COVID-19 is accelerating interest in wellness as more consumers have been faced with the importance of taking care of their health and wellbeing.
As a result, the market’s abuzz with growth as more businesses look to satisfy new demand with innovative solutions.
Data is showing that people are increasing their spending on wellness and a recent report published by the Global Wellness Institute forecasts the global wellness economy will reach nearly
US$7trn in value by 2025.
Recent predictions from McKinsey suggest the future of wellness will be tech-heavy, personalised, interconnected and dominated by the following six wellness categories:
HealthAccording to Mckinsey associate partner Anna Pione, the future of wellness will see consumers take their health into their own hands. She envisages “offerings that let consumers triage their own medical issues” becoming increasingly more mainstream. As part of this, Pione believes devices and technology from the doctor’s office will be integrated into the home.
FitnessBricks and mortar fitness businesses are here to stay, predicts Eric Falardeau, partner in McKinsey’s Montréal office. He also anticipates that the future of fitness will feature an increasing amount of technology to help people track their fitness progress.
NutritionConsumer habits and relationships with food are shifting, as more people are becoming more aware of the impact of our diet on our short-term and long-term health. Jessica Moulton, senior partner at McKinsey’s London outpost, thinks the reduction in sugar and an increase in sustainable eating will be two major trends going forward.
AppearanceEmma Spagnuolo, a partner in McKinsey’s New Jersey office, anticipates that beauty retailers will expand their offering to keep up with new consumer demands and that procedures like injectable services or clinical treatments will become more commonplace and easier to access.
SleepSleep technology will continue to be a hot wellness trend in 2030, according to Scott Hayton, associate McKinsey partner in Toronto. In his opinion, future innovation in the field could lead to sleep performance data being used to inform and best optimise our routines and daily capabilities, such as diet and exercise.
Mindfulness“I believe that mindfulness – and the pursuit of mindfulness – will become an essential aspect of how we live our lives,” says Manish Chopra, senior partner in McKinsey’s New York office. He feels that by 2030, mindfulness will be more deeply ingrained into people’s routines via wearables and tech, allowing for digital yoga or meditation sessions throughout the day.
McKinsey analysts reminded wellness businesses that in order to keep up in the next generation of the wellness market and make lasting change, they need to nail down their e-commerce and marketing strategies, pursue data partnerships, reinvigorate the shopping experience, update their value propositions and consider consumers as a whole person.
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previous 2021 McKinsey report also advised both new and existing companies in the sector to think critically about strategies to engage consumers and continue to innovate to stand out from the crowd.
Eric Falardeau, health of fitness and health group at McKinsey will be speaking at the HCM Summit 2024 in London.
To book your place, go to
www.HCMsummit.live
