FINAL RESEARCH PROJECT REPORT

On

Wellness Industry: The next ten trillion industry in 10 years

Submitted in partial fulfillment of

BACHELOR OF BUSINESS ADMINISTRATION

at

University School of Business (USB)

Chandigarh University, Gharuan, Mohali

Batch; 2020- 2023

Supervised by: Submitted by

MR. NAVEEN GARG AMAN SAGAR
Assistant Professor 20BBA2813

1
 DECLARATION

I the undersigned solemnly declare that the report of the project work entitled “Wellness
Industry: The next ten trillion industry in 10 years”, is based my own work carried out
during the course of my study under the supervision of Mr. Naveen Garg

I assert that the statements made and conclusions drawn are an outcome of the
project work. I further declare that to the best of my knowledge and belief that the
project report does not contain any part of any work which has been submitted
for the award of any other degree/diploma/certificate in this University or any other
University.

(Signature of the Candidate)

Name – AMAN SAGAR

Roll No:- 20BBA2813

BBA V Semester

2
 ACKNOWLEDGEMENT

I avail this opportunity to express my deep sense of gratitude &

warm regard for my guide. I owe special thanks to Mr. Naveen
Garg, Assistant Professor, Chandigarh School of Business,
Chandigarh University who guided me throughout the making of
this project report. Without her support my work could not have
been realized. It is my pleasure to acknowledge for his critical
suggestions & amp; information given by the need for values and
ethics in the organization that filled energy in me at each &
every step of my journey. I feel honoured to express my deep
sense of gratitude to her for the constructive criticism,
suggestions & expert advice during the whole research.

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 CERTIFICATE BY SUPERVISOR

This to certify that the report of the project submitted is the outcome of the project
work entitled ‘Wellness Industry: The next ten trillion industry in 10 years’. carried
out by Aman Sagar bearing Roll Number :- 20BBA2813 Carried by under my
guidance and supervision for the award of Degree in Bachelor of Business
Administration of Chandigarh University

To the best of the my knowledge the report

I. Embodies the work of the candidate him/herself,

II. Has duly been completed,

III. Fulfils the requirement of the ordinance relating to the BBA degree of the University
and

IV. Is up to the desired standard for the purpose of which is submitted.

(Signature of the Supervisor)

Name:- Mr. Naveen Garg

Designation:- Assistant Professor

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 TABLE OF CONTENT

S No. Title Page No.

1 Introduction 9-17

2 Review of Literature 18-28

3 Research Methodology 29

4 Data Analysis and Interpretation 30-37

5 Conclusion and Recommendations 38

6 Bibliography 39,40

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 S. no. Tables Page no.

1.1 Descriptive Statistic 30

1.2 Correlation 37

S. no. Figure Page no.

1.1 Total turnover of global wellness 2020 17

1.2 Turnover of wellness industry for 3 different years. 31

1.3 Turnover of different sectors of wellness industry in 32

% of 2019.

1.4 Turnover of different sectors of wellness industry in 33

% of 2020

1.5 Turnover of wellness industry in top 5 countries 34

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ABSTRACT

The study initially defines the wellness industry as the emerging major demanding industries

across the globe. First the research briefly describes about the wellness industries in details

and its comprising sectors. Then after observing the previous studies, it focuses on the main

subsectors i.e nutritional supplements and pharmaceutical medicines. As already know that

the industries will cross 200$ billions in 2050, still the relation among some sectors are left

out in context of the industry which helps in policy formulation of the government and other

private enterprises for the coming trends in these industries. Also, we found out from the

2021 index that ,healthy eating, nutrition wellbeing are the most demanded sectors prevailing

in the wellness economy. So from the research we found out that people are preferring

healthy eating, good food, dietary supplements to pharmaceutical medicines, still the

correlation between the nutritional supplements and pharmaceuticals medicines is completely

high.

The main reasons being the high fluctuations in the average market size, from the developed

countries and low market size from the developing countries as well as low developed

countries. Most of the nutritional leading companies as well as pharmaceutical medicines are

developed countries. So the reality is far from the hypothesis that there is indirect relationship

between nutritional diets and pharmaceutical medicines.

