The emerging middle class, the rise in disposable incomes, and the growing consumer interest in travel, health, and new experiences, etc. are the key factors driving the global wellness tourism market.
September 10, 2018: The global wellness tourism market is expected to reach a value of approximately USD 972.5 billion by 2023, as per a new report published by Mordor Intelligence LLP. The market is expected to grow owing to factors, such as the growing proactive interest of people toward health and wellness, emerging middle class, rising disposable incomes, and the ever increasing consumer interest in travel, health, and new experiences. But, the consumers’ perception of the wellness industry as a luxury travel sector is restraining the growth prospects of the market.
The mental health problems, such as depression, anxiety, and stress, are becoming more common among people, especially the young. With the growing awareness regarding health and wellbeing among people, the wellness tourism is snowballing across the world. Many programs related to the wellness of people are being introduced physically and mentally. For instance, sports, yoga, and meditation, are gaining momentum as tourist attractions. These programs are leading to the development of responsibility toward maintaining good health. This growing awareness and interest among people to be fit combined with their health routines during travelling, are, in turn, propelling the demand for the wellness tourism market.
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North America and Europe are the lead players in the global wellness tourism market. However, the market in Asia-Pacific is multiplying and expanding in the recent years in terms of both wellness tourism trips as well as expenditures. The escalating number of middle-class people, developing economies, and growing tourism activities within the Asian region, etc. are the main reasons behind the market acceleration. For instance, compared to the overall tourism industry, the domestic trips in China increased from 4.44 billion in 2016 to 5 billion in 2017 with an increase of almost 12%, whereas the revenue generated witnessed a growth of 15.9% to reach 4.57 trillion Yuan in 2017. Apart from the major markets in Asia-Pacific (such as the Japan, China, India, and Australia), there are many emerging markets, especially in Southeast Asia such as countries like Malaysia, Vietnam, Thailand, and Indonesia.
Key Insights from the Report:
Global Wellness Tourism Market Segmentation
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