Insight report by Reuter: Intelligence in partnership with ILTM Asia Pacific reveals new driver of consumer preferences and huge potential for travel brands
Singapore -- Travel brands must significantly upgrade their health & wellness proposition to better connect with the new mindstyle of luxury travellers in Asia Pacific (APAC). Plant-based dining, MediSpa and digital detoxing are just some of the expectations of the new wave of luxury consumers across APAC, while there is huge gap between the simple vegetarian options, massage rooms and ‘free WiFi’ being offered by some travel businesses today.
Such findings are made clear in a new insight report by Reuter: Intelligence, created in partnership with the ILTM Asia Pacific, that analysed the key sectors and leading case studies of health and wellness in APAC and how a new consumer mindstyle is set to impact the travel market.
Lee Folland, Research Director of Reuter: Intelligence said, “The report, analysing diverse categories of industry, discovered that luxury Asian consumers now have a health and wellness mindstyle – both their mindset and lifestyle are centred around the world of wellness. This means that travel and hospitality businesses must shift away from simply promoting intangible ‘escapes’ to tangible, results-based holistic health and wellness.”
Asian wellness mindstyle across diverse sectors
The diverse aspects of wellness mindstyle presented in the report look at where each industry sector was, is now - and where it's heading - across various categories. Health & wellness travel in the region is distinct from its western counterpart, with regional cultures having a different take – and historic experience – with wellness.
Alison Gilmore, Portfolio Director of ILTM said, “This report is a deep dive into an awe-inspiring new segment, packed full of actionable insights that business leaders will find both timely from a strategic perspective, and fascinating from a personal one. One thing is for certain; things are changing and they are changing fast. But, armed with the right data and the right interpretation, no other industry is better placed to capture and serve this explosion of need.”
Luxury travel must catch up with the wellness industry
The Global Wellness Summit (GWI) Global Wellness Tourism Economy report stated that the industry is worth USD 4.2 trillion globally, a year-over-year growth of over 12%. In APAC, the corporate wellness market alone is expected to reach US$7.4 billion by 2024 (transparency market research) representing a growth rate of 9%, and Asia has been the fastest-growing region in both wellness tourism trips and revenues for each of the last five years.
Affluent Asian consumers are seeking new forms of wellness experiences in the face of hectic modern lifestyles and the pressures brought by professional demands, environmental pollution and the invasion of social media. This is greatly impacting the travel industry as consumers look to combine their wellness mindstyle with the escapism of luxury tourism.
The consumer drive for health and wellness means that they are exploring innovative and exciting wellness throughout forms of hobbies, sports, relaxation and life. While a fitness centre and spa may have been the sum total of a luxury resorts ‘wellness’ offering in years gone by, the most pioneering brands are now offering retreats with holistic wellness, featuring cutting-edge techniques, technologies and services.