Global Wellness Economy

Before writing the report, I always thought that the Global Wellness Economy is affected by the economic recession, employment rates, and average spending powers. However, after conducting research and investigations, The Global Wellness Institute report shows that the Wellness Economy encompasses many factors that enable consumers to incorporate wellness into their lives—how they live, work, play, and travel. To which I fully agree as I believe that the spending powers of the citizen play a great part in the wellness economy as Spa and Wellness is not a necessity but a luxury. According to lecture 2, Wellness Tourism is associated with the pursuit of maintaining and enhancing one's well-being. Unlike Medical Tourism where the purpose of travel is to seek medical treatment in another country.

Some of the factors contributing to Global Wellness Economy includes Beauty and Anti-Aging, Healthy Eating and Nutrition and Weight Loss, Fitness and Mind-Body, and lastly Preventive and Personalized Medicine and Public Health.

Beauty and Anti-Aging

Aging is the body deteriorating over a time frame, affecting the physical appearance and health of an aging person. Anti-aging involves procedures and medication intentional to delay, stop or retard the aging process. Anti-ageing market is considered to be one of the rising markets in today’s world. New technologies and equipment have been introduced to the market claiming the ability to "Turn back time". I think that Anti Ageing and Beauty is popular due to the vanity of women who fear being old and witnessing wrinkles on their once smooth skin.  In Korea, there has been an explosion trend of Plastic Surgery due to the over popularized false beauty for every girl to look like an idol. With the constant chase to be beautiful and to restore time, it is no wonder that Beauty and Anti-Ageing is ranked the highest market in Global Wellness Economy with an overall $999 Billion revenue. 

Healthy Eating, Nutrition and Weight Loss.
I would like to also mention that I believe the reason why Singapore Wellness Economy is on a high rise, is due to the new set of Generation which is widely known as the Millenials. A recent Food Marketing Analysis shows that Millennials are poised to reshape the economy which in other words - "changing the game". In addition to being environmentally and socially conscious, the purchasing decisions on food have been raised sustainably and ethically by agri-food businesses that are open and transparent about their operations. This is because Millennials value local and organic food. Therefore it explains the rise of Vegan Lifestyle and Environmental friendly acts. To which, I believe that it has also increased more organic and health Wellness tourism to the recent market for Healthy Eating, Nutrition and Weight Loss. 

Global Wellness Economy Factors and the Revenue