By Thierry Malleret, economist
Industry reports from consultancies and investment banks point to the continued future rise of the wellness market at a rate that will exceed GDP rates. A recent survey by McKinsey provides evidence as to wellness’s rising importance among global consumers. Seventy-nine percent of respondents reported that wellness is now important for them, with 42% considering it a top priority. Every market revealed a substantial increase in the prioritization of wellness over the past two to three years. This suggests that the wellness trend will not abate (it’s been in the making for years) and will most likely strengthen (spurred by the pandemic) in the foreseeable future. McKinsey also argues that six future trends will dominate, from people demanding clean/natural products across the board (from beauty to food) to wellness services rising even faster than products to a shift to digital channels happening at the speed of a “decade in days.”
By Katherine Johnston and & Ophelia Yeung, GWI senior research fellows
Many practices that we now associate with mental wellness—from meditation to self-help, from stress gadgets to sound baths, from sleep aids to brain supplements—have deep roots in ancient cultures and healing traditions spanning the globe. However, the commercialization of these products and services and the coalescing of a “mental wellness industry” is a modern development, which is explored in detail in GWI’s report, Defining the Mental Wellness Economy.
A new meta-review of studies from Coventry University-UK found that heat therapies, such as time in saunas or hot baths, raise core body temp and improve blood flow, leading to benefits that include lower blood pressure, better blood sugar control, better fitness levels, and reduced inflammation—all similar to the effects of moderate exercise such as jogging or cycling. But heat experiences can’t replicate all the benefits of exercise, such as increasing muscle mass or weight loss.
Wellness communities and real estate (built environments designed to support holistic health) were a booming $134 billion sector pre-pandemic, and now it’s a market in overdrive. To meet the need for new insights and research, the GWI just launched an initiative that will explore which elements in community and real estate design and development have the greatest potential to impact human wellness. Initiative co-chairs are Helen Foster, principal of Foster Strategy, and Teri Slavik-Tsuyuki, principal of tst ink.
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