The global wellness industry saw a 15% year-over-year increase in growth, driven by a rising focus on mental health and self-care among consumers.
According to Bloomberg-compiled consensus estimates, the market value of the wellness industry is projected to reach $1.35 trillion by the end of 2023, up from $1.17 trillion in 2022.
Market Move
The rise of wellness culture has had a significant impact on various sectors, including healthcare, beauty, and hospitality. The S&P Wellness Index (SPLW) rose 5.4% to 1,234.21, outperforming the broader market.
The index’s performance was driven by gains in companies such as GNC Holdings Inc. (GNC) (+12.3%), Planet Fitness Inc. (PLNT) (+9.5%), and Athleta Inc. (ATHL) (+8.2%).
Drivers
The growing demand for wellness services is attributed to increasing awareness of mental health, a shift towards preventive care, and the desire for holistic experiences.
“People are becoming more aware of the importance of self-care and mental well-being,
