The global Wellness Tourism Market size is expected to reach USD 1.2 trillion by 2026 registering a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Rising disposable income levels, especially in developing regions like China, India, and Mexico, have contributed to the increasing demand for wellness activities.
Key companies in the market offer various wellness services, such as spa services, mindfulness training, accommodation, and food & beverages. Preference for wellness activities along with vacation due to rising cases of various health issues associated with stress, such as insufficient sleep and physical inactivity, will drive the market further. According to the National Center for Chronic Disease Prevention and Health (NCCDPHP), the productivity losses from absenteeism cost employers USD 225.8 billion or USD 1,685 per person, annually.
Europe was the dominant regional market in 2018 as it has been a popular travel destination for years. On the other hand, Asia Pacific is expected to witness the fastest CAGR from 2019 to 2026. China and India are the key markets in Asia Pacific region. In India, Heaven on Earth airport spa chain announced their merger with Serena Spa in January 2016. This merger helped Heaven on Earth become the largest spa company in India. Thus, such business strategies adopted by key companies in the region will augment the market growth further.
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Further key findings from the study suggest:
- In July 2020, Accor, a global hospitality leader, and AXA, a global leader in insurance, announced an innovative strategic partnership to provide medical support to guests across the 5,000 Accor hotels worldwide. This decision was taken in consideration with the fact that a pandemic is raging worldwide and medical support is essential to motivate travellers all around the world. Medical support systems will go a long way in increasing the brand value of the hotel chain and will also boost the wellness tourism aspect in these times.
- In April 2020, Wellness tourism goes online as Wellness Tourism Associations’ members launched a new initiative called Healthy@Home to keep the wellness travelers motivated to travel after the pandemic subsides. This initiative is all about offering wellness at home through online mode. Several wellness centers are offering their programs such as Happiness program by Art of Living Retreat Center, Northern California and others. It is going to boost and motivate people to make plans to carry out wellness travels in the post-COVID times.
- In January 2020, Accor announces plans to extend wellness offering. Some of the examples of offerings by the hotels under Accor are employment of Feng Shui and Biophilia techniques to bring peace and balance to its interior spaces; designing of its menus to enhance sleep, counter jet lag and promote digestive health & offering its guests sleep rituals with aromatherapy and luxury sleep masks. These wellness offerings are also going to be extended for the betterment of hospitality standards by Accor.
- In January 2020, Hilton launches new wellness focused hotel chain. The concept has already been confirmed for 30 locations across the US, including New York, Maui, Boston, Los Angeles, Lexington, Nashville, San Diego, Charlotte, Washington D.C., Houston and Atlanta, with an additional 30 deals also in various stages of development. Tempo by Hilton is the latest concept to join the slew of options currently available to wellness travellers, and like its competitors, the brand is banking on the concept being enough to capture the imagination of this increasingly discerning and demanding demographic.
- In January 2020, Hyatt Hotels Corporation and Headspace, a leader in mindfulness and meditation, announced a new global wellbeing collaboration between Hyatt and Headspace that will bring mindfulness exercises, guided meditations and sleep content to millions of employees, corporate customers and guests. The alliance with Headspace builds on Hyatt’s holistic wellbeing strategy, which focuses on positively impacting how employees, corporate customers and guests feel, fuel and function. This collaboration uniquely positions Hyatt to better care for its employees’ and guests’ wellbeing with a meaningful variety of mindfulness experiences.
- In December 2019, Accor launched a white paper with the heading,"It's a Wellness World: The Global Shift Shaking up Our Business" in which it went to explore the fundamental societal shift currently underway as the lifestyle goal of feeling healthier has moved out from beyond the walls of the spas and gyms and entered the mainstream. The report goes on to discuss the opportunities the wellness movement provides for hoteliers, and some of the unique ways that Accor brands will deepen their commitments in this vital area throughout 2020 and beyond. This whitepaper did good on two fronts i.e. first it was a nicely written self-promotional initiative and second, it shifted attention of multiple business owners towards the important shift in tourism arena.
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