’re willing to try expensive, experimental treatments aimed at increasing your longevity or you’re aware that simple things like diet, exercise, sleep, and stress reduction can contribute to aging. The growing interest in this will continue in the future.
Another trend is the rise of men’s retreats and programs, which researchers call “manning up to opening up,” overturning the stigma and pressure to hide their feelings for men.
With more and potentially cheaper weight loss drugs coming to market, the importance of postpartum health is finally receiving increased attention. People go to museums to strengthen their spirits and feel happier in a trend of sensory and artistic wellness experiences, and some book retreats focused on long pilgrimages.
Driven by an increase in mental health issues post-pandemic, a desire to play a role in health conditions and aging, and society’s increased focus on wellbeing as part of health and happiness, this trend is driving wellness to take over the market. It highlights how it works.
The report’s comprehensive list of 2024 wellness trends includes:
- Climate-adaptive wellness
- power of pilgrimage
- From staffing to openness
- The rise of postpartum wellness
- Longevity has longevity
- Weight loss drug health check
- Sports take root in hospitality
- Home as a cutting-edge health hub
- New multisensory immersive art for wellness
- Under the Radar: Future Trends Including Blue Zones 2.0 and Wellness Real Estate
The researchers also highlighted the gulf between accessible “soft” wellness and wellness for the wealthy, with the rise of subscriptions and clinics offering high-cost comfort. ing. Wellness sectors predicted to grow at the fastest rate by 2027 include wellness tourism, mental wellness, and wellness real estate.