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ABSTRACT

अध्ययन शुरू में कल्याण उद्योग को दुनिया भर में उभरते प्रमुख मांग वाले उद्योगों के रूप में
परिभाषित करता है। सबसे पहले अनस ु ध
ं ान सक्ष
ं ेप में विवरण में कल्याण उद्योगों और इसके शामिल
क्षेत्रों के बारे में वर्णन करता है। फिर पिछले अध्ययनों को देखने के बाद, यह मुख्य उपक्षेत्रों यानी
पोषण की खुराक और दवा दवाओ ं पर कें द्रित है। . जैसा कि पहले से ही पता है कि उद्योग 2050
में 200 बिलियन डॉलर को पार कर जाएगं े, फिर भी उद्योग के संदर्भ में कुछ क्षेत्रों के बीच सबं ंध
को छोड़ दिया गया है जो इन उद्योगों में आने वाले रुझानों के लिए सरकार और अन्य निजी उद्यमों
के नीति निर्माण में मदद करता है। इसके अलावा, हमने 2021 के सच ू कांक से पाया कि, स्वस्थ
भोजन, पोषण कल्याण कल्याण अर्थव्यवस्था में प्रचलित सबसे अधिक मांग वाले क्षेत्र हैं।. इसलिए
शोध से हमें पता चला कि लोग दवा दवाओ ं के लिए स्वस्थ भोजन, अच्छा भोजन, आहार की खुराक
पसंद कर रहे हैं, फिर भी पोषण की खुराक और फार्मास्यूटिकल्स दवाओ ं के बीच सहसंबंध पूरी तरह से
अधिक है।

मुख्य कारण विकसित देशों से औसत बाजार के आकार में उच्च उतार-चढ़ाव और विकासशील
देशों के साथ-साथ कम विकसित देशों से कम बाजार का आकार है। अधिकांश पोषण अग्रणी
कंपनियों के साथ-साथ दवा दवाएं विकसित देश हैं। इसलिए वास्तविकता इस परिकल्पना से बहुत
दूर है कि पोषण आहार और दवा दवाओ ं के बीच अप्रत्यक्ष सबं ध
ं है।

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 CHAPTER-1: INTRODUCTION

Generations have changed. In older times people used to walk 10 mins to save 10 rupees, but

now people are using 10 rupees to save 10 mins. Due to change in mind-set and lifestyles

health situation changed so health awareness and nutrition is considered as one of the most

emerging problems in the world. Lots of people are facing health issues at the early ages due

to lack of physical activities during their childhood turning their faces into the techno

advanced tools like mobile phones, computers etc.

With fitness being a main priority, people have started undivided attention to it. Youth and

middle-aged people are proactively taking measures to maintain a healthier lifestyle and

prevent any lifestyle-related issues.

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Practices such as instilling fast food in the diet, lack of adequate exercise, sedentary lifestyle

and heightened air pollution, all the factors together resulted in the citizens of the country

falling prey to lifestyle-related ailments including diabetes, cardiovascular diseases, chronic

kidney and respiratory diseases, etc. Witnessing the dire need of wellness, the individuals

have consciously changed the tides and are working towards creating a better lifestyle which

is ailment-free.

Objective
 To find out the correlation between the two subsectors i.e., nutritional supplements

and pharmaceutical medicines.

 To examine whether Government should balance the investments on the two sectors

or focus on one sector only.

 To find out the rising sectors which are demanding more after the impact of Covid-19.

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Wellness economy.

The wellness economy is defined by The Global Wellness Institute as industries that

enable consumers to incorporate wellness activities and lifestyles into their daily lives. It

is a colossal global industry, estimated by the Global Wellness Institute (GWI)

The wellness economy comprises of 11 sectors, and we use the definitions below for the

purposes of measuring each sector.

 Mental Wellness: Consumer spending on activities, products and services whose

primary aim is to help us along the mental wellness pathways of growth and

nourishment and rest and rejuvenation. It encompasses four subsectors: self-

improvement; brain-boosting nutraceutical and botanicals; meditation and

mindfulness; and senses, spaces and sleep.

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  Physical activity: Consumer spending associated with intentional physical

activities performed during leisure and recreation, including three recreational

activity subsectors (sports and active recreation, fitness and mindful movement) and

three enabling subsectors (technology, equipment and supplies, and clothing and

apparel).

 Wellness real estate: Expenditures on the construction of residential and

commercial/institutional (office, hospitality, mixed-use/multifamily, medical,

leisure, etc.) properties that incorporate intentional wellness elements in their

design, materials and building as well as their amenities, services and/or

programming. Note that wellness real estate is broader than (but encompasses)

wellness lifestyle real estate, which focuses on the residential component.

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  Workplace wellness: Includes expenditures on programs, services, activities and

equipment by employers aimed at improving their employees’ health and wellness.

