A new report by the Global Wellness Institute has found the three biggest national wellness markets to be the US ($1.8 trillion), China ($790 billion) and Germany ($269 billion). At the global level, consumers now spend as much on wellness per capita as on healthcare—and much more on wellness than on clothing/shoes and hotels/restaurants.
Furthermore, nearly all of the top 25 wellness markets have experienced robust growth since the onset of the pandemic. Notable standouts include the UK, the Netherlands, the US, Mexico, Canada, and Australia, which have exceeded their pre-pandemic market sizes by 120% or more. Globally, the wellness economy contributes 5.6% to the total GDP, meaning approximately 1 out of every 20 consumer dollars worldwide is spent on wellness.
In light of the substantial investment in wellness, it's worth noting that the average annual per capita expenditure on wellness worldwide stands at $706, almost matching consumer out-of-pocket healthcare spending of $711.
Regionally, wellness spending per capita surpasses healthcare spending across all regions except North America. Additionally, global wellness expenditure per capita exceeds spending on clothing/shoes ($289) and hotels/restaurants ($475), as per Euromonitor data. Particularly noteworthy are countries like Switzerland, Iceland, and the US, where individuals allocate significantly more, averaging over $5,300 annually on wellness endeavors.
“For countries interested in growing their wellness economy, it’s crucial to know where they stand in this massive global industry,” said Ophelia Yeung and Katherine Johnston, GWI’s senior research fellows. “It’s also important to see how different countries’ wellness markets have responded to the impacts of the pandemic.”
The report is a companion to GWI’s 2023 Global Wellness Economy Monitor, a complete global update on all 11 wellness sectors, finding that the world wellness economy is worth $5.6 trillion and forecast to reach $8.5 trillion by 2027.
https://globalwellnessinstitute.org
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