Wellness is about more than feeling good. It’s a thriving business that is poised to keep growing. I'm convinced that we are almost full circle, if not already there, when it comes to pursuit of healthy living.
#Health is wealth, for all of us—and increasingly, for organizations that operate in the wellness space, like Gear Health . The business of health is thriving, albeit slow in LMICs. According to McKinsey’s latest Future of Wellness research, which surveyed more than 5,000 consumers in China, the United Kingdom, and the United States, the global consumer wellness market has reached US$1.8 trillion.
What are the top trends shaping the consumer health and wellness space?
The emerging priorities can be grouped into these 5 trends:
Health at home. The COVID-19 pandemic made at-home testing kits a household item. Now that the pandemic is less front of mind, many consumers are showing interest in other at-home kits, for everything from vitamin and mineral deficiencies to cholesterol levels.
Biomonitoring and wearables. About half of all surveyed consumers have purchased a fitness wearable at some point. Watches are the most common fitness tracker, but other types of technology are becoming more popular.
Personalization’s gen AI boost. People like personalization: nearly one in five US consumers and one in three US millennials prefer personalized products and services. The same results are similar in emerging economies in Africa and Latin America. Some are even willing to part with their biometric data in exchange for personalized recommendations.
Clinical over “clean.” Users are beginning to move away from wellness products that tout “clean” or natural ingredients and toward those with clinically proven ingredients. Science and facts triumph over fads and facshion. This trend is most pronounced in over-the-counter medications, vitamins and supplements, and beauty products.
The rise of the doctor recommendation. As the influencer economy grows—and with it, potentially dubious or compromised health opinions and manufacturer unethical interests—consumers value recommendations from doctors more than ever. More guided that doctors are likely do no harm in general.
What are the biggest areas of growth in the wellness industry?
Women’s health. In the past, women seeking healthcare have been underserved. Women’s health products are more available today than ever before—and purchases are up, too.
Healthy aging. A move toward preventative medicine, the growth of health technology, and advances in research on antiaging products are propelling demand for products and services that support healthy aging and longevity.
Weight management. Nearly one in three US adults has a body mass index of 30 or higher, which is the threshold for obesity. And 60 percent of US respondents said they are currently trying to lose weight.
In-person fitness. Fitness is moving from a hobby to a core part of people’s identities, especially among Gen Z consumers. Fifty-six percent of Gen Zers surveyed considered fitness a “very high priority,” compared with 40 percent of US consumers overall.
Gut health. More than 80 percent of consumers in China, the United Kingdom, and the United States consider gut health to be important—and more than half of respondents said it will be a higher priority over the next two to three years.
Sexual health. We’ve seen growing demand for sexual-health products, likely due to expanded conversations around sexuality, improvements in sexual education, and growing support for female sexual-health challenges.
Sleep. Sleep is the second-highest health and wellness priority for consumers—and also where consumers say they have the most unmet needs. A large number of factors can affect a good night’s sleep, including diet, exercise, caffeine, screen time, and stress.
What next?
More data is needed from emerging economies in Africa, Latin America and Asia. With rise of consumption of social media and increase penetration of internet connectivity, there's potentially little or no change that can be expected from the results. Never the less, the emerging markets have major challenges arising from the increase in fast food consumption and more urban lifestyle that is more sedentary.
What are you excited about the future of health and wellness? Let me know in the comment section.
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