These expenditures aim to raise awareness, provide education, and offer incentives

that address specific health risk factors and behaviors (e.g., lack of exercise, poor

eating habits, stress, obesity, smoking) and encourage employees to adopt healthier

lifestyles.

 Wellness tourism: The aggregation of all expenditures made by wellness tourists—

primary and secondary, international and domestic—including spending on lodging,

food and beverage, activities and excursions, shopping and in-country

transportation.

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  Spa economy: Includes the revenues of spa facilities and the related cluster of

sectors that support and enable spa businesses. The spa economy includes spa

facilities, spa education (for therapists and managers/directors, both initial training

and continuing education), spa consulting, spa capital investments, spa associations,

and spa-related media and events.

 Thermal springs :Encompasses the revenues of business establishments associated

with the wellness, recreational and therapeutic uses of water with special properties,

including thermal water, mineral water and seawater.

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  Healthy eating, nutrition and weight loss: Includes consumer expenditures on

vitamins and supplements, fortified/functional foods and nutraceuticals, natural and

organic foods, health foods, sports nutrition, nutrition and dietary services, and

weight loss/management products and services.

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  Personal care and beauty: Includes consumer expenditures on beauty and salon

services (excluding spas); skin, hair and nail care services and products; cosmetics,

toiletries and other personal care products; dermatology; and prescription

pharmaceuticals for skin care. Also includes products and services that specifically

address age-related health and appearance issues, such as cosmetics/cosmeceuticals

for skin/face/body care, hair care/growth, and pharmaceuticals/supplements that

treat age-related health conditions.

 Preventive and personalized medicine and public health: Includes expenditures

on medical services that focus on treating “well” people, preventing disease, or

detecting risk factors—for example, routine physical exams, diagnostic and

screening tests, genetic testing, etc. Personalized health uses sophisticated

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 information and data for individual patients (including genetic, molecular and

environmental screening, analysis and diagnostics; personalized disease

management services; and health IT such as electronic health records, telemedicine

and remote patient monitoring) to provide tailored approaches for preventing

disease, diagnosing and managing risk factors, or managing and treating conditions.

 Traditional and complementary medicine: Encompasses expenditures on diverse

medical, healthcare, holistic, and mentally or spiritually-based systems, services and

products that are not generally considered to be part of conventional medicine or the

dominant health care system—including homeopathic, naturopathic, chiropractic,

Traditional Chinese Medicine, Ayurveda, energy healing, traditional/herbal

remedies and supplements, etc. The nomenclature for this sector is evolving

alongside growing consumer adoption of traditional/indigenous, complementary,

alternative and integrative medical practices outside of the conventional/Western

medical system.

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 Fig1.1 Total turnover of global wellness 2020.

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 CHAPTER-2: REVIEW OF LITERATURE

Ari-Veikko Anttiroiko (2018) In this chapter explores the core topic of this book, the role of

wellness in urban economic development. Discussion starts with a brief description of the

major trends behind the wellness revolution and continues with a brief introduction to the

wellness economy. From the characterization of the wellness economy, the discussion moves

to local policy making, followed by a brief outline of local asset analysis, which helps to

determine the initial local conditions for wellness-oriented economic development. The last

section of the chapter provides an outline of the preconditions for wellness-oriented cluster

policy.

Vacková, L. (2014). Wellness and its importance for health has been studied and discussed

for many years.  The impact of the life style, nutrition and lack of exercise and chronic

diseases on economy is well known.  The urging problem is troubling governments, health

insurance companies, employers and many others. An unprecedented focus on wellness was

an important part of the WORLD ECONOMIC FORUM 2014 in Davos (Switzerland) this

year. 

Sharafuddin, M. A. (2015) mentioned that rising health awareness among world travellers

and tourists have changed the Global Tourism Industry sharply in the past decade. The

concept of getting tired after a vacation due to drinking alcohol, over eating, and late night

sleeps is losing its fame and there is a huge rise in health consciousness among the Tourists

all around the world. Increasing popularity of alternative medicine and traditional healing

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systems, especially ayurvedic massage and treatments have positioned India as a favourable

destination for wellness and health care in the global scenario. Though Tamil Nadu have

positioned itself as number one destination for medical tourism, its role with reference to its

capabilities on offering traditional healing systems is minimal. Being the homeland for

Siddha - one of the world’s traditional healing systems there is an opportunity for the state to

tap this growing market segment. This article is an attempt to unravel the issues and prospects

of siddha and wellness industry in the state and to outline strategies for marketing ‘Brand

Tamilnadu’ as the ideal destination for siddha and wellness tourism. Projecting the Brand

image of Tamilnadu as a land of Siddha and wellness destination is essential and it is

necessary to grab the world’s fastest growing wellness tourism segment. Proper policy

framework, developing adequate infrastructure and professional marketing are required to be

initiated to benchmark Tamil Nādu as a Land of

Wellness.

