The Industry's Focus on Wellbeing
- For this article, Log In to:
- View eVersion | Download PDF
The Global Wellness Institute reports that the global wellness economy is currently a $4.5 trillion market, including: beauty, anti-aging, physical activity, nutrition, medicine, wellness tourism and physical activity, with physical activity being the second largest segment of the economy at $828 billion annually.
While wellness practices date back to ancient times, the word, "wellness," is a modern word and a word that, in the last decade, most Americans likely hear daily. Modern wellness programs have been largely based on preventing illness and prolonging life through diet and physical activity, but wellness practices are continually expanding beyond disease prevention. The shift which includes a more inclusive and holistic view of wellness, or wellbeing, as many are starting to refer to it, includes a conscious effort to be healthier in body, mind and spirit.
Wellbeing is thought to be achieved by more than just physical health and includes a sense of purpose, happiness, and deeper social connections. As health and fitness club operators, the growth of the wellness economy offers us a unique opportunity to expand our models to reach a broader segment of the communities we serve through medical, fitness and wellness solutions.
The Bad News and the Good News...
The bad news is that the growth in the number of fitness facilities continues to outpace the demand for traditional fitness clubs. The good news is that we've still only tapped into 75 - 80% of the available consumer market. We all know this has been a long-standing problem. Those facilities that can expand from a fitness core to offer personalized wellness programs will be able to tap into a greater percentage of the available market that has not responded to the traditional membership offering. Through expanded offerings and personalization, we can support members through their journey to a higher state of wellbeing. In addition, clubs that can make the shift can expand revenue through wellness as a retail service model, further tapping into their share of the wellness economy.
To view the full article, please Log In.
If you are not a Paid Subscriber, we welcome you to Subscribe Now.