Wellness is a concept that has taken on more and more relevance in people’s lives in recent times. The focus of life and values and individual sources of happiness seems to be changing. Extracted information from the Global Wellness Institute website shows:
- The global wellness economy was a $4.5 trillion market in 2018.
- The industry grew by 6.4 percent annually from 2015–2017, from a $3.7 trillion to a $4.2 trillion market, nearly twice as fast as global economic growth (3.6 percent annually, based on IMF data).
- Wellness expenditures ($4.2 trillion) are more than half as large as total global health expenditures ($7.3 trillion, based on WHO data).
- The wellness industry represents 5.3 percent of global economic output.
- Among the 10 wellness markets analyzed, revenue growth leaders from 2015–2017 (per annum) were the spa industry (9.8 percent), wellness tourism (6.5 percent), and wellness real estate (6.4 percent).
II. Assignment Title
SWOT Analysis and Recommendations for the Singapore Wellness Industry
1. Assignment Objectives
This is an individual assignment in the form of a typed report using the template provided in Appendix 1a (Cover Page and Report Template). This assignment requires students to:
1. Research on the Strength, Weakness, Opportunities, and Threats (SWOT) of any TWO [2] wellness business sectors in Singapore from the following list.
- Wellness and Beauty Products and Services
- Nutrition, Healthy Eating, and Weight Management
- Workplace Wellness
2. Provide recommendations on what the government agencies could implement to improve these TWO [2] wellness sectors.
2. Requirements for Content
Your report should include research, discussion, and analysis of the following areas:
- Description
- Introduction to Singapore
- Wellness Industry
- Strengths of Sector
- Weaknesses of Sector
- Opportunities in Sector
- Threats of Sector
Recommendations for Improvement Relevance – Including sense of realism, feasibility, and relevance of solutions presented for the selected country and sector.
