Health & Wellness
The Health and Wellness industry in the United States generates over $153 Billion a year. This accounts for one quarter of global health and wellness sales. The health and wellness market has continued to grow at a steady rate of 5%, much of this continued growth can be attributed to the American consumers increased emphasis on promoting healthy lifestyles and total body wellness.
The health & wellness industry is currently experiencing a huge boom, which is shaping the industry. Thanks to the consistent emphasis of American consumers on promoting healthy foods and lifestyles as well as total body wellness. This industry currently generates over $153 Billion every year, which accounts for about one-quarter of the world’s health & wellness sales. Therefore, you can see that this industry can no longer be ignored when it comes to the potential for substantial financial growth.
The rise of the internet and especially social media have also contributed to the boom in this industry, as consumers now use the opportunity to showcase their healthy lifestyle and body, thereby influencing other people. Companies have also adopted this tactic to convince people into making healthier choices. Unlike most other industries, the health and wellness industry has many sectors that have become significant trends on their own so that you can see the potential in the industry.
The beauty and anti-aging trend are one of the most significant sectors under health and wellness, and rightfully so. Everyone cares about their look, so it is not surprising that many people invest a lot in beauty products. More and more consumers are looking for ways to get natural products that are free from harmful chemicals. This has open doors for even more research into the industry. The food and drink sector is also on the rise. Nowadays, you will see everyone that claims to have done a research about the harmful effect of a particular food product. This has made consumers wary when purchasing food items. It has also caused retailers to do thorough research into their products, to certify their products as healthy.
Fitness is also a considerable part of the health and wellness industry. Nowadays, you will find people taking online fitness training. You can hardly move around a few blocks without seeing a barre, boxing, yoga, CrossFit and high-intensity interval training facilities. According to the International Health, Tacquet & Sportsclub Association, membership to these health clubs has increased by about 33.6 percent since 2008.
Wellness is the new luxury. As weird as that may sound, it is true. People are now spending more on wellness products than any other product type in the market. Wellness is not just about being fit, but participating in exercises that promote wellbeing and feeling happy. Retailers that deal with health and wellness products are enjoying the current boom in the industry, and even retailers of other products are adding health and wellness products to their inventory lists.
Retailers in every industry are now taking advantage of this fast growing market to remain relevant. Nowadays, you will find stores that offer their customers free or discounted health checks. This takes advantage of the fact that everyone wants to know their health status. The gradually growing trend in retailing is retailers shifting progressively from luxury products to wellness products. It is essential that as a retailer you move along with the changing consumer demands. Retailers that can do this successful are the most likely to succeed.