The recent openings of Southbury-based businesses Optimum Performance Therapeutic Massage & Bodywork, Alexandra Lin Mitchell’s Acupuncture & Clinical Herbalism, Brightside Nutrition, KRU Juice Bar, Mission Salad, and The Pilates Room, add to an already impressive list of existing businesses in town that center on our well-being. From medical services to personal care and beauty; from those that address our mental state, to those focused on our physical wellbeing, each fit into what has become broadly known as the wellness economy. So, what is the wellness economy?
The wellness economy is a massive global industry, estimated by the Global Wellness Institute (GWI) at $4.5 trillion and representing roughly 5.6% of global economic output in 2017 (based on IMF data1). By comparison, global health expenditures were estimated at $8.0 trillion in 2017 (based on WHO data2).
GWI defines the wellness economy as “industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives.” It encompasses 11 varied and diverse sectors. They are: Mental wellness; Physical activity; Wellness real estate; Workplace wellness; Wellness tourism; Spa economy; Thermal/mineral springs; Healthy eating, nutrition and weight loss; Personal care and beauty; Preventive and personalized medicine and public health; Traditional and complementary medicine.
From 2013–2017, the wellness economy grew by 5.8% annually, a growth rate nearly five times as fast as global economic growth (1.2% annually, based on IMF data). Within a relatively short span of time, wellness has emerged globally as a dominant lifestyle value, driving consumer interest in exercise, healthy eating, self-care, mindfulness, stress reduction, healthy aging, complementary medicine, holistic health and other wellness practices.
For a growing number of consumers, wellness has become an important value system used to guide daily life and decision-making with a growing focus on issues such as food quality and the way food is prepared and consumed, mitigating stress and boosting mental wellness, incorporating movement into daily activities, environmental consciousness, the yearning for connection, the desire for self-actualization, and a search for happiness. There is no sign that this trend is slowing down, and that is good news for the neighbors of Southbury.
References
- International Monetary Fund
- World Health Organization
Kevin Bielmeier
Economic Development Director
Town of Southbury
EcoDevDirector@southbury-ct.gov
(203) 262-0683
[This article first appeared in Southbury Neighbors magazine.]