Kickbusch, I., & Payne, L. (2003) in their study mentioned members of the health

promotion community discuss the future of health promotion, they tend to neglect a major

seminal trend in modern societies: the increasing privatization of health promotion. While

they still fight to overcome the marginal shadow existence of health promotion within the

health care sector, the private sector has embarked on what one author terms the ‘wellness

revolution’ (Pilzer, 2002). A revolution, according to the Webster Dictionary, is ‘a complete

change of any kind’. With the Ottawa Charter, the health promotion community has initiated

the third public health revolution and heralded a new public health, which considers health ‘a

resource for living’, places it firmly within the context of everyday life and has empowerment

at its very core. Yet, 20 years after the Ottawa Charter, is health promotion still ‘the next big

thing’? How ready is it to respond to new developments and trends in society, both positive

and negative?

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Knowledge is one of the driving forces of the wellness revolution, and in modern societies

there is an increasingly health-literate population. The steady flow of health education and

health promotion from the public sector over the last 30–40 years has indeed contributed to

momentous shifts in how modern societies view health, and it seems that at present this

influence is felt most strongly in the health marketplace. This is probably the last place where

Ottawa-type health promotion wanted to be and where it envisaged its future. Perhaps this

also one of the reasons why the dominant health promotion discourse does not adequately

reflect these important social and economic developments.

The most visible sign of the ‘wellness revolution’ is the explosion of media that focuses on

health and wellness in electronic and print format as specialty magazines, newsletters, books,

and a plethora of websites and television programming. Witness any news stand in any

OECD (Organisation for Economic Co-operation and Development) country and you will see

not only an increasing number of specialized journals for health, wellness and fitness, but you

will also realize that major news journals such as Newsweek, Time, Der Spiegel and Focus

(to name but a few) are devoting increasing numbers of covers, amounts of editorial copy and

even special issues to health and wellness themes.

Research on health and wellness trends is mainly available through private sector market

research and usually only accessible for a hefty fee. This in itself reflects what has become a

significant economic trend: the promotion of health as a product in a growing private market

of health goods and services, where ‘the big bucks’ are predominantly in the distribution of

knowledge rather than in the production of goods. Some US economists already propose to

consider the health care industry as one of the few drivers of growth in the years ahead. Now

calculations indicate that in the US alone, the sales of the wellness industry have already

21
reached approximately $200 billion and that it is set to achieve sales of $1 trillion within 10

years, thus matching the health care industry (Pilzer, 2002).

One major trend in the wellness market is that the line between food, dietary supplements and

pharmaceutical products is becoming harder to draw. The Natural Marketing Institute

analysed food functionality as one of the top 10 health and wellness trends to watch in the US

(French, 2002). Functional foods help manage specific diseases (such as diabetes and

arthritis) and address everyday problems (such as stress and low energy). According to a

study by the Food Marketing Institute, the purchase decisions of nearly two-thirds of grocery

shoppers in the US are motivated by the desire to either reduce the risk of, or manage, a

specific health condition (Sloan, 2000). Pharmaceutical companies are increasingly moving

into the wellness market with over the counter and prescription dietary supplements,

preventive medicine and lifestyle drugs.

We suggest that wellness products and services be divided into the following categories: (i)

nutritional products and services; (ii) food and beverages; (iii) fitness products and services;

(iv) preventative health care; (v) voluntary medicine (including cosmetic surgery and lifestyle

drugs); (vi) alternative health care; (vii) resources on wellness (particularly in the media and

information sector); (viii) health and wellness tourism; and (ix) wellness insurance (Payne

and Kickbusch, 2003). Obviously much could be said about each of these categories, which

space does not permit in this editorial. The authors would like to focus instead on the main

groups that are targeted by this industry, and include individual consumers, employers and

insurance companies, as these could provide the starting point for a strategic response.

