The Health and Wellness Opportunity
A $7 Trillion Industry Seen Through the Luxury Lens
The convergence of wellness and luxury represents one of the most compelling market opportunities of our time. As traditional luxury sectors face headwinds, the US (and the global) Health and Wellness sector offers a remarkable counternarrative. According to the Global Wellness Institute (GWI), the global wellness market is predicted to grow at a rate of 7.3% between 2023 and 2028. This rate of expansion is notably higher than the projected growth of the global GDP, which is currently forecasted by the IMF to be 4.8%. The wellness economy reached approximately $6.8 trillion in value in 2024 and is on track to reach almost $9.0 trillion by 2028.
Within this context, the US currently represents the lion’s share, with a market value of $2 trillion, equivalent to nearly one-third (32%) of the entire worldwide wellness economy. With an annual growth of 8.3% from 2019 to 2023, the US market so far has eclipsed other regions in terms of growth, including Germany (5.9%), China (4.9%), and Japan (3.1%). Notably, Americans are now spending over $6,000 annually on wellness, marking a new milestone in consumer expenditure for this sector.
What makes this opportunity particularly compelling for luxury brands is the fundamental shift in the behavior of affluent consumers. Today’s high-net-worth individuals increasingly view wellness as the ultimate luxury investment, prioritizing experiences and products that enhance their health span over traditional status symbols. This behavioral transformation is evidenced by the success of ultra-premium wellness offerings like Equinox’s new $40,000-per-year gym membership and Continuum Club’s $10,000-per-month wellness social club that uses AI and biometric technology to create hyper-personalized programs.
The wellness economy has proven remarkably resilient, with 82% of Americans considering wellness a top priority in their everyday lives. More significantly for luxury brands, this prioritization transcends economic pressures: despite 66% of consumers feeling financially squeezed, 80% intend to maintain or increase their spending on health and fitness-related areas.
Among high-income respondents, 39% have booked luxury trips or wellness retreats for the next 12 months, demonstrating that affluent consumers are willing to invest significantly in wellness experiences that deliver measurable results.
Perhaps most importantly for luxury brands, the wellness market is experiencing a maturation from trend-driven to science-driven purchasing decisions. About 64% of surveyed US beauty consumers rank clinical and scientific studies as essential criteria in their product selection process, while 59% report willingness to pay premium pricing for wellness products with clinical backing. This evolution aligns perfectly with luxury brands’ heritage of craftsmanship, quality, and attention to detail, creating natural entry points for brands that can credibly deliver superior wellness outcomes.
