Opportunities for Pilates businesses in wellness market
In the previous blog “Pilates trends over the past 5 years” I identified the Wellness market as the key Growth area in the Pilates market. Integrating your micro, small or medium sized Pilates business into the Wellness market therefore would seem to be a sensible plan for any Pilates instructor, Physio Therapist with Pilates interest or Pilates Studio Owner. The first step to doing this is to clearly understand the nature of the Wellness market and therefore to look at trends within it or Niches which you might decide to exploit with your business.
When we are told by Mind Body Online that the Global Wellness Market is worth £3.2 trillion, what areas of the economy do they include as Wellness? In their 2019 report MINDBODY Wellness Index Understanding the State of the Wellness Industry in America the Authors argue that to define Wellness you have to move beyond health and Fitness and they choose to suggest that 7 dimensions or components combine to create a definition of a Healthy Life that we might suggests create the concept of ‘Wellness’.
- Social Wellness
- Physical Wellness
- Intellectual Wellness
- Occupational Wellness
- Environmental Wellness
- Spiritual Wellness
- Emotional Wellness
To identify customers who are focused on ‘Wellness’ or are sympathetic to spending their income on Wellness we therefore have to move beyond a pure focus on regular exercise and a healthy diet and consider a more societal focus on how these customers want to care for themselves, work, conduct their lives, interact with others and interact with the planet. Then we have to understand how these customers view and ultimately purchase products or services that they perceive as an investment in their personal wellbeing.
The MINDBODY Index defines a “Wellness Business” as a business offering fitness, beauty or integrated health service. I next turned to the Global Wellness Institute and their 2018 Publication “Global Wellness Economy Monitor October 2018” to understand better the business sectors that comprise this huge market. This delivered 10 sectors of Industry:
- Personal Care, Beauty & Anti-Ageing
- Healthy Eating, Nutrition and Weight Loss
- Wellness Tourism
- Fitness and Mind Body
- Preventive and Personalised medicine and Public Health
- Traditional and Complimentary Medicine
- Wellness Real Estate
- Spa Facilities
- Thermal / Mineral Springs
- Workplace Wellness
It showed that all of these sectors had been growing since 2015 by at least 3.5% however the fastest five growth sectors were: Spa Facilities (9.9%), Wellness Tourism (6.5%), Wellness Real estate (6.4%), Fitness and Mind Body (4.8%), and Workplace Wellness (4.8%).
It is therefore a useful starter for the Pilates business to consider how they can deliver ‘Wellness’ focused products and services where wellness focused customers live, work and travel.