Santos, J. P. M. D. S. D. G. (2022) examined that with health and fitness being growing

topics over the last years, more stakeholders are trying to benefit from this trend by covering

it on their social media platforms. As this trend could benefit every stakeholder involved –

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fitness and wellness influencers, companies/brands, and consumers - it is important to

understand how brands and companies can increase consumers’ and potential consumers'

trust. Having that in mind, this research takes into account which influential factors impact

consumer purchase intentions and trust. Although prior studies initially explored how the

trust in Social Media Influencers can drive to an increase of brand equity, there is a lack of

research that jointly examine these two variables as dependent variables of a causal-effect

relationship and how both can be impacted by the action of influencers regarding the fitness

and wellness. Results from a partial least square (PLS) with 167 fitness influencers’ followers

on social media show that people feel more attached and connected to a fitness and wellness

brand before a purchase decision when they experience an increase of psychological and

motivational states as self-efficacy, perseverance of effort and regulatory focus. The findings

indicate that the promotion of brands should come from their indirect presentation, where

fitness influencers advertise without having to adopt an aggressive communication approach.

Findings also reinforce the importance of credibility, social identity and attractiveness as the

main factors impacting consumers. Curiously, attractiveness is seen as the main source of

credibility, which differs from other industries where influencers' expertise gains the

spotlight. This research concludes with theoretical and managerial implications, as well as an

agenda for future research in the fitness and wellness industry regarding influencers

marketing.

Deshpande, S. M. (2015) found out, due to lack of cure for chronic diseases and side effects

of conventional medicines, developed countries have started looking toward Ayurveda for

treatments to restore wellness of their citizens. Modern medicine is mostly governed by a

demand for evidence-based practice. Traditional medicines, an age-old heritage inherited

from years of experience, are bound to contain some valuable elements but inevitably they

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also contain some ingredients which are no longer useful. The methods of cure related to

Ayurvedic massages, herbal therapy, yoga and traditional surgery are catching everyone’s

imagination very fast and promise to be the next big thing in the medical and wellness

industry. The business prospects amounts to a $20 billion ready market, which is growing at a

very fast rate and would become a $5 trillion market worldwide by 2050. Large portions of

this market would be centered in India being the origin. The reason for this renewed interest

of herbal products is attributed to the ever increasing evidence of the harmful side effects of

modern synthetic products. Hence, scientific knowledge of the Ayurvedic/herbal drugs has to

be transmitted out in a systematic manner to compete the international market and provide

consumer satisfaction. Ayurveda has a brilliant future in India as a business proposition due

to the ever increasing demand for natural therapies.

Sears, L. E., Shi, Y., Coberley, C. R., & Pope, J. E. (2013) studied that employers struggle

with the high cost of health care, lost productivity, and turnover in their workforce. The

present study aims to understand the association between overall well-being and these

employer outcomes. In a sample of 11,700 employees who took the Well-being Assessment,

the authors used multivariate linear and logistic regression to investigate overall well-being as

a predictor of health care outcomes (total health care expenditure, emergency room visits,

hospitalizations), productivity outcomes (unscheduled absence, short-term disability leave,

presenteeism, job performance ratings), and retention outcomes (intention to stay, voluntary

turnover, involuntary turnover). Testing this hypothesis both cross-sectionally and

longitudinally, the authors investigated the association between baseline well-being and these

outcomes in the following year, and the relationship between change in overall well-being

and change in these outcomes over 1 year. The results demonstrated that baseline overall

well-being was a significant predictor of all outcomes in the following year when holding

24
baseline employee characteristics constant. Change in overall well-being over 1 year also was

significantly associated with the change in employer outcomes, with the exception that the

relationship to change in manager-rated job performance was marginally significant. The

relationships between overall well-being and outcomes suggest that implementing a well-

being improvement solution could have a significant bottom and top line impact on business

performance. (Population Health Management 2013;16:397–405)

Sacavém, A., & Correia, A. (2009) analyse the dynamics of the well-being market. We also

intend to describe the main tendencies of this industry and the need to develop a healthy

lifestyle, in order to inspire all those who are interested in turning a good opportunity into an

excellent business. In this context, health plagues such as sedentary habits, obesity and

tobacco smoke will be referred to as well.

Consing III, R. M., Barsabal, M. J., Alvarez, J. T., & Mariasingham, M. (2020) provides

a comprehensive discussion on different, interconnected methods of using the system of

national accounts to measure the relevance of a country’s wellness sector to its overall

economy. Procedures are discussed for using input–output analysis to derive the production

and employment linkages between wellness and nonwellness sectors. We also discuss

procedures for using the hypothetical extraction method to derive and decompose the

production and employment losses that may arise when a country’s wellness sector is

removed from the economy. These procedures are then used to provide estimates for ten

countries in developing Asia across two time periods which together provide a proxy for the

region (Asia-10), along with a discussion on how these wellness economies have grown and

how each one's labor productivity and wellness sector structure have evolved between the

two periods.

