Strategies That Wellness Tourism Companies Should Implement In Order To Capitalize On The Market's Consistent Growth Potential - By The Business Research Company
The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Jan. 30, 2023 /PRNewswire/ -- As per the Business Research Company's "Wellness Tourism Global Market Report 2023", the wellness tourism market size is expected to be worth $819.9 billion in 2023. The wellness tourism market value then is expected to grow to $1178.9 billion in 2027 at a CAGR of more than 9%.
The wellness tourism market is segmented by service type into transport, lodging, food and beverage, shopping, activities and excursions, and other services. The lodging market was the largest segment of the wellness tourism market. Going forward, the lodging market is expected to be the fastest-growing segment in the wellness tourism market at a CAGR of more than 11% during 2022–2027.
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With consistent growth potential in the lodging segment of the wellness tourism market, major player Hyatt Hotels Corporation's business strategy is highly focused on increasing its production capacity by launching a new suite of event offerings with advanced features and services such as the implementation of artificial intelligence. For example, in January 2022, Park Hyatt New York, a US-based hotel, launched a luxury restorative sleep suite featuring an AI-powered bed. Each suite contains the Bryte Restorative Sleep bed, which uses artificial intelligence to adjust the temperature and firmness depending on the stage of a person's sleep cycle.
Additionally, in July 2022, Hyatt Hotels Corporation launched a new collaboration between Thompson Hotels, a US-based hospitality brand, and CorePower Yoga, a US-based yoga studio chain. This collaboration offers a series of not-your-average rooftop workout classes rooted in the mindfulness of yoga, with the goal of transforming the minds and bodies of guests, CorePower Yoga members, and locals.
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According to TBRC's wellness tourism market analysis, the rise in e-literacy is a major driver supporting the growth of the wellness tourism market. Mobile phones, computers, and other networking devices are becoming increasingly popular as e-literacy grows. Online travel service providers aim to make travel planning and booking easier for consumers as they shift from traditional reservations to online reservations while implementing advanced technologies. Furthermore, the ability to compare various available adventure travel options as well as quick and easy flight and hotel bookings, activity booking, increased customer trust in online payment, and the ability to book activities will drive the wellness tourism market growth. According to Expedia Group data, an American online travel shopping company for consumer and small business travel, the number of searches increased by up to 25% in the first quarter of 2022 compared to the previous quarter. Equally important, consumers around the world are making increasingly informed decisions when planning travel and searching for deals from reputable travel companies.
To capitalize on the wellness tourism market's growth potential, major wellness tourism market players should focus on introducing new technologically advanced products and services in order to remain competitive. Companies should also consider strategic partnerships and investments with other players to expand their wellness tourism offerings and geographic presence.
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