From goat yoga and vegan restaurants to cupping, mobile meditation apps and swanky IV bars, wellness is the new black. According to the “2018 Global Wellness Economy Monitor” by the Global Wellness Institute, the wellness industry was booming to the tune of $4.2 trillion in 2017, with a growth rate of roughly twice the global economy. It’s a “healthy” business to say the least, and consumer demand for wellness is quickly permeating all industries.
So, what, exactly, can we attribute this immense growth to?
The Maturation Of Millennials
If you were to take a quick scroll through Instagram, you’d likely find a plethora of Lululemon-swathed millennials sipping matcha lattes and sharing the importance of their daily wellness regimen.
While a generalization, I’ve observed that millennials are much more lifestyle-focused than generations past, and place greater value on health and wellness experiences over material possessions. And, they’re willing to pay for it because of the value it affords.
Throughout my career in the wellness industry, I have seen that many consumers from the millennial generation are parting with hundreds of dollars each month to maintain their wellness routine because, for them, it’s not a luxury. It’s a nonnegotiable part of their lifestyle. As millennials continue to ascend toward their full earning potential, more discretionary dollars will likely flow into the wellness industry; I believe this is profoundly changing consumer behavior, making wellness a dominant lifestyle value in the market for years to come.
