The global wellness economy is not experiencing any crisis. On the contrary. Since the pandemic, there has been increasing talk about the importance of self-care, well-being, and wellness. Although wellness is a vast and complex concept to grasp, the market is indeed booming and the prospects are (very) attractive for brands.
Our explanations in this article.
The health crisis has struck.
For many months, anxiety and depression have affected people's morale, leading them to take refuge in wellness, and to become more and more concerned about their physical and mental health and the means to preserve it. All means: sport, nutrition, meditation, sleep... We thus speak of a holistic approach: taking into account well-being in all its dimensions.
According to the Global Wellness Institute, the global wellness market was worth 4.4 trillion dollars in 2020.
And it won't stop there:
The Global Wellness Institute defines wellness as "the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health", thus integrating all physical, mental, emotional, spiritual, social, and environmental dimensions.
McKinsey offers another way of looking at this, by sector, in which players - most often technological - are reinventing wellness practices.
McKinsey has identified two important consumer expectations that concern all dimensions of wellness. Firstly, the need for services. While 70% of the wellness budget is currently spent on products, 45% of consumers intend to spend more on services (nutritionists, coaching, spas, travel, etc.) over the next year. Personalization, then. Consumers are used to personalized experiences such as Netflix and Spotify, and they expect the same from their wellness services. The collection of data should enable this personalisation of the experience.
Yoga retreats are already commonplace. Now the trend is towards wellness festivals. These are large-scale events that combine physical activities, sports and wellness, usually in the middle of nature. Visitors combine yoga or climbing sessions, a banquet dinner and a long night of concerts. This trend is a combination of individual and collective wellness practices. Read more on the Financial Times.
Consumers are looking to add meaning and value to their travel experiences. Booking's "Travel Predictions 2022" survey confirms this need: 79% of respondents say that travel contributes more to their mental and emotional health than other forms of rest and relaxation. Ecotourism, digital detox, retreats, cures: the wellness tourism market is growing at a rate 50% higher than traditional tourism (source).
For a long time, women's health was thought of through the prism of men's health, neglecting women's biological characteristics. Women want to reclaim their bodies and their health and brands must be able to offer them experiences adapted to the menstrual cycle and to their life phases (pregnancy, menopause, etc.) to improve their well-being. The Femtech market is gaining ground and is expected to be worth 50 billion dollars by 2025 (Frost & Sullivan).
Sport should be seen as a component of wellness. Some brands have already begun to develop new products and services to complement their original offering, others are speaking out on wellness issues, and some are choosing to support wellness associations:
The wellness market is an opportunity for sports brands. By taking into account the consumer as a whole and offering services and products that improve wellness in all its dimensions, they can create a complete, virtuous and attractive ecosystem.