A global pandemic, a war in Ukraine and the repercussions of Climate change are just three of a raft of factors affecting the global economy

in 2022.

In the latest issue of Spa Business, economist Thierry Mallaret shared his insights and predictions about what the current state of the global economy will mean for the spa and wellness industry, now and in the future.

“We face an abundance of issues that will radically alter how industries and companies operate, but the one that overrides all the others is climate change,” he says.

“It’s no exaggeration to state that it’s an existential threat for many people and regions around the world and also that it’s going to get worse and exacerbate all the other issues – making conflict more likely, rendering inequalities more sharply and so on.

“The wellness industry – like all the others – will need to change and adjust.

“There are many ways to move forward, but only one overwhelming consideration: we must reduce carbon emissions and protect nature.

“The wellness industry, because of the values it embodies – must be at the forefront of this ‘battle’ – but this is not the case yet. The longer it waits, the greater the cost of the adjustment.”

Back to natureIn Mallaret’s opinion, the industry is being shaped by new trends such as the renewed focus on time in nature and how it benefits our wellbeing.

“One of the most significant trends is the remarkable emergence of nature in the wellness space,” he says, “the clear message that has emerged from the pandemic is that nature is a formidable antidote to many of today’s ills.

“Nature makes us feel good, it eases psychological and physical pain and is associated with a multitude of benefits in terms of physical and mental wellbeing.

“In the foreseeable future, wellness companies that miss this obvious trend will find themselves in a precarious situation.”

Being based in Chamonix, Mont-Blanc, a mountain resort in the French Alps, Mallaret says he’s very attentive to what happens in nature in the mountains, and the way in which this connects with the wellness industry.

He says he’s witnessed an explosion of wellness and fitness festivals – typically combining trail or ultra-trail running with music, organic food and nature immersion.

“They constitute a new form of wellness practice, more focused on fitness but also associated with other forms of pleasure (music/food).

“I think these will grow exponentially in the coming years because they appeal very much to the younger generations.”

For more insights, head to the full interview with Mallaret in the latest issue of Spa Business.