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The wellness tourism sector—which was decimated by the impact of the COVID-19 pandemic in 2020, like virtually every facet of the travel business—is enjoying a massive rebound, according to a recent report from the leading research and educational resource for the global wellness industry.
Despite the lingering impact of the COVID-19 pandemic on the global travel industry, wellness tourism is expected to make a huge comeback through 2025, according to a new report.
The December 2021 report from the Global Wellness Institute (GWI) offers a comprehensive look at the global wellness economy—which it estimates at $4.4 trillion in 2020—following the onset of the pandemic, and analyzes the future of wellness spending by sector.
While the global wellness tourism market fell from $720.4 billion to $435.7 billion—a whopping 39.5%—between 2019 and 2020 (versus 43% for all tourism), it’s bouncing back with astonishing gusto.
GWI forecasts the average annual growth rate of wellness tourism at 20.9% from 2020-2025—outpacing the trajectory of every other sector of the wellness economy (including personal care & beauty, spas, and wellness real estate, to name just a few). Notably, the expansion of the entire wellness economy is tracking to surpass that of global GDP to the tune of 9.9% vs. 7.3% respectively over the same period, according to the report.
According to a recent American Express survey, 55% of those polled said they’re willing to pay extra for wellness activities on future vacations.
Source: Forbes