The Global Wellness Institute (GWI)has released its latest research into the world’s largest wellness markets.
Figures reveal the United States‘ market is double the size of that of any other nation while Switzerland spends the most per capita on wellness related activities and products.
The GWI report – named The Global Wellness Economy: Country Rankings – is the first study of its kind to measure the wellness economies of 150 nations.
Senior researcher Ophelia Yeung said: “This last year, the GWI generated country-level data for all 11 wellness sectors.
“So now, for the first time, we can answer the question everyone asks. ‘How big is the total wellness market for each country and who ranks highest? Which nations are growing, which are shrinking? How do national wellness markets differ and why?’
“This report is the first to answer these questions.”
The data covers a broad range of wellness related spending on everything from healthy food to beauty products, real estate, home technology and tourism.
Americans spend an average of US $3,685 (€3,377) per year on wellness-related activities and products and food, according to the findings. The country also came in the top three per capita behind Switzerland and Iceland.
In terms of total market size, the US market is $1.2 trillion, double the next largest wellness market economy, which is China.
Due to the coronavirus pandemic, the tourism sector’s expenditure fell dramatically across all leading destination markets in 2020 over the previous year, according to Statista research.
But the GWI’s recently released report forecasts that the world wellness market, worth $4.4 trillion, will reach $7 trillion by 2025.