Health is Wealth in the Booming Wellness Travel Industry
Health is Wealth in the Booming Wellness Travel Industry
With Dorit von der Osten, Deanna Brash and Charlotte Townend
By HURS Team
Wellness has become one of the most valued concepts of our time. The pandemic was an awakening for many to start investing in their health and wellbeing, leading to a transformation in the general perception of the importance of diet, fitness and mental health. In its 2021 report, McKinsey found that 79% of respondents believed wellness was important, and 42% considered it a top priority. In the following two to three years, consumers reported a substantial increase (from 27% to 65%) in the prioritization of wellness. The shift in consumer mindset has powered the growth of new businesses, products and services in the health space, from functional beverages to gut health supplements. Health has become an extension of consumer’s values and lifestyles, and changing the way we travel is the next frontier.
The global wellness tourism industry is predicted to be worth over $1 trillion in 2030, a significant increase from the $476.1 billion market size in 2022. And major lifestyle brands are taking note. As the health space continues to evolve, wellness travel has also grown far beyond the hotel spa. Health and hospitality brands are developing holistic experiences that combine movement, nutrition and mental health. Where traveling used to be an excuse to escape your diet and workout routines, today consumers book trips dedicated to self-improvement and wellbeing. Focusing on activities that leaves them feeling refueled to deal with the stressors of modern day life upon their return. There’s something for everyone, from wellness retreats that take a medical approach to hiking boot camps or silent retreats.
As the industry continues to see explosive growth, we asked three industry insiders for their take.