Feeling good: The future of the $1.5 trillion wellness market
Our new survey shows that a rise in consumer interest and purchasing power presents opportunities across markets, especially as consumer spending rebounds.
The concept of wellness has been around for a long time. Remember Jane Fonda workout tapes, neon legwarmers, and the “cookie diet”? These days, consumers view wellness through a much broader and more sophisticated lens, encompassing not just fitness and nutrition but also overall physical and mental health and appearance. They also have more choice in the types of products and services they buy and the way they buy them. Wellness around the world: Consumer insights Our latest research shows that consumers care deeply about wellness—and that their interest is growing. In a survey of roughly 7,500 consumers in six countries, 79 percent of the respondents said they believe that wellness is important, and 42 percent consider it a top priority. In fact, consumers in every market we researched reported a substantial increase in the prioritization of wellness over the past two to three years.
We estimate the global wellness market at more than $1.5 trillion, with annual growth of 5 to 10 percent. A rise in both consumer interest and purchasing power presents tremendous opportunities for companies, particularly as spending on personal wellness rebounds after stagnating or even declining during the COVID-19 crisis. At the same time, the wellness market is getting increasingly crowded, creating the need to be strategic about where and how companies compete.
In this article, we’ll reveal what our survey data tell us about changing consumer attitudes and behavior toward wellness. We’ll couple these insights with the best strategies for companies—both established players and new entrants—to meet consumer needs and preferences in this strong and growing market.
Read More at https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/feeling-good-the-future-of-the-1-5-trillion-wellness-market