The fitness segment of the wellness industry experienced a 37.1 percent decline in spending in 2020, but it is expected to rebound with the hybrid brick-and-mortar and digital fitness segment anticipated to grow from $738 billion in 2020 to $1.2 trillion in 2025, according to a new research report, “The Global Wellness Economy: Looking Beyond Covid,” from the Global Wellness Institute.
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The report looked at 11 segments of the wellness industry with physical activity being one of those segments. Fitness was a sub-sector of the physical activity segment. GWI defines physical activity sector as “consumer spending associated with intentional physical activities performed during leisure and recreation.” For GWI, “fitness” includes workouts and classes in home-based gyms, community centers, outdoor gyms, schools, hotels, and via online platforms as well as those occurring in brick-and-mortar locations.
From 2018-2019, spending on physical activity grew 5 percent to reach $874 billion, but with the COVID-19 pandemic and gym closures in 2020, revenues fell 15.5 percent to $738 billion in 2020.
Despite the fact that income in the wellness sub-area declined 37% in 2020, income from wellness innovation expanded 29% to $49.5 billion for the year. Computerized applications, streaming and on-request exercise stages grew 40%. The portion’s mixture blocks and cement/advanced future is splendid with GWI anticipating the market will almost twofold – from $738 billion of every 2020 to $1.2 trillion out of 2025.
The overall wellness market — which in addition to physical activity also includes healthy eating, nutrition and weight loss; mental wellness; spas; wellness tourism; wellness real estate; personal care and beauty; workplace wellness; public health, prevention and personalized medicine; traditional and complementary medicine; and thermal/mineral springs — generated record revenue of $4.9 trillion in 2019 and then fell to $4.4 trillion in the pandemic year of 2020.
Notwithstanding, the pandemic introduced a change in values for buyers, legislatures, and the clinical world wherein avoidance and health have taken on more noteworthy significance, as per the report.
Considering that, the GWI predicts that the health market will get back to pre-pandemic levels in 2021 ($5 trillion) and will develop at a 10 percent yearly speed through 2025, when it will reach $7 trillion. Read more on Amazon