Health and Wellness: The New Way of Life
Overall consumer interest in selecting food and activities geared toward wellness is increasing. Consumers are realizing the effects that their eating habits and on-the-go lifestyles are having on their ability to maintain a healthy, sustainable life. They are becoming more selective in their product and lifestyle choices and increasingly understand the connection between their diet and health. Health and wellness is not a fad — it is becoming a way of life.
While most people pursue some form of health and wellness, the extent of their interest and engagement varies considerably – meeting consumers on their terms will motivate change and influence partnership with brands. Let’s face it, it’s not surprising that consumers vary in their commitment to exercise, dieting habits, and product choices, and that underlying demographic characteristics influence these decisions – a Gen X’er is far more interested in a stress reliever than a Boomer who may be looking for a memory supplement.
So what are the triggers that continue to motivate consumers to partner with health and wellness brands, and drive this industry forward?
- Increase in consumer acceptance to a broader set of health and wellness solutions, including non-traditional treatments (herbal remedies, supplements, etc.).
- Accessibility to more health information than ever; 96% of American adults who use the Internet look-up health information and they are not just looking, they are buying.
- Growth of high opportunity segments like Boomers, a population expected to grow 41% by 2020, who will seek out solutions to maintain their vigor. And, on the other end of the spectrum the new generation (infants and their families) who will seek products for healthier development.
- Government, health association, and employer advocacy of healthy eating and wellness initiatives are on the rise – an effort to temper increasing healthcare costs.
- Broadening of health & wellness offerings at retailers in multiple channels, across various markets – everything from nutrition assessments, to testing services and preventative screenings, to spas and in-store clinics.
- Take a look the next time you visit a Target, or even ShopRite store, you’ll be surprised at what you see.
- Emergence of new players and partnerships are creating innovative solutions and expanding definition of the health and wellness space. Brands as diverse as Nestle, DuPont, and even Google are entering the sector.
- Nestle is investing in gastro-intestinal health; Google in organization of personal health information; and DuPont, through purchase of DSM, in dietary supplements.
- Accessibility to healthier products is optimal. Manufacturers are continually developing new, healthier products… just look at the supermarket shelves where new products appear everyday.
- Supermarkets are becoming one of the leading channels for distribution; other channels, such as mass merchants, warehouse clubs, natural food stores, convenience and drug stores, continue to play a formidable role.
And, technology is helping to lead the way with digital, social, and mobile applications providing a more efficient and effective experience between consumers, healthcare providers, insurers, and health and wellness brands – propelling consumers to connect, learn, and engage in more interactive experiences.
The Proof Is in The Numbers
The trends all point in a single direction – more and more consumer spending on health and wellness. In fact, if the pace continues wellness could be the next trillion-dollar industry (Euromonitor International). Let me leave you with these stats:
- Today the average household spends $148.48 per month on categories that have a wellness halo.
- Over half of all consumers (54%) say they have recently changed their views on health & wellness.
- 85% of consumers believe that certain foods have health benefits that go beyond basic nutrition and may reduce the risk of disease or other health concerns.
Health and wellness is the new way of life… for consumers and brands, those who adapt will ultimately succeed.