Wellness has been a trending industry for a while. Circana, a consumer research firm, says, “Wellness is increasingly being recognized as a trifecta of balance across body, mind, and soul.”
Circana’s research shows that “While traditional physical factors such as exercise and nutrition continue to rank as the leading factors contributing to health and well-being among U.S. consumers, mental factors including sleep quality, work/life balance, and a healthy home environment are growing in importance.”
This has led to wellness expanding beyond its former boundaries, encompassing many industries and touching numerous aspects of consumer behavior.
According to Kristin Hornberger, Circana’s executive vice president and practice leader of home and health and wellness, Circana defines wellness as “products or services that empower self-care by enhancing consumers’ physical, mental, and emotional well-being.”
That expansion has resulted in those consumers, focused on products and services that contribute to their well-being, having a buying power of more than $1.1 trillion. That’s a lot of opportunity for entrepreneurs. And since there are numerous consumer touchpoints for wellness products and services, Hornberger says, “Maximizing these opportunities is a win-win across many industries.”
Circana highlights some specific growth areas, including:
- Weight control
- Digestion
- Pain management
- Deodorant
- Oral care
- Vitamins and supplements. Sales of protein drinks, powders, and supplements grew 18% last year.
All these categories grew from 20203 to 2024. Pursuing emotional well-being is another growth area. According to Circana data, 77% of us prioritize our mental health, including stress, sleep, mood, and motivation.
Circana considers beauty an aspect of wellness and says 46% of women incorporate beauty into their wellness routine, 46% dedicate time to skincare, over 30% apply makeup or style their hair more frequently to make themselves feel good, and more than one-quarter wear fragrance “to lift their mood.”
Business Insider, reporting on research from Bank of America, gives props to Gen X and millennials for fueling the wellness trend. Analysis from Bank of America Global Research reveals that the “health and wellness sector [may] continue to grow even if the economy turns.”
The B of A report says, “We believe there is an ongoing generational shift toward healthy habits…Younger demographics…are increasingly prioritizing healthy ways of living and spending increased time and income on fitness, activity-based leisure, and wellness-focused discretionary items.” And they added that, on average, “Gen Z households spend around 2.8 times the amount baby boomers do on fitness, while millennials spend around three times as much.”
Circana’s Hornberger shares some insight with entrepreneurs, “Identifying unique ways your industry can support the consumer journey for total well-being and exploring collaborations and co-branding partnerships are strategies that will resonate with an open and eager consumer base. Wellness is a constantly shifting paradigm of practices that work together to make the individual feel empowered. As the landscape of consumer priorities continues to evolve, companies that align with the principles of well-being will be well-positioned to thrive.”
Rieva Lesonsky is President of Small Business Currents, LLC, a content company focusing on small businesses and entrepreneurship. While you can still find her on Twitter @Rieva, you can also reach her @Rieva.bsky.social and LinkedIn. Or email her at Rieva@SmallBusinessCurrents.com.
Photo by Kaylee Garrett on Unsplash