25
Singh, S. (2012)studied that the biggest Mega Trend of the last ten years is sustainability and

environment I predict health, wellness and well-being to be the most important factor of

discussion and differentiation in this decade, with farther-reaching impact than sustainability.

In fact, if we follow the logic of the Kondratieff Cycles, this is the next major cycle,

stretching all the way to 2050 and beyond.

Hsueh, P. Y. S., Chang, H., & Ramakrishnan, S. (2016) found out that Personalization or

individualization of care is essential to the behavioral modifications and lifestyle changes that

result in patient wellness (for good health or chronic disease management). The

implementation of effective personalized care is hampered by the lack of reliable means to

collect and process real-time data on individual contexts (preferences, constraints) and on

adherence to care protocols and mechanisms to provide timely, customized cognitive

coaching that is structured, consistent and informative to users.

The advent of personal embedded biosensors is creating an accumulation of patient-generated

data from numerous “touch points” (data interfaces and exchanges between patient and

healthcare services before, during and after traditional clinical encounters). A major technical

challenge is the establishment of a patient-centered infrastructure that can:

 Provide the customized, timely, evidence/knowledge-driven messaging based on data

from multiple touch points for continuous feedback to individual patients

 Support this functionality within an information infrastructure of multiple service

providers to provide access to unified views of patients’ data across touch points and

time for multiple users (patients, providers, administrators, researchers)

26
We propose the implementation of a cloud-based platform to support the analytics and other

services to implement this infrastructure. From an IT perspective, we explore

 Modeling of patient contexts (preferences, behaviors) within a risk-based framework

 Calibration of individualized, evidence-based recommendations based on patient-

generated data

 Deployment of analytics functionalities within the platform model

DeVries III, G. T. (2010) examined that for decades the United States has maintained the

enviable position of leading the world in worker productivity. But in today’s expanding and

highly competitive world market, other nations are vying for America’s top spot. China and

East Asia nearly doubled productivity over the past decade. To maintain a leading edge, U.S.

businesses depend on a healthy, engaged and productive workforce. But with more than 66%

of Americans overweight or obese, according to the Centers for Disease Control and

Prevention, and nearly half reported to have at least one chronic medical condition, such as

diabetes, U.S. workers are in poor shape. Employers, wellness plans and the federal

government all agree that we must prevent national health problems from worsening to slow

rising health care costs and maintain a productive and competitive workforce. To tackle these

challenges, wellness companies are broadening their capabilities, tactics and technology to

better achieve wellness results in employee populations.

Morrell, J. S., & Longenecker Jr, H. E.(2005) introduces a concept for the application of

Information Systems to assist people in achieving longevity. To emphasize the breadth and

depth of issues affecting longevity, this paper summarizes the healthcare problems facing

society. We discuss the role of information systems as offering possible solutions to these

problems. Although many health care systems have been implemented, we propose an

27
approach to make these systems accessible to the masses to use on a personal basis. The

development of a suitable information system to resolve these issues would have a significant

impact on society. Since this approach is not a component of the information systems

curriculum, we suggest how this would impact information systems education.

Zeng, L., Li, R. Y. M., & Huang, X. (2021) found out that as mountain-based health and

wellness tourism increases, destination competitiveness becomes ever fiercer. The pre-visit

expectations and post-visit perceptions of tourists and the tourists’ behavioral intentions are

related to the competitiveness of mountain-based health and wellness tourist destinations.

Using structural equation modeling (SEM), we explored the factors that affect destination

competitiveness and its relationships with tourism satisfaction and tourists’ behavioral

intentions to return to and to recommend the location to others. We used a questionnaire for

data collection from 550 tourists who visited a mountain-based health and wellness tourist

destination in Panzhihua, China. The results suggested that there is an indirect positive

correlation between tourists’ satisfaction and destination competitiveness, as well as a direct

positive correlation between behavioral intentions and destination competitiveness,

illustrating that tourist behavioral intentions can be an important factor in destination

competitiveness. In the case of Panzhihua, the tourist source market in China has provided a

competitive edge to this city. In addition, considering the environment’s capacity, developing

an intention to return in tourists is important for tourism marketing in view of the increasing

mountain-based health and wellness tourism competitiveness and concerns about

sustainability. 

