“More consumers are spending more money on Health and Wellness.” That’s the trend discovered by Women’s Marketing and Rodale in recent study designed to explore the Health and Wellness mindset.
Women’s Marketing recently collaborated with Rodale on original consumer research designed to explore and explain the modern “Health & Wellness” consumer mindset and delve into 2014 wellness trends. Wellness, defined as the quality or state of being healthy in body and mind, especially as the result of deliberate effort, is a mindset we believe has seeped into the lives of the everyday woman, and has emerged as a lifestyle here to stay.
Which Product Categories Account for the Increasing Wellness Market Size?
There are several common threads that stand out across the various definitions of wellness. Wellness is multi-dimensional, holistic, changes over time and along a continuum, and is most importantly individual, but also influenced by the environment and community. The next trillion dollar industry globally, the Health & Wellness market space is dominated mostly by beauty and anti-aging product sales at $679 billion, followed by fitness and mind + body exercise ($390 billion) and health eating, nutrition and weight loss sales ($277 billion).
Other product sales that complete the Health & Wellness market are complementary and alternative medicines, wellness tourism, spas, medical tourism and workplace wellness. In the United States alone, women invest $125 billion against their nutrition, $40 billion against alternative medicine and $25 billion against OTC drugs.
The Wellthy Mindset
Wellness, the “new black,” is now a status symbol among consumers, who prioritize maintaining their well-balanced physical and mental health. We are experiencing a phenomenon where health is creeping into all aspects of consumer life and experience. The increase in wellness market size has brands taking notice, adopting the health creep, or consumerization of health. More consumers are gravitating towards products with embedded health benefits that are actually well designed, desirable, accessible, fun, tasty, interesting or storied.
Health & Wellness Industry Trends
Fitness and wearable technology sales (think FitBit, Fuelband and Timex Sport) is up $10 billion to $81.4 billion in wholesale sales in the US as 3.3 million fitness bands and trackers were sold in 2013. The digital fitness category is now a $330 million market, and that is just one of many fitness categories that is experiencing exponential growth. Healthier food sales are seeing serious growth as well, as 73% of consumers have switched to healthier versions of food items. Blenders, juice extractors and citrus juicers are top-growing small kitchen appliance categories.
Just as this consumer is mindful of her fitness and what she puts in her body, she tends to purchase beauty products that are more environmentally friendly. Health & Wellness industry trends reflect this, as organic beauty product sales are expected to grow 74% from 2013 to 2018. Vitamins and supplement sales will reach $13.9 billion by 2018, a 58% increase from 2008.
Not in the heath & wellness market? Think again!
As people around the world become more active in their pursuit of physical, spiritual and emotional well-being, this health creep is forcing every brand to recognize and deliver Health & Wellness marketing by providing comfort, wellness or both. The Health & Wellness market has become important to brands of all kinds, from hotel chains to beauty products.
Download Women’s Marketing’s full Health & Wellness market research presentation.