How will the medical tourism sector fare in a global recession that affects everything from house prices for sales of cars for polar bears and dog ownership!
If unemployment in the Western world rises to record levels in the coming year, is this good news or bad news for the health sector?
Good news comes in a recent analysis of McKinsey. According to McKinsey in recessions, u.s. consumers changed their spending priorities instead of cutting all expenses across the Board. Discretionary expenditure in areas such as dining out, personal care products and charitable donations fell. But the cost of groceries, books, insurance, education and healthcare in fact rose.
See the analysis McKinsey-industry trends in recessions.
However .... in comparison with 1990/1991 and 2000/01 recession we face now could be much, much worse. In the United Kingdom, there are early indications that discretionary expenditure on private education and, more relevant, private self paid surgery is being affected.
It remains to be seen if those with less money in your Pocket will be attracted by the low cost of treatment abroad and, if the credit crisis stimulates new demand for medical tourism.
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