Kickbusch, I. (2007) in his study Health and disease have physical realities, but they are

also social constructs that are continuously redefined and lead to changing forms of health

governance. The changing nature of health is related to and builds upon other contemporary

28
societal trends of modernity such as individualization, differentiation, and globalization; it

also contributes significantly to the concrete manifestation of these critical components of

modern life. This means that health, as we understand it and live it today, is not only an

outcome of other social and economic developments but a significant defining factor. The

most obvious example is the increased health and life expectancy in modern societies which

is redefining nearly every arena of social life and policy. Due to a lack of theory in health

promotion we have not yet analyzed sufficiently how integral health is to Western modernity

and who we are today.

GAPS OF LITERATURE.

 From the above 11 sectors, the wellness industry is clearly defined, but the relation

among the wellness and the other subsectors which constitutes the main sectors like

nutritional supplements and pharmaceutical products is ignored.

 The sectors which focus on turnover only, neglects the reality measures of relation

between the nutritional supplements and pharmaceutical products on the context of

wellness industry.

 Which sector has risen its importance after the impact of Covid-19.

CHAPTER-3: RESEARCH METHODOLOGY

Research Design

29
The study employed the use of descriptive statistics and correlation measures to analyze the

secondary data for the previous 3 years. The major purpose of descriptive research is to

provide cause and characteristics of the information of the given data such as turnover and

corresponding countries. And which sectors has risen its importance after the effect of Covid-

19. The research will also find the relation among the different subsectors like nutritional

supplements , pharmaceutical medicines and wellness turnover and the rate of relations

among them.

Quantitative research

Graphs and analysis of the descriptive statistics are done to present the scenario in the

industry and which top countries are leading the industries in terms of turnover. The study

aims at describing the trends of the wellness and which sectors are mainly demanded by the

people of different countries.

Further to justify the reality ,the study is being conducted to find the relation among the

sectors nutritional supplements and pharmaceutical medicines.

Source of Data

The study uses secondary data for the analysis of the turnover. The research is carried out

with the turnover of the 11 sectors which constitute the wellness economy. Also it defines the

present impact of Covid -19 on this industry and which sectors were mostly affected. For the

past 3 yrs. the total turnover is being collected and presented on the Graph. For the

descriptive and pie chart these data are collected from GWI (Global Wellness Institute). The

correlation is analyzed using different data from different websites.

CHAPTER-4: DATA ANALYSIS AND INTERPRETATION

30
 N Minimum Maximum Mean Std.

Deviation

Personal_care 3 955.20 1097.30 1048.6667 80.96680

Physical_activity 3 738.10 873.80 813.3000 69.03398

Wellness_tourism 3 435.70 720.40 602.9667 148.74825

Public_health 3 359.10 394.50 376.3333 17.71845

Spas 3 68.00 110.70 93.5333 22.54603

healthy_eating 3 912.30 986.30 948.0333 37.06499

Mental_wellness 3 122.30 147.50 133.6667 12.77980

Complementary_medicin
3 412.70 448.40 431.0000 17.86701
e

Mineral_springs 3 39.10 64.00 53.8667 13.08065

workplace_wellness 3 48.50 52.20 50.5000 1.86815

Wellness_realEstate 3 225.20 347.10 282.4667 61.28298

Valid N (listwise) 3

Table 1.1 Descriptive statistics

From the above observation we can see the fluctuations in the sectors. From the above sectors

wellness tourism is mostly affected in these 3 years as seen in the standard deviation. And

least affected is wellness workplace. The Main reason being the Covid -19 due to the ban of

tourists to enter in different countries, thus apart from leisure spending, medication and

wellness treatment has reduced significantly.

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 Fig1.2. Turnover of wellness industry for 3 different years.

Source: Global wellness Institute

The Graph shows the relation between the Corresponding years and wellness economy which

is the total of all the sectors. The Graph shows declination of 540.6 billion dollars in the year

2020 with a turnover of 4369.3billion dollars due to Covid -19 but increased drastically in the

year 2021 crossing 5000 billion dollars. So the after effect of Covid -19 has caused more

32
demand of this industry and it is predicted to cross 7 trillion dollars in the year 2025 as

predicted by GWI.

2019
1%
1%
2%
2%
5%
22%

7%

9%

18%

14%

18%

PC HE PA WT CM PH WE MW S WW MS

Fig1.3 Turnover of different sectors of wellness industry in % of 2019.

Source: Global Wellness Institute

33
 2020
1% 1%

2%
3%

6%
22%

8%

9%

21%

10%

17%

PC HE PA WT CM PH WE MW S WW MS

Fig1.4 Turnover of different sectors of wellness industry in % of 2020.

