Wellness is a booming industry, with a global market value of $1.8 trillion and a growth rate of 5 to 10 percent per year. For a person who are increasingly looking for effective, data-driven, and science-based solutions to improve their health and well-being,
In this article, we will explore the latest trends and insights from McKinsey's Future of Wellness research, which surveyed more than 5,000 consumers across China, the United Kingdom, and the United States. We will also highlight seven segments that offer promising opportunities for innovation and investment, such as women's health, weight management, and in-person fitness.
The rise of the empowered wellness consumer
Consumers are becoming more proactive and informed about their wellness, and they expect companies to deliver products and services that meet their needs and preferences. According to our survey, 82 percent of US consumers, 87 percent of Chinese consumers, and 73 percent of UK consumers consider wellness a top or important priority in their everyday lives.
This is especially true for Gen Z and millennial consumers, who are spending more on wellness products and services than older generations, across six dimensions: health, sleep, nutrition, fitness, appearance, and mindfulness.
Consumers are also seeking solutions that are backed by science and data, and that can demonstrate their effectiveness and credibility. Our survey found that consumers value the following attributes when choosing products and services:
- Scientific evidence:
Consumers want to see proof that the products and services they use are based on sound scientific research and have been tested and validated by experts.
- Data transparency:
Consumers want to have access to the data and information that the products and services they use collect and generate, and to have control over how their data is used and shared.
- Personalization:
Consumers want to have products and services that are tailored to their individual needs, goals, preferences, and lifestyles, and that can adapt and evolve with them over time.
- Convenience:
Consumers want to have products and services that are easy to access, use, and integrate into their daily routines, and that can save them time and hassle.
- Sustainability:
Consumers want to have products and services that are environmentally and socially responsible, and that can contribute to the well-being of the planet and the society.
Five trends shaping the wellness industry in 2024
Based on our survey and analysis, we identified five trends that are influencing the consumer wellness behavior and demand in 2024. These trends include:
Health at home:
The COVID-19 pandemic accelerated the adoption of at-home wellness solutions, such as telehealth, online fitness, and digital therapeutics. Consumers are now interested in expanding their at-home wellness options, such as testing for vitamin and mineral deficiencies, cold and flu symptoms, and cholesterol levels. This solutions offer consumers convenience, speed, and frequency, as well as privacy and comfort.
Holistic wellness:
Consumers are taking a holistic approach to their wellness, and are looking for solutions that can address multiple aspects of their well-being, such as physical, mental, emotional, and spiritual. Consumers are also looking for solutions that can help them balance their wellness with other aspects of their lives, such as work, family, and social. Holistic wellness solutions offer consumers integration, harmony, and fulfillment, as well as diversity and flexibility.
Community wellness:
Consumers are finding solutions that can connect them with other like-minded people, and that can foster a sense of belonging, support, and trust. Also, seeking solutions that can enable them to share their wellness experiences, insights, and feedback, and that can leverage the collective wisdom and power of the community. Community wellness solutions offer consumers socialization, collaboration, and validation, as well as inspiration and motivation.
Wellness gamification:
The solutions that can make their wellness journey more fun, engaging, and rewarding, and that can leverage the principles and elements of gaming, such as challenges, goals, rewards, and feedback. Consumers are also seeking solutions that can tap into their competitive and cooperative instincts, and that can create a sense of achievement and progress. Wellness gamification solutions offer consumers enjoyment, stimulation, and satisfaction, as well as performance and improvement.
Wellness democratization:
Consumers are seeking wellness solutions that can make wellness more accessible, affordable, and inclusive for everyone, and that can address the barriers and disparities that exist in the wellness industry. The ways that can empower them to take charge of their own wellness, and that can provide them with the tools, resources, and guidance they need. Wellness democratization should offer consumers equity, justice, and diversity, as well as autonomy and agency.
Seven wellness segments to watch in 2024
Based on our survey and analysis, we identified seven segments that have high consumer interest and potential for growth in 2024. These segments include:
-
Women's health:
Women's health is a segment that focuses on the specific health and wellness needs and issues of women, such as reproductive health, menopause, breast cancer, and osteoporosis. As women represent more than half of the global population and have higher life expectancy than men, so that has a high consumer demand. They are more proactive and informed about their health and wellness than men and are more willing to pay for wellness products and services.
-
Weight management:
Weight management is a segment that focuses on helping consumers achieve and maintain a healthy weight, and prevent or treat obesity and related diseases, such as diabetes, heart disease, and stroke. Obesity is a global epidemic that affects more than 650 million adults and 340 million children and adolescents. It is a major concern and challenge for many consumers which affects their physical, mental, and emotional well-being.
-
In-person fitness:
In-person fitness focuses on providing consumers with physical activity and exercise opportunities in a physical location, such as a gym, a studio, or a park. Consumers are eager to resume their in-person fitness activities after the COVID-19 pandemic, and are looking for socialization, motivation, and guidance.
-
Mental wellness:
Mental is a segment that focuses on helping consumers improve their mental health and well-being, and prevent or treat mental disorders, such as depression, anxiety, and stress. This is a global issue that affects more than 1 billion people and costs the global economy more than $1 trillion per year. Moreover, this segment has a high consumer demand, as mental health is a top priority and challenge for many consumers and affects their quality of life and productivity.
-
Sleep wellness:
Sleep is a segment that focuses on helping consumers improve their sleep quality and quantity, and prevent or treat sleep disorders, such as insomnia, sleep apnea, and narcolepsy. Sleep wellness is influenced by many factors, such as lifestyle, environment, and genetics. Sleeping is a major concern and challenge for many consumers, and affects their mood, cognition, and performance.
-
Nutrition wellness:
Nutrition is a segment that focuses on helping consumers improve their nutrition and dietary habits, and prevent or treat nutrition-related diseases, such as diabetes, heart disease, and cancer. This segment has a large and growing market size, as nutrition is a key factor for health and well-being, and is influenced by many factors, such as culture, preference, and availability. Nutrition is a major interest and challenge for many consumers which affects their appearance, energy, and immunity.
-
Appearance wellness:
Appearance is a segment that have highly consumer demand which this segment focuses on helping consumers improve their appearance and self-image, and prevent or treat appearance-related issues, such as aging, acne, and hair loss. As appearance is a major concern and challenge for many consumers, and affects their confidence, attractiveness, and happiness.
Conclusion: How to succeed in the wellness industry in 2024
Wellness industry is a dynamic and competitive industry, with a high consumer interest and potential for growth. To succeed in 2024, companies need to understand the trends and insights that shape the consumer wellness behavior and demand, and to identify the segments that offer promising opportunities for innovation and investment. Companies also need to deliver well-prepared for health and well-being products and services that meet the consumer expectations and preferences, and that provide effective,
Credit: www.mckinsey.com
Here is Your Well-being & Active Lifestyle Community!
