The Economics of Fitness and Wellness
The Wellness Economy
How big the global wellness industry has become, what it includes, and why spending on health and self-care keeps growing.
The wellness economy covers everything people buy to stay healthy and feel good.
What it includes
- Fitness: gyms, classes, equipment and apps.
- Healthy eating and nutrition.
- Personal care and beauty.
- Wellness tourism: spas, retreats and yoga holidays.
- Mental wellness: meditation apps and therapy.
- Traditional and complementary medicine.
Size
The Global Wellness Institute estimated the global wellness economy at over 6 trillion dollars in 2023, larger than many major industries.
Why it’s growing
- Rising incomes.
- Ageing populations wanting to stay healthy.
- Lifestyle diseases like diabetes.
- Social media promoting fitness.
- Pandemic focus on health.
India’s wellness market
India’s market includes yoga, Ayurveda, gyms, health foods and wellness tourism in places like Rishikesh and Kerala.
A caution
Not everything sold as “wellness” is backed by evidence. Economists note that information gaps let some products make unproven claims.
A young professional spends on a gym membership, protein powder, a fitness tracker and a meditation app. Each is part of the growing wellness economy.
The global wellness economy exceeds 6 trillion dollars.
- The wellness economy includes fitness, nutrition, personal care and more.
- It exceeded 6 trillion dollars globally in 2023.
- Incomes, ageing and lifestyle diseases drive growth.
- Some wellness products make unproven claims.
No recording for this one yet - EconReader can read it aloud for you.