Circana, a market research and tech firm, published a report revealing that health-conscious consumers in the U.S. spend well over $1.1 trillion. This astonishing figure highlights the ever-growing importance of wellness trends economically, as well as brands seeking to meet this growing demand.
A Holistic Approach: Beyond Exercise and Nutrition
The report emphasizes that wellness is no longer boxed into traditional segments such as fitness and diet. Factors such as exercise and nutrition certainly matter; however, the purchasing decisions made by consumers today also focus heavily on sleep, work/life balance, and a healthy home environment.
This shift captures a monumental opportunity for brands to diversify and reach their target consumers on an emotive level. Circana’s EVP of wellness, beauty, and home care, Kristin Hornberger, is quoted saying, “As well-being practices touch all aspects of our lives, maximizing these opportunities is a win-win across many industries.” To this effect, Hornberger encourages brands to figure out “innovative approaches” to assist consumers in their pursuit of total well-being and develop “collaborations and co-branding partnerships” that align with these eager consumers.
The Physical Side: Protein and Pain Management
Circana’s findings identify the literal aspect of wellness as a significant driver of market growth. Weight loss, digestion, pain relief, deodorant, oral hygiene, energy-boosting vitamins and supplements, and more have recorded higher sales this year than the preceding year. Additionally, protein products recorded a further surge, with protein drinks, powders, and supplements achieving 18% growth.
The Emotional Connection: Beauty and Self Care
Emotional wellness is one of the leading factors propelling the wellness movement. According to the report, 77% of Americans actively manage some aspects of their mental health as it relates to sleep, stress, mood, and motivation. The beauty and personal care industry has progressively adopted this domain and utilizes it as an additional avenue to improve emotional wellness. The survey indicated that a large number of women use skincare (46%), cosmetics (more than 30%), and fragrances (more than a quarter) to improve their mood as well as their overall sense of well-being.
Collaboration and Co-Branding: The Winning Formula
These are some of the more strategic wellness-allied solutions that forward-thinking marketers are currently working on. The NOW Massage, a massage franchise, is launching The Ritual Collective, a members-only program offering partners discounts on products and services with a holistic wellness therapeutic approach. These include fitness partners’ studios such as Solidcore and CorePower Yoga, sleepwear label Lunya, skincare brand Summer Fridays, and other meditation partners like Open.
Like other vertical stands, premium grocery retailer Erewhon recently added red light therapy and wellness product Bon Charge to its brand partnerships in its Erewhon Lifestyle Collective. These partnerships include far more than product distribution; they also involve in-person events and immersive experiences, like collaborations with renowned Peloton instructors and wellness festivals. Even Equinox’s luxury hotel segment is getting in on the wellness action, offering Naomi Watts’ pro-aging company Stripes Beauty spa treatments, in-room services, and retail specifically designed for women in and around menopause.
The Evolving Definition of Wellness: A Holistic Perspective
Hornberger summarizes this emerging tendency best, saying, “Wellness is an ever-shifting paradigm of practices that unite to make the individual feel empowered.” It’s understood that business models incorporating principles of well-being stand to succeed, which means operating within a system that adapts to the construct of physical, mental, and emotional health and shifts priorities based on the demands of consumers who prioritize wellness.
