Friday, June 14, 2024

The Wellness Market is Growing on a Global Scale

The wellness market has been around and popular for decades, but there lies an opportunity in this growing industry when it’s clear that globally people consider it a top priority. Consider, for one, the global market’s size (estimated to be more than $1.5 trillion and growing at a rate of five to 10 percent annually), paired with a rise in consumer interest and purchasing power, as revealed in a new McKinsey survey.

With wellness being a broad term, the survey uncovers what consumers perceive wellness to be: better health, better fitness, better nutrition, better appearance, better sleep and better mindfulness; with better health considered the most important (and also the category with the highest level of spending).

While services currently account for only 30 percent of wellness spending, this is expected to increase with more dollars spent on services such as personal training and nutritional experts.

The McKinsey survey also revealed distinct groups in terms of their approach to wellness, which you can read more about here in their findings on the global wellness market.

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