What is Australia Spending on Wellness?
Australia's global beauty and wellness space is becoming less about trending treatments. The focus is shifting to the lasting effects of products through self-care and treatments aimed at prevention with long-term effects.
At Botanica Wellness Spa and Clinic, we believe that wellness is a journey, not a destination. In recent years, Australians have embraced this journey with increasing fervour, investing more in their health and wellbeing. From fitness and mental health to nutrition and beauty, the commitment to wellness is evident in rising expenditures. In this blog, we explore how much nationally and internationally we are spending on beauty and wellness and the key drivers behind this trend, drawing on industry insights and wellness market statistics.
Wellness Spending in Australia
When opting for a more expensive treatment or product, the little twinge of guilt diminishes when the long-lasting effects outweigh the expenditure. (Let's not forget the little hit of dopamine when you treat yourself to a little bit of self-care.)
Australia's wellness market has seen significant growth in recent years. The last five years have heavily impacted how Australians show up in the beauty and wellness space. The pandemic shifted the way we sought ways of self-care. Taking that time to focus on ourselves has become the new norm.
During the pandemic, 1 in 5 women changed their skincare routine. The focus on burnout and mental exhaustion has led to a rise in recovery retreats and spa days that focus on prioritising self-care and wellness in the fast-paced and often stressful nature of modern life.
Becoming aware of your wellbeing has meant consumers are expecting a more personalised experience and tailored journey in the beauty and wellness space - 71% of consumers expect to receive a personalised experience.
The wellness market in Australia was valued at approximately $22 billion in 2023, with projections indicating further growth. The beauty industry generates over $100 billion in revenue worldwide. Globally, North Asia makes up over one-third of the market. This expenditure includes various segments such as fitness, mental health, nutrition, beauty, and holistic health.
It's no wonder why Australians are expecting a personalised experience. Research has found that, on average, Australian women spend up to $3,600 each on beauty every year.
Breakdown of Categories
Fitness and Physical Health
Australians are investing heavily in fitness to maintain their physical health. Statista reports that in 2023, Australians spent around $1.8 billion on gym memberships, fitness classes, and personal training sessions. The rise in boutique fitness studios and the popularity of home workout apps have contributed to this surge in fitness spending in Australia.
Mental Health and Wellbeing
Mental health has become a crucial focus area, with spending reflecting this priority. Roy Morgan's data indicates that Australians spent over $1.2 billion on mental health services, including therapy, mental health apps, and wellness retreats. This increase is partly driven by a growing awareness of mental health issues and the stigmatisation of seeking help. Mental health expenditure in Australia continues to grow as more people prioritize their mental wellbeing.
Nutrition and Healthy Eating
Healthy eating is another significant component of wellness spending. Statista reveals that Australians spent approximately $2 billion on organic foods, dietary supplements, and specialised dietary programs in 2023. The trend towards plant-based diets and organic produce significantly drives this expenditure.
Beauty and Personal Care
The beauty and personal care market is flourishing, with Australians spending around $900 million on skincare, cosmetic treatments, and wellness spa services. According to the Global Wellness Institute, this segment is expected to grow as consumers increasingly seek non-invasive beauty treatments and holistic skincare solutions.
Holistic Health and Alternative Medicine
Holistic health practices like yoga, meditation, and acupuncture are gaining popularity. Roy Morgan reports that Australians spent about $200 million on these services in 2023. The integration of these practices into mainstream wellness routines highlights their growing acceptance and demand for holistic health practices in Australia.
Future Projections
The future of wellness spending in Australia looks exciting. The Global Wellness Institute forecasts continued growth in the wellness market, with Australians expected to focus more on mental health, fitness, beauty, wellness, and holistic health services. As wellness becomes more integrated into everyday life, the market is set to expand further, offering new opportunities for businesses and consumers alike. Wellness trends in Australia indicate a shift towards more comprehensive and holistic approaches to health and wellbeing.
Australia's wellness market is thriving. This trend underscores the importance of wellness in Australians' lives and the growing demand for services and products that support overall health and wellbeing. As the industry continues to evolve, businesses like Botanica Wellness Spa and Clinic are well-positioned to meet the increasing demand for high-quality wellness services.
Ready to focus on your wellness? Explore the range of services offered at Botanica Wellness Spa and Clinic to enhance your beauty and wellness journey. Book an appointment today and take the first step towards a healthier, happier you.
Sources:
Exploding Topics - Beauty Industry Stats
Statista - Cosmetics Industry Overview
Beauty Packaging - Australia's Beauty Spending
NPD Group - US Women's Facial Skincare Use