H2220C: The wellness Industry Now Accounts for Over 5% of Global Economic Output: Wellness and Lifestyle Management Assignment, RP, Singapore

 Background

According to the Global Wellness Institute, the wellness industry now accounts for over 5% of global economic output, yet the wellness market is often written off as a collection of fads. The development of a huge international wellness market may reflect consumers’ changing relationships with their health care.

More people are prioritizing lifestyle, taking health into their own hands, and spending money on their well-being. The ongoing global pandemic of coronavirus disease 2019 (Covid-19) has also changed the ways in which businesses are conducted.

The Global Wellness Institute (GWI):

• describes wellness as “the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health.”
• advocates that many consumers are proactive and are spending their incomes on lifestyle-based wellness strategies.
• research data points to revenue growth leaders such as the spa industry, wellness tourism, and wellness real estate. The global wellness economy was a staggering $4.5 trillion market in 2018.
• predicts in its 2020 Global Wellness Trends Report that the rise of new trends will shape the future of wellness such as mental wellness and technology.

Assignment Title

Wellness Industry in Singapore with recommendations to grow the sectors

ASSIGNMENT

Assignment Objectives

Declaration Template). This assignment requires you to research, analyze, and identify possible wellness trends of consumers’ preferences for food and wellness-related products in Singapore.

With the ongoing global pandemic of coronavirus disease 2019 (Covid-19), you are required to determine the challenges faced by wellness service providers and provide appropriate recommendations on how the Government can help them to overcome these challenges and grow the wellness sectors.

As Singapore moves towards sustainable living, more developments are underway to build public housing with designs that promote health and well-being with consideration for natural resources. One such example is the Kampung Admiralty development

Questions:

1. Research on wellness trends of consumers in Singapore for the following TWO [2] wellness sectors:

(a) Nutrition, Healthy Eating, and Fitness

(b) Beauty and Personal Care

2. Describe TWO [2] challenges for each wellness sector faced with the current Covid-19 pandemic:

(a) Nutrition, Healthy Eating, and Fitness

(b) Beauty and Personal Care

3. Provide TWO [2] recommendations on what the government agencies could implement to improve the business of the wellness industry.

4. Describe the target market segments in Singapore’s first self-contained residential wellness development named Kampung Admiralty.

5. Residential Wellness

(a) Describe TWO [2] wellness facilities or activities available in Kampung Admiralty that promote sustainable living.

(b) Recommend TWO [2] ways in which the Singapore government can promote residential wellness.

6. Recommend TWO [2] Different types of CAM services suitable for the elderly which could be introduced in Kampung Admiralty.

7. The CAM Sector is a growing sector that may not be spared by external developments that are affecting the Wellness industry.

(a) Describe TWO [2] challenges faced by the CAM industry for the treatments offered at Kampung Admiralty.

(b) Provide TWO [2] recommendations to overcome these challenges.