The consumer’s mindset is shifting, accepting “aging” as a part of life; they embrace the passing of time and focus on wellness and want cosmetic solutions to support wellness. This shift coincides with the emerging quest for wellbeing that has been taking hold in recent years. This column will briefly discuss key components of wellness including wellness therapies and adaptogens.
The wellness market is growing at historic rate, nearly twice as fast as the global economy, according to Wellness Institute Research. The segment is divided among: Traditional Complimentary Medicine, Preventative, Personalized Medicine, Public Health, Healthy Eating, Nutrition and Weight Loss, Fitness & Mind/Body, Spa-Economy, Wellness Tourism, Wellness Real Estate, Workplace Wellness, Personal Care and, of course, Beauty & Anti-Aging. Put them all together and the global wellness economy reached $4.2 trillion in 2017.
The concept of wellness has changed in recent years. Not long ago, it meant a couple of trips to the gym and the occasional massage. Today, a wellness mindset is permeating the global consumer consciousness, affecting people’s daily decision making about food purchases, mental wellness and stress reduction, daily movement, environmental stewardship and even connectivity and positivity. Katherine Johnson, senior research fellow, G.W. I. Wellness, maintains that more people have evolved from “rarely” pursuing a wellness routine to “daily.” It has changed from episodic to essential, from luxury to a dominant lifestyle value.
This profound shift is driving powerful growth in five key markets: Wellness Real Estate, Workplace Wellness, Wellness Tourism, Spa Industry, Thermal & Mineral Springs. These businesses strive to reduce illness and stress, and enhance overall quality of life. Their mission is to empower wellness worldwide. Wellness is a modern word with ancient roots. As a modern concept, wellness has gained currency since the 1950s, but ancient wellness originated in the Vedas, a holistic Indian Ayurvedic system that strives to create harmony between body, mind and spirit. Yoga and meditation are critical to the tradition and are increasingly practiced worldwide.