We all know money can’t buy happiness…. but money can definitely buy wellness products. As a health and wellness marketer, I know first hand just what our incredible suite of Health and Wellness products can do for a person’s overall well-being, but what about everyone else?Recent research from the Global Wellness Institute (GWI), a nonprofit global research and educational resource for the wellness industry, shows that higher wellness spending corresponds to higher levels of happiness and longevity. “GWI released the “Defining Wellness Policy” report at the Global Wellness Summit held this week in Tel Aviv, Israel. The report includes a definition of wellness, an evidence-backed argument about why governments need a wellness policy, and quantitative analysis that determines the relationship between wellness spending, health outcomes and happiness across countries.”The research found that for every $844 annual increase in wellness expenditures per person, happiness levels increase seven percent, and for every $769 spent per capita, life expectancy increases 1.26 years.
While correlation doesn’t necessarily mean causation, these results signal that there are health and well-being benefits from wellness spending, GWI said.”To identify the relationship between wellness spending, happiness levels and health outcomes, GWI researchers partnered with Dr. Shun Wang, a key author and statistician of the World Happiness Report. Utilizing data from GWI’s wellness economy reports (measuring wellness spending in more than 200 markets), Gallup’s World Poll (for global happiness measurements), and the World Bank (for national life expectancy and income levels) — and then adjusting for wealth levels and population size — a regression analysis revealed striking findings.“This is the first time that anyone has analyzed wellness economy spending alongside data on happiness and life expectancy, and we found that investment in wellness is definitely linked to positive outcomes in these metrics,” said Ophelia Yeung, GWI senior research fellow.This is incredible news for my colleagues and customers, as consumer spending on wellness has exploded into a multi-trillion market, and now research says quite definitively that it is improving people’s well-being and physical and mental health. Next time you are chatting with someone who doesn’t believe in supplementing their health, share that important piece of information! Who knows, your conversation may just lead to them leading a longer and healthier life.