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In recent years, the wellness industry has become an extremely lucrative sector. It is growing steadily despite a sometimes difficult economic environment. A variety of well-being and self-care brands dedicated to this sector have been on the rise since the pandemic. It’s a market worth over 5.2 billion dollars that is reinventing self-care practices.
The climate in society is anxiety-provoking, and our lives are moving at an ever-increasing pace. In fact, stress has been recognized by the World Health Organization as a real “scourge of the Western world”. To combat this, many people are looking to the wellness market for methods or techniques to improve their lifestyle and reduce daily stress. The activities that make up this market are many and wide-ranging, including the wellness industry, sports, fitness, relaxation, cosmetics (including beauty and anti-aging treatments) or nutrition and dietetics.
Well-being and sustainability as a new trend that appeals to the customers worldwide
Well-being is even more appealing to the customers when combined with sustainability, organic and fair trade produce. According to the Global Wellness Institute, the global wellness market will be worth over USD 8,945.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
This increased interest in wellness and self-care products with an emphasis on sustainability and natural ingredients has also seen the discount platform promocodius.co.uk. According to discount experts, interest in discounts for this product segment has increased by more than 21% since 2020.
Let’s take the beauty sector for example. With discount coupons or promotional codes, such as We are wild discount code: https://promocodius.co.uk/shops/wild and many others, taking care of oneself and one’s appearance (skincare) is becoming easier and more affordable. Sustainable wellness brands, such as Lush or We are wild, are concentrating on well-being and creating an attractive ecosystem that appeals to customers worldwide.
More and more consumers are concerned about the environmental impact of the products they use. In response, many skincare brands are adopting more sustainable practices, such as using recyclable or compostable packaging, reducing water in their formulas and promoting responsible consumption.
“Clean” products are formulated without a specific list of potentially harmful or controversial ingredients. They are gaining in popularity as consumers look to adopt a safer, more conscious skincare routine.
Meditation and sports market
However, the wellness sector is not only about beauty or nutrition! The meditation and sports market is worth over 500 billion dollars, making it the fourth most lucrative segment of the wellness market, after tourism, nutrition and beauty. The modernization and decentralization of various forms of exercise, such as yoga, meditation, aqua aerobics, zumba and Nordic walking, have led people to return to their gyms or to the outdoors, offering them a variety of options for relieving stress during the day.
Wellness tourism also booming
The wellness tourism economy encompasses all activities enabling tourists to enhance their well-being during their vacations. It grew by 10% in 2022, more than the tourism market as a whole. Wellness is said to be the fastest-growing tourism industry, worth over 838.78 billion in 2022. According to various estimates, this sector is experiencing rapid growth, particularly in the field of aesthetics. Many people are prepared to travel to another country for treatment, in order to reduce costs or waiting times for cosmetic surgery.