In recent years, beauty brands have begun embracing the idea of wellness and have started to craft products and experiences that allow consumers to enhance their self-care. Likewise, consumers have come to expect and often seek out products that promote wellness. (Read our 2017 wellness report here.)
The Global Wellness Institute (GWI) has released the Global Wellness Economy Monitor for January 2017. In the report it is stated that GWI defines wellness as “the active pursuit of activities, choices and lifestyles that lead to a state of holistic health.”
The report breaks down the global wellness economy, which was worth $3.7 trillion in 2015. The leader in this economy, with a worth of $999 billion, was the beauty and anti-aging sector.
The report also showed that in 2013 the beauty and anti-aging was worth $1,025.60 billion, meaning there was a -1.3% annual growth rate 2013 and 2015.
With the world’s population becoming increasingly older, the potential for this sector to once again increase is likely.