14 Aug Here’s What You Need to Do Now to Cash in on the Health & Wellness Trend
Consumers Spend More on These 10 Things Than They Do on Education
Spending on self-care is rising rapidly. In fact, people spend more on health and wellness ($155 per person per month) than they do on education.
Wellness spending falls into these major categories, according to the Global Wellness Institute:
- Personal Care, Beauty, and Anti-Aging ($1,083 billion)
- Healthy Eating, Nutrition and Weight Loss ($702 billion)
- Wellness Tourism ($639 billion)
- Fitness and Mind-Body ($595 billion)
- Preventative and Personalized Medicine and Public Health ($575 billion)
- Traditional and Complementary Medicine ($360 billion)
- Wellness Lifestyle Real Estate ($134 billion)
- Spa Economy ($119 billion)
- Thermal/Mineral Springs ($56 billion)
- Workplace Wellness ($48 billion)
New Collaborations, Businesses, and Services Emerge
Retailers have become the epicenters of health, wellness and beauty services. Birchbox installed pop-ups in Walgreens and consumers can find CVS pharmacies inside Target stores. Day spas offer a wide range of products and services. Gyms are co-locating with juice bars. Brands like Saks, Anthropologie and Singapore Airlines have incorporated health and wellness services into their offerings.
Consumer demand for convenience has resulted in convergence and collaboration between seemingly unrelated brands.
New categories like cryogenics, infusions, mobile home health services (for an aging population), and cannabis dispensaries are cropping up. New franchise concepts and expansions also reflect the focus on getting fit, staying healthy, and living longer.
The Seasonality of Self-Care and What You Can Do NOW
Joining a gym or starting a diet plan were once primarily New Year’s resolutions. Although wellness activities peak during that timeframe, getting and staying healthy has become a year-round effort for many consumers.
Multi-Unit Retailers, Restaurants, and Service Businesses Can Reach the Wellness-Conscious Consumer When He or She is Ready to Spend.
Here are 5 things you can do starting NOW to boost your sales.
- Hone in on the health and wellness products/services you sell. Make sure they’re prominent on your website (especially location sites).
- Tap into flexible spending accounts. As the year draws to a close, consumers will be using these funds to buy things like glasses, contact lenses, and even diet plans.
- Use the holiday season to promote healthy options. Spa gift certificates, plant-based feasts, wellness vacations and staycations are just a few of the many healthy options that consumer will be looking for this year. Start NOW to make sure shoppers can find your location when they’re ready to buy.
- Add wellness-related inventory and services to your current offerings. Fast-casual restaurants and convenience stores are all devoting part of their menus and shelf-space to the health-conscious shopper.
- Think Local. Whether a consumer wants a kale smoothie, a personal trainer, or an after-school sports program for a child, he or she will turn to his phone or tablet to find a convenient place. Make sure your Proximity Search Optimization(™) plan is in place. We at MomentFeed have worked with gyms, eyeglass retailers, smoothie bars, and other health-oriented businesses to help them sell. In fact, as a major national fitness franchise told us:
“Our local franchise marketing is 3x more effective than corporate content. Together they build tremendous brand awareness”