Commissioned by the International Luxury Travel Market (ILTM) Asia Pacific, CatchOn’s latest study makes a case for why Asia is at the epicenter of the wellness tourism boom worldwide and identifies three consumer archetypes that travel brands should be on the lookout for to capitalize on the escalating wellness and luxury travel sector.
Cathy Feliciano-Chon, Managing Partner of CatchOn, presented the research in a keynote speech at the ILTM Asia Pacific Opening Forum in Singapore this week. According to the latest Global Wellness Institute (GWI) report, wellness tourism is one of the fastest-growing segments in the wellness economy today and Asia Pacific is now the fastest growing market, catapulting its future value to US$252 billion. The overwhelming statistics reflect the growing wellness industry in the region: China, India, Malaysia, the Philippines, Vietnam and Indonesia all clocked 20+% annual gains last year and the market will essentially double from 2017–2022.
As Ms. Feliciano-Chon explained: “Asian traditions and healing philosophies – from yoga, Ayurveda to traditional Chinese medicine’s concept of balance and energy – have influenced virtually every aspect of the wellness industry for several decades. Review any spa menu or retreat package in the world and you will inevitably find Asia’s influence. International travel brands, wherever they are in the world, should take this opportunity and be part of this dynamic region’s outbound travel.”
Wellness has become a dominant consumer value and lifestyle driver, profoundly changing behaviour, choices and spending decisions. Wellness trips now represent 6.5% of all tourism trips taken worldwide, growing a massive 15.3% annually to reach 830 million trips each year. In the midst of this explosive growth, Asia-Pacific now ranks second – at 258 million wellness trips annually – just behind Europe, according to GWI.
The study is the result of 50 one-on-one interviews with travellers, luxury tour operators, spa consultants, travel journalists, wellness destination resorts and hospitality brands based in Asia Pacific. It identifies three consumer segments driving the future of wellness tourism in Asia: Female Travellers, Affluent New Agers and Chinese Millennial Millionaires.
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