• by Les Luchter , November 15, 2023

Tourism and real estate are two of the fastest growing wellness categories, according to the nonprofit Global Wellness Institute (GWI), which reports that the total wellness market has rebounded from a pandemic plunge to reach a record value of $5.6 trillion in 2022, with $1.9 trillion of that coming from North America.

GWI’s annual Global Wellness Economy Monitor says the global market had dropped 11% in 2020, to $4.4 trillion, but has since grown 12% annually. GWI forecasts that the industry will grow 8.6% annually through 2027 -- to $8.5 trillion – due to “consumers, the medical world, and governments now placing a much bigger value on prevention and wellness.”

GWI divides the wellness industry into 11 sectors, with the largest being “personal care & beauty,” whose $1.09 trillion value in 2022 represented 8.5% annual growth since 2020.

The largest increase since 2020 came in “wellness tourism,” defined as “travel associated with the pursuit of maintaining or enhancing one’s personal well-being,” such as visits to destination spas, health resorts, and yoga retreats. Wellness tourism rose 36.2% annually, to $651 billion.

“Wellness real estate,” meanwhile, continues its rapid growth. The category, which GWI didn’t even measure until 2018, encompasses the construction of properties that "intentionally put people’s health at the center of design, creation and redevelopment."

‘Wellness real estate” has grown at a 20.5% clip since 2020, to $398 billion in 2022, and is expected to show the largest growth of any wellness category through 2027 – 17.4% annually, to $887.5 billion.

“Wellness real estate” was one of four categories that grew even during the pandemic, the others being “healthy eating, nutrition and weight loss” ($1.08 billion in 2022) “mental wellness” ($398 billion in 2022) and “public health, prevention & personalized medicine” ($611 billion).

The other categories measured by GWI, in order of 2022 value, are “physical activity” ($976 billion), “traditional and complementary medicine” ($519 billion), “spas” ($104.5 billion), “workplace wellness” ($51 billion) and “thermal/mineral springs” ($46 billion).

Westin Hotels & Resorts, Kohler and 14 other brands provided “generous support” to GWI’s research.