The Global Wellness Institute (GWI) recently released its major research report for 2020 and the results contain very good news for operators of guest ranches, fishing, hunting, and adventure lodges around the world. The wellness economy is growing rapidly, and the total market this year is expected to reach $121 billion. The four major sectors are comprised of space/sleep ($49.5 billion), nutraceuticals/botanicals ($34.8 billion), self-improvement ($33.5 billion), and mindfulness ($2.9 billion). The products offered by the experiential travel industry strongly resonate with the wellness community across the board, and businesses that actively target their services towards this community are poised to gain market share.
GWI defines wellness as a resource “that helps us think, feel, connect, and function. It is an active process that helps us to build resilience, grow, and flourish. Key strategies for mental wellness fall into four pathways: activity and creativity; growth and nourishment; rest and rejuvenation; and connection and meaning.”
Under this construct, an activity such as hiking, fly fishing, or horseback riding, which once purely appealed to those seeking outdoor adventure, now has added value to those also seeking a wellness experience. Consequently, properties operating on an all-inclusive business model, are uniquely positioned to add elements of wellness into their existing packages at a very low cost of entry. The key is to incorporate wellness concepts into your marketing strategy and inform your audience of their new options. By doing so, owners can reasonably expect increased sales, leading to greater returns on investment, and higher levels of profitability.
Photo courtesy of Justin Casey
About the Global Wellness Institute: (GWI), a nonprofit 501(c)(3), is considered the leading global research and educational resource for the global wellness industry and is known for introducing major industry initiatives and regional events that bring together leaders to chart the future. GWI positively impacts global health and wellness by educating public institutions, businesses, and individuals on how they can work to prevent disease, reduce stress, and enhance the overall quality of life. Its mission is to empower wellness worldwide.
