The Herman Trend Alert
February 26, 2020
Wellness Tourism's Meteoric Rise
In the past, I have covered different types of specialized tourism. Unlike medical tourism, wellness tourism focuses on the prevention of disease, not its treatment. This type of tourism emphasizes a healthy lifestyle and improved quality of life and is associated with the pursuit of maintaining or enhancing one's personal wellbeing.
Size of the Market
According to Statistica.com, in 2018, the size of the global wellness tourism market was valued at USD $683.3 billion and is expected to be USD $919 billion by 2022---that is almost 35 percent growth in only 4 years.
A Recent Report Explains Global Growth
Recently the Expedia Group sponsored a new business strategy report for the global wellness tourism industry. Conducted by HFT Market Intelligence, this study is now being marketed to the industry.
Global Wellness Tourism Market Overview
As consumers have tried to prevent chronic disease and deteriorating mental health associated with an increasingly sedentary, unhealthy, digitized, and stressful lifestyle, they have increasingly embraced the idea of wellness tourism. Travelers who enjoy wellness vacations are often repeat customers because it satisfies them in a way that no other holiday does.
A Wealthy Market Segment
Wellness travelers tend to be high-spenders and prefer experiences that are authentic and unique. Thus, there is less pressure for destinations to engage in a strategy that competes on price and quantity. Within the meta category of wellness tourism, spa tourism remains a significant and high-growth segment.
There are two principal market drivers to this fast growth: One is the increased affordability of flights and travel options, including Basic Economy travel and the easy access to competitive car rental rates through disintermediation. And the other is a growing consumer desire to adopt a wellness lifestyle.
Challenges to Growth
A major challenge to growth of the industry is the lack of trained and certified manpower. The industry would do well to support the development of the people they need now and will continue to need as we move into the future.
The Competitive Landscape
Some of the key players profiled in the report are the Expedia Group (US), Booking Holdings (US), Travel Leaders Group (US), Ayurva Traveller (Sri Lanka), Spa Wellness Travel (Australia), Spirit Tours (US), Bamba Experience (Mexico), Well Traveled (United States), Spirit Journeys (United Kingdom) and Odyssey Tours & Travels (India). An analyst at AdvanceMarketAnalytics sees US vendors as retaining a maximum share of Global Wellness Tourism market by 2024.
Big Opportunities for the Wellness Tourism Industry
The industry is a perfectly positioned to capitalize on the consumer evolution and the rising focus on holistic health and prevention. In addition, changing lifestyle trends are driving an exponential growth of consumer interest in everything related to wellness.
A Rosy Future Forecast for this Industry
Given our virtual obsession with looking good and living longer, travel that can help us do both will become increasingly popular in the years ahead. I also forecast a new segment of less expensive wellness vacations to satisfy the needs and wants of the middle class who cannot afford top-drawer destinations, but still want to stay healthy.
Special thanks to Travel Mole for highlighting the UK statistics in this valuable report. To access the full abstract, visit Global Wellness Tourism Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025.
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