The wellness industry, which includes spas, fitness, and health-related services, is a growing luxury market segment. According to a Global Wellness Institute (GWI) report, the global wellness economy was valued at $4.5 trillion in 2017 and is projected to reach $6 trillion this year (2023).
Within the luxury market, the wellness industry has a significant market share. According to a report by the Luxury Institute, wellness and fitness are the top-rated luxury goods and services among wealthy consumers. The same report states that the luxury wellness market is growing much faster than other luxury sectors, such as fashion, jewellery, and watches.
Another report by the GWI estimates that the spa industry, considered a part of the wellness market, was valued at $119 billion in 2019, and is expected to reach $170 billion this year. The spa industry is considered one of the fastest-growing luxury market segments and is projected to grow by 7.5% annually over the next five years.
The luxury wellness market is also becoming more diverse, with many luxury wellness brands and services catering to different market segments. This includes luxury retreats and wellness resorts, high-end fitness and wellness centres, and luxury spa products and services.
It’s worth noting that the luxury wellness market is global, and the market share can vary depending on the region. The market may be more developed and mature in some regions, while in others, it may still be in the early stages. Additionally, the luxury wellness market is highly competitive, with new players entering the market regularly and existing players constantly innovating to stay ahead.
Later this year, we will be launching the Insignia Wellness Card—delivering all of the staple premium card advantages and award-winning luxury lifestyle services we offer, but with a comprehensive package of healthcare and wellbeing benefits. To find out more, please contact your Personal Assistant.
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