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Wednesday, February 21, 2024

Global Wellness Is Booming and Luxury Consumers Want to Travel Well

MVI Marketing (MVI), a market research company specializing in luxury brands and their consumers, has announced the findings from its recent luxury wellness travel study. The online, quantitative research study was completed by nearly 1,200 male and female respondents in the USA, between 25 and 50 years of age, who had household incomes of $75,000 and above, and have recently traveled and/or plan to travel within the next year.

Results showed that 60% of individuals surveyed by MVI think it’s important for venues and destinations to offer wellness options for both pleasure and business travelers. 50% of respondents plan to incorporate wellness/self-care as part of their next trip.

According to the Global Wellness Institute, the Wellness Tourism industry is valued at $639 billion with a projected 6.5% annual growth rate. This projected growth rate is more than twice the total tourism industry overall (3.2%) and is the fastest growing segment of the $4.2 trillion Wellness Marketplace.

MVI’s research drilled down into specific choices within the dynamic wellness travel segment. Key takeaways from MVI’s study include:

  • While meditation was the #1 wellness trend that respondents were eager to try, CBD products came in second, demonstrating how quickly the product is infiltrating the marketplace.
  • Reflecting the societal change in information gathering habits of consumers, 50% of respondents get their wellness inspiration from social media and online media, more than double the traditional resources such as TV, print and travel agents. However, the higher the income of respondents, the more likely they were to use travel agents for trip ideas.
  • Over 70% will travel with their significant other and most plan to take a full week for their wellness travel.
  • In a total reversal of the image of Spa as Fat FarmRelax/Recharge and Stress Reduction were the top reasons given to take a wellness vacation. Lose Weight was the least selected reason.
  • SpaAdventure OptionsAccessibility to Nature and Health Food were the top activities looked for when booking wellness travel.
  • Over 70% of respondents preferred a self-guided schedule over a planned schedule.
  • The top five most popular spa resort brand choices from the respondents in this study were Hilton, Four Seasons, Marriott International, Hyatt and Ritz Carlton.
  • Providing insight into consumer purchasing habits, 94% of respondents said they were likely to purchase a luxury item during a wellness trip. These products range from new healthcare products to location specific items to jewelry and branded clothing.

The complete report of findings for the MVI luxury wellness travel study can be found at https://www.mvimarketing.com/download-report.php?report=43

A video overview of the research findings, with noted Luxury Wellness Travel expert, Darlene Fiske, can be found at:

MVI Marketing LLC (MVI) provides consumer and trade market research along with strategic consulting to a global client list in the luxury goods space.

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