The wellness economy

The wellness economy

One of the world’s biggest and fastest-growing industries, the wellness economy, can be contextualised as the “industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives”.

The Global Wellness Institute breaks it down into the following 11 categories:

1. Personal care and beauty
2. Healthy eating, nutrition, and weight loss
3. Wellness tourism
4. Fitness/mind-body
5. Mental wellness
6. Preventative and personalised medicine and public health
7. Traditional and complementary medicine
8. Wellness real estate
9. Spa economy
10. Thermal/mineral springs
11. Workplace wellness

Each of these major categories can be further broken down into various subcategories –– something we will explore in more detail later in this course.

Despite the continued growth of wellness, with adjacent industries now viewed through a wellness lens creating new segments, the shared principle remains the same:

The facilitation of proactive, consumer-driven wellness, led by passionate individuals and businesses whose collective mission is to prevent disease, improve health, and enhance individuals’ quality of life.

So far, we’ve seen that wellness encompasses a wide range of activities and practices that can help to elevate the health and well-being of individuals.

We’ve also looked at how the pursuit of wellness, an industry now valued at $4.5 trillion globally, continues to mature and mutate to reflect a growing wellness mindset in which the way people work, rest, and play are increasingly being underpinned and connected by it.

Wellness is not a singular concept. Instead, it can mean different things to different people –- a highly personalised pursuit with very individual outcomes. Yet, if improved upon collectively, wellness can also provide wider societal benefits such as lower healthcare costs, higher productivity, better social relationships and an improvement in overall satisfaction and quality of life.

At a time when the world’s population is growing older, sicker and lonelier, with an increasing number of deaths considered preventable by addressing key lifestyle factors [1], health systems are failing, causing huge economic burdens. And a growing climate crisis is now considered one of the leading global health threats of the 21st century [2].

The wellness industry can play a vital role in helping to facilitate preventative lifestyle and behaviour practices that address these challenges and create positive social outcomes.

With that in mind, consumers and governments alike are turning to businesses and qualified individuals to provide alternative health solutions –– with opportunities continuing to emerge for those that can meet the growing expectations of the wellness consumer.

In 2020, 77% of respondents in a survey conducted by Ogilvy revealed wellness is now very or extremely important to them, with 80% wanting to improve their wellness [3]. It is this growing recognition that has led to wellness cross-pollinating almost every sphere of modern business from travel and technology to functional health and expert coaching.

“Wellness has created new conversations, new expectations, new purposes – both for companies and individuals. Wellness has inspired new businesses, new brands, new products, new services, new experiences. Wellness has seen companies pivot their strategy, business, and portfolio. Wellness has started to revolutionize entire industries,” argues Benoit de Fleurian, Ogilvy’s global planning lead for health and wellness.

Added to that, the wellness industry currently represents 5.3 percent of global economic output, growing nearly twice as fast as global economic growth[4]. Focusing on health and wellness appears to make good business sense. In order to truly connect with consumers, there needs to be a clear understanding of their expectations.

So, let’s explore what it is that consumers really want:

Control

As we’ve briefly discussed, one of the main drivers of consumer engagement with wellness is the desire to be in charge when it comes to one’s personal health. With existing health care systems flawed or failing, consumers are more self-aware and informed about the benefits of proactive and preventative wellness measures, and with the desire to self-quantify and track every aspect of our lives intensifying, consumers are increasingly turning to wellness products and services they believe slot online deposit dana can better inform and empower them.

Convenience

With increasingly busy, stressful, and time-starved lifestyles, consumers are turning to frictionless wellness solutions that allow them to dedicate more time to their professional or social lives.

For today’s consumer, the expectation is that they will receive what they want when they need it, and wellness offerings that are on-demand, flexible and easy to implement are filling that gap.

Transparency

Evolving from a ‘nice to have’ to a non-negotiable, the call for greater transparency continues to be a dominant theme when it comes to consumer values. With trust in institutions and organisations at an all-time low, consumers are increasingly choosing to engage with wellness brands and businesses because they are better positioned to open up a meaningful and consistent dialogue that reflects their values.

Personalisation

Today, more than ever, consumers are increasingly seeking personalisation –– with health and wellness considered one of the most personal pursuits of all. Within this new ‘made for me’ landscape, which rejects the one-size-fits-all approach, the expectation for consumers is that wellness services and products can provide a more holistic, personal, and outcome-driven experience.