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According to Fast Company, in the U.S, there are now more than 1,000 yearly celebrations of holistic living that generate hundreds of millions of dollars. Wellness festivals are growing 20% year on year and are worth $3.7 trillion globally. Interestingly, they are worth three times the worldwide pharmaceutical market. As consequence, wellness tourism is booming and generates $563 billion globally.
Festivals are popping up in all major cities in the US and across London, Copenhagen and Cape Town with several annual festivals. Wellness brand Lululemon’s SeaWheeze festival sold out within 32 minutes and is on is sixth year.
Health Guru Paltrow’s wellness festival Goop has announced a second event for the winter of 2018. Virgin Sports is launching a festival later in 2017. Wanderlust is projected to sell 100,000 tickets by the end of 2017.
Unsurprisingly, the clientele of these festivals is over whelming female. In the US, 72% of yoga practitioners in the U.S are female. Aged between 25-44, principally these are women are highly educated and 80% of them have a university degree or higher. These ladies prioritise emotional and mental wellbeing with an aim to unwind. Wellness is a status of wealth, social standing and epitome of luxury. As consequence, these consumers purchase high tag athlesiure brands.
The Global Wellness Institute documents that festivals have witness a shift from ‘wasted to wellness’. Millennials are digitally savvy and highly connected with peers online. Yet this group also suffers from stress and loneliness more than any other generation.
There is community benefit from wellness festivals. They bring people together in a tribal essence, which means that exercise is the antidote to the anxieties brought to life by technology and high-pressured lifestyles.