Source: Global Wellness Institute

The pie Chart shows the comparison among the sectors of the two consecutive years 2019-

2020. Largest constituents being personal care and beauty which constitute 22% of the

wellness economy. Variables that increased in 2020 include mental wellness, healthy eating

and public health. It is observed that during the Covid-19 People has focused more on the

healthy eating, nutrition and weight loss contributing 21% of the economy.

34
 Fig1.5 Turnover of wellness industry in top 5 countries

The Graph shows the Top 5 countries with the highest turnover in the wellness economy for

the year 2020.USA with 1215.7 billion dollars and China with 682.7 bn dollars. It is also

observed that developed countries create more turnovers with respect to the developing

countries.

35
Correlation

Correlation refers to a process for establishing the relationships between two variables. You

learned a way to get a general idea about whether or not two variables are related, is to plot

them on a “scatter plot”. While there are many measures of association for variables which

are measured at the ordinal or higher level of measurement, correlation is the most commonly

used approach.

Correlation Formula

Correlation shows the relation between two variables. Correlation coefficient shows the

measure of correlation. To compare two datasets, we use the correlation formulas.

Pearson Correlation Coefficient Formula

The most common formula is the Pearson Correlation coefficient used for linear dependency

between the data sets. The value of the coefficient lies between -1 to +1. When the coefficient

comes down to zero, then the data is considered as not related. While, if we get the value of

+1, then the data are positively correlated, and -1 has a negative correlation.

Where n = Quantity of Information

Σx = Total of the First Variable Value

36
Σy = Total of the Second Variable Value

Σxy = Sum of the Product of first & Second Value

Σx2 = Sum of the Squares of the First Value

Σy2 = Sum of the Squares of the Second Value

Types of Correlation

The scatter plot explains the correlation between the two attributes or variables. It represents

how closely the two variables are connected. There can be three such situations to see the

relation between the two variables –

 Positive Correlation – when the values of the two variables move in the same

direction so that an increase/decrease in the value of one variable is followed by an

increase/decrease in the value of the other variable.

 Negative Correlation – when the values of the two variables move in the opposite

direction so that an increase/decrease in the value of one variable is followed by

decrease/increase in the value of the other variable.

 No Correlation – when there is no linear dependence or no relation between the two

variables.

37
 Table1.2 Correlations among the wellness industry, pharmaceuticals, and nutritional

supplements globally.

Correlations

wellness nutritional Pharmaceutic

supplements al
wellness 1.000 .690 .686
Pearson Correlation nutritional supplements .690 1.000 .870

Pharmaceutical .686 .870 1.000

wellness . .155 .157
Sig. (1-tailed) nutritional supplements .155 . .065
Pharmaceutical .157 .065 .
wellness 4 4 4

N nutritional supplements 4 4 4

Pharmaceutical 4 4 4

There is a positive correlation between the factors. The correlation coefficient lies within the

range of 0.6 to 0.8 which means there is a moderate to strong association between them. As a

rule of thumb, a correlation is statistically significant if its “Sig. (2-tailed)” < 0.05. Now let's

take a close look at our results: the strongest correlation is between nutritional

supplements and pharmaceutical products; r = 0.870. It is based on N = 4 and its 2-tailed

significance, p = 0.000.

38
 CHAPTER-5: CONCLUSION AND RECOMMENDATIONS

Till date wellness industry is defined in many ways by different researchers and organizations

as per their theories and findings. Examining them, it is found some of the sectors are less

explained and their dependence is significant on the policy makings of the public and private

enterprises as well. After performing correlation of the cross-sectional data among the

wellness industry, nutritional supplements and pharmaceutical medicines market size, one

cannot say that there is an inverse relationship between them. The results prove that there is

high relation among the two sectors i.e., nutritional diets and medicines. So after further

discussions among them the employers of the firm or company should invest considering both

side of the market, their terms and conditions, the size of the market and the trends that are

following in the wellness industry.

After this study, the importance of healthy eating, public nutrition, mental wellbeing is more

considered in the economy due to the effects of Covid-19. So nutritional diets and supplements

is demanded more than ever.

Recommendations

 The study can be used to determine the trends in the demands of nutritional

supplements and pharmaceutical medicines hand in hand as they have high correlation

among each other.

 In future, researchers can use other factors affecting wellness industry.

 Government can use this study for improvement of wellness industry in the respective

country as per the trends going on in the economy.

39
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