Wellness tourism to generate one trillion dollars by 2024

The impacts of the covid-19 pandemic have transformed the way people conceive of their lives and experience tourism, leading travelers to prioritize relaxation and health activities when selecting destinations to visit.

The most recent reports from the Global Wellness Institute (GWI) indicate that although the market experienced a significant drop between 2019 and 2020, declining from US$720 billion to US$351 billion, a post-pandemic recovery in the sector is evident, achieving 36% annual growth.

The Global Wellness Economy Monitor 2023, developed by GWI, reveals a growing interest of travelers in “wellness”, predicting that the market will double in the coming years.

According to tourist spending figures, it is recorded that they reachedUS$651 billion in 2022 and could exceed US$868 billion in 2023.

The entity projects that by 2024 the figure of US$1 trillion will be reached and by 2027 total spending is expected to reach US$1.4 trillion. With an annual growth rate of 16.6% over the next five years, it is emerging as the second growth leader across all wellness sectors, second only to wellness real estate at 17.4%.

“Wellness tourism is experiencing substantially faster growth than traditional tourism,” the report argues. In 2022, travelers took 819.4 million domestic and international trips, representing a significant increase compared to 2020 and 2021 levels.

Wellness-focused tourists show higher spending compared to conventional tourists, averaging US$1,764 per trip, 41% higher than the typical tourist.

Source: Mitur.com

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