HEALTH is WEALTH The Business of Wellness

Wellness is being touted as the next trillion-dollar industry globally. Anti-aging products, beauty products, fitness gear, organic foods, weight loss products and the likes today dominate this category. There is also an increase in the demand for alternate medicines, spas, medical tourism etc.

Wellness is the new status symbol. The new generation of millennial is re-defining luxury. For them a Chanel or a Prada bag is better rented than bought, it’s better to hire a car than buy one. Luxury instead is to go for a session of reiki, or a session with Gwyneth Paltrow’s health guru or maybe a yoga retreat! A designer yoga mat, a Lululemon gym outfit is way more trendy and has become the new symbol of luxury.

Fitness bragging is the new fad. If you brag about your new designer clothes or your new car, or your expensive liquor it’s not cool anymore. People may actually look down on you. But talking about your organic diet, green juices, fitness classes is appreciated. More than talking about which new restaurant you visited or which discotheque you frequent today the young and the trendy prefer discussing which new fitness class they attended and which green juice diet they are on. Eating organic, shopping from Whole Foods, going for spinning classes, wearing your SoulCycle t-shirt make you way more cool.

A large part of this can be attributed to the growth in the popularity of social media. Sites like Snapchat, Instagram are all about image sharing and everybody wants to look good. They have come to realize that a good body looks good in any outfit. A good physique is also a sign of discipline and awareness.

Today we are witnessing an interesting phenomena where health is fast becoming a part of very body’s life. Consumers are choosing products which promise health benefits. Be it wearable technology, organic foods, gym wear, yoga pants, juice extractors ,vitamin supplements or organic beauty products–if it promises to make me healthy it is a hit

According to the latest research in 2016 the global wellness economy touched a growth of $ 3.7 trillion. It is expected to grow at the rate of 17% in the next five yeas.

Consider this 3.3

million fitness brands and trackers were sold in 2013.

Digital fitness category is now a $330 million market.

Almost 75% of the consumers in the USA have switched to healthier versions of food items, The sale of vitamins an supplements will be around $13 billion by 2018 ( a growth of 58% as compared to 2008)

Organic beauty products are expected to grow 74% from 2013 to 2018 Taking a selfie in your designer sportswear, lounging on your designer yoga mat and sipping a detox green juice is what will get you the maximum attention and the maximum likes on your Facebook page. It’s the fitness craze that has taken over everybody and everything.

So as marketers if we want the attention of our consumers we need to keep this trend in mind and think hard and try to figure out how our brand can be associated with wellness.

A fit company is one that has a fitness mantra to offer to the consumer. Offer a health benefit and hear the cash registers ringing.

As the old adage goes “Health is Wealth!”