The new luxuries that consumers want to flaunt; millennials lead the way forward.
In today’s times, it’s not just about looking great but feeling good and sleeping well too. Owning the most expensive product or gadget or being a proud owner of the latest goods has simply taken a back seat to looking and feeling good. Today’s customers want to be healthy and happy, no matter what. Gone are those days when owning expensive goods were the need and a must, now people are showing preference for participating in activities and indulging in experiences that promote their wellbeing. And it doesn’t stop there; it even goes to the extent of sharing those experiences with friends.
People are spending on a holistic approach to health and wellness that includes nearly every aspect of life - even sleep. Consumers have become more aware and conscious of their health and have no restrictions in spending for fitness activities, eating organic and natural foods, taking health supplements, and following special diets.
In this day and age, the popularity and demand of the health and wellness trend is visible across consumer groups irrespective of their age and gender, and it differs significantly from the various food and exercise trends that were popular in previous decades. Eating healthily, exercising regularly and monitoring one’s health have in fact become a lifestyle choice. In the Indian context, the health and wellness market amounted to approximately USD 8.4 billion in 2018. This was forecast to reach nearly USD 16 billion by 2023 with a CAGR of 14% between 2019 and 2023.
While this trend is visible across age groups, millennials are by far the most potent driving force behind the wellness trend. For millennials, wellness is nothing but a daily activity and they have no issues in spending a great deal on it. Most important is that millenials want brands that are committed with reliable product offerings, herbal and natural, and in fact less complicated too! Not only do they place more value on health and wellbeing than the generations before them, but they also adopt a more holistic definition of wellness. Wellness for them is a state of being in which the mental, physical and emotional dimensions are all in sync. Brands too had to gear up, realign their strategies and adapt to the ‘new normal’, where the demand is for high-quality health and wellness products and a more holistic state of being.
As it is said that the more we know, the less we understand how to effortlessly support our health and life goals. Health and wellness can most often get too complicated but the new-age consumers are looking for that ‘simplicity’. Simplicity in the most uncomplicated way for an easier yet effective experience to the healthiest, fittest and happiest you!