‘Health is wealth’ is a saying that most Aussies live and breathe – and right now, our nation is deep in its wellness era. Bougie gyms are popping up on every street corner, sauna sessions have replaced after-work drinks and taking a mental health day is actually a legit excuse to skip work. It checks out, then, that Australia boasts one of the world’s fastest-growing wellness economies, now valued at more than US$126 billion (AU$193 billion).
‘Wellness economy’ might sound like another one of those woo-woo buzzwords, but the Global Wellness Institute (GWI) defines it as industries that help people incorporate wellness activities and lifestyles into their daily lives. Every few years, the GWI releases its Global Wellness Economy Report, tracking global spending on wellness – and for the first time ever, they’ve released a detailed breakdown for Australia.
The report reveals that from 2022 to 2023, Australia’s wellness economy grew by a staggering 10.9 per cent to reach US$126.7 billion. This huge increase from US$94.7 billion (AU$145 billion) in 2019 pushed Australia from 13th to the tenth-largest wellness economy out of 218 countries. On top of that, we rank seventh globally for per capita spending on wellness, with each Australian shelling out an average of US$4,824 (AU$7,375)
“With beautiful landscapes, a growing wellness real estate market and a strong fitness tradition, it’s no wonder that Australia ranks in the top ten wellness economies globally,” said Susie Ellis, GWI’s Chair and CEO.
Given wellness is multidimensional, the report gathered data for seven key wellness sectors: spas, thermal/mineral springs, wellness tourism, workplace wellness, wellness real estate, physical activity and mental wellness. It also produced global estimates for personal care and beauty, nutrition and weight loss, public health and medicine.
According to the report, Australia invests the most in ‘wellness real estate’ – spending on properties designed with wellness-focused features or services – accounting for 20 per cent of the total, which is more than double the global average. Physical activity is our next strongest sector at 19 per cent, sitting just above the worldwide average.
Australia’s biggest growth opportunity lies in the ‘wellness tourism’ sector – travel aimed at maintaining or boosting personal wellbeing – which jumped 32.9 per cent between 2022 and 2023. The country also saw a surge in thermal and mineral springs, which grew by more than 20 per cent over the same period.
While Australia’s spending on mental wellness grew ten per cent year-on-year, we’re only spending roughly half the global average in this sector at just US$2.43 billion (AU$3.72 billion). Data is yet to be gathered for the 2024 to 2025 period, but the Global Wellness Economy Report proves there’s plenty of opportunity for growth. And really, we’ll take all the wellness we can get – it does wonders for mind, body and soul. Now consider this your excuse to book a spa day or schedule a psychology appointment. You’re worth it.