There are over 5.5 million businesses operating in the UK – and millions more globally too. Almost 99% of these are either small or medium-sized enterprises, and many start-ups are being supported by the UK government through Start Up Loans to help boost entrepreneurship and innovation. It’s a great time to set up a company – but especially a health, wellbeing or fitness business.
In 2015 the wellness economy was estimated by SRI International to be valued at $3.7 trillion worldwide. This had grown since 2013 by 10.6%. For the wellness tourism industry, the growth rate was 14% in this same time-span – twice as fast as other tourism expenditures, which had grown at 6.9%. The number of spa locations jumped from 105,591 in 2013 to 121,595 in 2015 – and the global wellness real estate market proved to be one of the fastest growing sectors from 2013 to 2015, with a growth of 19% from $100 billion to $118.6 billion. In fact, broken down, the numbers are huge…
When it comes to fitness, in 2016 there were more than nine million people signed up as members of fitness destinations – this was a rise in total membership by 5.3% in a 12-month period. It works out that one in every seven people are signed up to a fitness establishment – an all-time high. This rise in people working out meant the overall total market value had risen to an estimated £4.4 billion (an annual increase of 3.2%).
PureGym became the largest UK fitness operator, driven by the demand for low costs. In one year, PureGym added 60 clubs to their listings, taking them beyond 150 in total. Overall, the UK is home to 6,435 fitness facilities. Many individuals are also opting for individual classes and training sessions, beyond simply signing up for a gym membership. ClassPass has helped boost this flexibility, recognising that the modern consumer is not always in one place or interested in one type of activity.
It’s estimated that by 2018 the consumer healthcare market will be worth $737 billion.
So what are you waiting for? It’s time to set up your own health, wellbeing or fitness business; there’s huge potential for success. It’s estimated by Accenture Consulting that by 2018, the consumer healthcare market will be worth $737 billion. This is being driven by a growth in preventive health and wellness companies, such as those selling vitamins, nutrition, weight management and fortified beverages and foods.
Also popular is the in-home diagnostic testing market, which was worth approximately $15 billion in 2013, growing 5% per year. The wearable fitness device market has also soared in recent years, as have the downloads of health apps on smartphones and tablets. Industries are merging and companies in sectors such as telecommunications, electronics and high-tech are coming on board to reach the wellness consumer.
Whether you’re thinking of launching your own mindful decorating service, kale skincare company, additive-free snack range or innovative fitness app, the market is hot for another health, wellbeing or fitness business. So why not take the plunge today?
There are some things that will help your health, wellbeing or fitness business become a greater success in this competitive field. These include:
Understanding your customer through retrospective and predictive analytics
Engaging in one-to-one marketing efforts and personalised communication
Delivering a seamless customer experience using multiple touch-points and various channels
Working with a dynamic, flexible and cost-effective operating model
Focusing on high-value categories and high potential growth or emerging markets
For bespoke support with your branding, marketing and PR, contact us today: firstname.lastname@example.org.