As the United States nears the second anniversary of mandated gym shutdowns from the COVID-19 pandemic, the number of people prioritizing wellness has grown around the world. In fact, 79 percent of people in six countries say that wellness is important, according to a report by research company McKinsey & Company. In addition, 42 percent of the 7,500 consumers surveyed rank wellness as a top priority.
In the United States, 48.2 percent of respondents had an increased prioritization on wellness compared to two to three years ago. And 88 percent of consumers in the United States, the United Kingdom and Germany want more personalization in their wellness than they did two to three years ago.
Currently, 70 percent of wellness spending worldwide is on products while 30 percent is on services, but spending on services is estimated to increase 37 percent while spending on products is estimated to increase by 23 percent, according to the report.
What do consumers mean when they talk about wellness? McKinsey found that consumers view wellness in six areas:
- Better health (medicine, supplements, telemedicine and health trackers)
- Better fitness
- Better nutrition
- Better appearance (fitness apparel and beauty products as well as nonsurgical aesthetic procedures)
- Better sleep (sleep-enhancing products and sleep tracking apps)
- Better mindfulness (medication apps and offerings)
McKinsey values the global wellness market at $1.5 trillion and estimates its growth at 5 percent to 10 percent each year, varying by region.
This growth has created a crowded wellness market, which means companies need to be strategic in how they compete in it, according to the report.