While COVID-19 was a tremendous disruptive force in all our lives — leading to the loss of life, the loss of livelihoods, and impacts still being felt to this day — it did offer many with a luxury rarely experienced in our modern culture: an opportunity to re-evaluate our lifestyles.
The opportunity came paired with a heightened and increased focus on health and wellbeing, so it should be no surprise that many re-evaluated and decided to prioritize wellness in a post-pandemic world. While the wellness industry — like most industries — shrank during the early phase of the pandemic, it is projected to grow at an annual rate of almost 10%, reaching nearly $7 trillion in 2025. Oliver Wyman Global Consumer Sentiment research found that Americans who pay for wellness-related items reported spending even more on these products and services after the pandemic.
This rapidly expanding wellness industry looks different from the health, wellbeing, and beauty industry of pre-2020. Many people decided during the pandemic that self-care was no longer an optional interest but a fundamental part of their lives. For these consumers, wellness does not just mean physical health — although that is an important component — but a holistic focus on wellbeing in all aspects of their life. They consider their physical, mental, and emotional wellbeing, as well as their financial wellbeing, as a critical foundation for everything they do. Their approach is heavy on preventative measures and real-time data tracking, with wearables and dashboards providing an ongoing stream of data-based reassurance.
Engaging The Potential Of The Physical Wellness Industry is the first installment of a three-part Point of View series. This series seeks to help companies understand the desires and needs of consumers, whether they have operated in the wellness space for a long time or are looking to expand into it. In this first Point of View, we cover trends within physical wellness, outlining how consumers are changing their conceptions of what it means to be healthy and physically fit, and share some lessons for different players in the industry. The second piece will focus on mental and emotional wellness, while the third will conclude with a discussion on financial wellness.