Employee wellness has become a top priority for most organizations across the globe. Without many surprises, most countries have been spending heavily on employee health and wellness.
Thanks to the ever-growing awareness about employee wellness programs, even the most populous countries like China and India, the wealthiest like Switzerland and Australia, and the large-sized wealthy countries like the US and UK have all been investing in employee health and wellbeing.
The Global Wellness Institute (GWI), along with the Global Wellness Summit (GWS), broadcasted Global News about the global wellness economy.
According to the outcomes, the global wellness economy represents almost 5.1% of the total GDP across the globe. Also, the USA alone accounts for 28% of the entire global wellness market, while the remaining 71% is represented by the other top 10 markets.
Outcomes of the Global Wellness Economy Study
The Global Wellness Economy report researched the wellness economies of around 150 countries.
According to the study, almost 1 in 20 dollars spent by consumers worldwide was towards their wellness.
The United States and China ranked on the charts of the top 10 Wellness markets, which was pretty evident given their huge population size.
With a population of 329.5 million, the USA marked the highest rank in the global wellness economy clocking $1.2 trillion. This was followed by China in the second place, with a population of 1.4 billion valuing its wellness economy at $683 billion.
The USA alone accounted for 28% of the global health and wellness market’s economy, making $1.2 trillion.
For individuals investing in their health and wellbeing, Switzerland topped the charts with $4,372 per capita, followed by Iceland with $3,728. The USA was in third place, spending $3,685 per capita on health and wellness annually.
When it came to understanding the role of wellness in tourism-dependent nations, it was evident that the high-spending inbound wellness tourists represented a disproportionate portion of the wellness market. This was proven by Aruba ranking in the top 10 countries that spent on wellness, despite not being a relatively wealthy country.
Based on the ratio of the wellness economy to the country’s total GDP, the smaller tourism-dependent countries surprisingly stood out. These outcomes drew attention to the contribution of wellness tourism to the country’s economy.
The study also revealed the various health and wellness sectors that were dominant across the different countries. The most common sectors focused on by a majority of countries in the global health and wellness market were –
1 – Nutrition, healthy eating, and weight loss
2 – Beauty and personal care
3 – Physical activity
Put together, these 3 sectors contributed to more than 60% of the entire wellness market across the globe.
However, the dominance of these sectors varied region and country-wise. For example, beauty and personal care had a bigger share in the Japanese wellness market, whereas it was traditional/alternative medicine in China and India. Similarly, it was wellness tourism in Germany and public health and prevention in Sub-Saharan Africa.
Experts indicated that, as per the study outcomes, the size of the wellness market does not actually represent how wealthy, big, or healthy the country is. However, a lot more work was required to understand the relationship between individual health and wellbeing, and the wellness market.
Likewise, employers must also understand the latest workplace wellness trends and workforce requirements to ensure their employee wellness programs deliver the right modules for better health and wellbeing.