The Wellness Industry in 2022 and Beyond: What Consumers Want
Feb 21, 2022
A new survey by McKinsey and Company shows that consumer interest and purchasing power are on the rise, presenting opportunities across the health and wellness industry. In this article, we'll take a look at some key wellness trends in 2022 and beyond that can help aesthetic providers or anyone connected with the health and wellness industry make critical decisions about the types of products and services they offer.
The Global Wellness Economy in 2022
The global health and wellness market has come a long way from the 1980s when Jane Fonda workout tapes and neon legwarmers were all the rage. In recent years, wellness tourism and workplace wellness programs have become buzzwords. The trend among consumers has been to view health and wellness and personal care in a much more holistic manner, to include not just diet and exercise, but also things like appearance and mental health. Wellness industry trends reflect this change, offering consumers more choice in the types of services and products available and in the ways to access them.
How Much is the Wellness Industry Worth in 2022?
The latest research by McKinsey and Company values the global wellness market size at over $1.5 trillion with a projected annual growth rate of 5-10 percent. The modern-day consumer is deeply interested in wellness—and post the COVID-19 pandemic, wellness industry statistics show that this interest is growing. The McKinsey survey, which included 7,500 consumers from 6 countries, found that 4 out of 10 consumers consider wellness a top priority. Even more interestingly, consumers in every market reported substantially increasing priority on wellness over the past 2-3 years.
Accompanying the rise in consumer interest in wellness is an increase in purchasing power. For the global wellness industry in general and aesthetic providers in particular, these consumer trends present a tremendous opportunity. After stagnating or declining during the global pandemic, cosmetic treatments are on the rebound. Yet, with the wellness market being increasingly competitive, it is important for aesthetic providers to strategically fine-tune their businesses.
In the following paragraphs, we will take a look at some key trends and wellness industry statistics. The goal is to help you understand changing consumer attitudes toward wellness and offer services that meet these consumer needs.
What Are the Expected Consumer Behaviors in 2022?
When it comes to wellness and self care, consumers will be looking well beyond physical health in 2022. The concept of wellness now firmly includes mental health, physical fitness, nutrition, healthy eating, organic food, sleep, and mindfulness - essentially a more wholesome approach to healthy living.
To this end, more and more consumers are taking their health into their own hands. There has been a sharp rise in the number of consumers using apps to book appointments and obtain medical care. A great example is the MeTime app, which is intuitively designed for consumers interested in cosmetic treatments. The MeTime app makes it possible for consumers to choose an area they want to improve, connect with aesthetic providers who offer matching services, chat with experts, do a video consult, get quotes, and book appointments.
Consumers are also showing interest in tracking devices in the wellness category. These are devices that help in monitoring health between doctors' appointments. Sales of fitness equipment that can be used at home, such as the Peloton system, have skyrocketed during the global pandemic. Nutrition apps, sleep tracking apps, fitness apps, and meditation apps have also shown an increase in usage.
Of specific interest to aesthetic providers and the spa industry, better appearance has been identified as a key trend going into 2022. There is growing interest in nonsurgical aesthetic treatments in particular, such as laser skin resurfacing and microneedling.
The McKinsey wellness survey did identify some geographical differences. For instance, consumers in Japan place an emphasis on appearance while those in Germany prioritize fitness. In the United States and Brazil, mindfulness and meditation interest consumers. In the United Kingdom, nutrition is listed as a top priority.
What Are the Health Trends for 2022?
Here are the key trends that will define the wellness market in 2022 and beyond.
Natural Wellness Brands Will Rule
The wellness movement in 2022 will continue to show a striking shift towards natural and clean products and natural appearing results from cosmetic treatments. In the McKinsey survey, a large percentage of consumers indicated a preference for natural products and services over more effective ones. Wellness trips with healthy food and physical activity on the agenda are on the rise, again indicating a preference for a more natural approach to wellbeing.
For aesthetic providers, taking advantage of this trend means offering more beauty products, spa services, and cosmetic treatments that are natural and clean.
Personalization Will Drive Industry Revenue
There is increased focus on personalization, now more than ever. While this has always been an area where companies compete in the global economy, a substantially larger number of consumers are now stating they prioritize personalization.
Aesthetic providers should therefore focus on offering services that target a precise consumer segment and tailor their marketing messaging to those specific consumers.
Digital is the Future of Consumer Health
The shift from brick-and-mortar to e-commerce has been occurring for several years now and will continue into 2022. Some countries are driving the global growth in e-commerce more than others, such as China and Japan, followed by Europe and the United States.
Aesthetic providers and the spa industry can take advantage of these health and wellness industry trends by signing up for a seamless omnichannel like the MeTime app. This is a single digital offering that takes you where your consumers are.
Influencers are the Key to Breaking Into Online Communities
Influencers play a key role in the wellness market, perhaps more than any other industry. In 2022, the trend of leveraging the influence of influencers will continue. In the largest market, United States, as well as Europe and Japan, up to 15 percent of consumers say they follow influencers on social media and have made decisions and purchases based on influencer recommendations. In other markets like China and Brazil, more than half of all consumers say their purchases are influencer-driven. Celebrity influence is on the downturn, particularly in markets like the United Kingdom.
Aesthetic providers should look at collaborating with both large-scale (more than 100,000 followers) and small-scale (less than 100,000 followers) influencers on social channels. This can help you connect with people who are a natural fit for your services. You can market your services to a target consumer base with whom your messages will resonate in an authentic manner.
Well Being Services Are on the Rise
Across the global wellness market, consumers are showing a pronounced shift from products to services that promote the active pursuit of regular exercise, better mindfulness, and improved mental health. For example, nutritionists, dieticians, personal trainers, and counseling services are making inroads into the wellness space. However, products continue to be a critical part of the health and wellness and physical activity economy, still accounting for roughly 70% of global spending.
To make the most of this trend, aesthetic providers should focus on making a direct connection with consumers. An app such as MeTime which gives consumers immediate access to cosmetic treatment providers is a good example of these wellness values.
The good news is that the global health and wellness market is growing. Consumers are planning to increase spending on anti-aging products, noninvasive cosmetic procedures, and beauty supplements, among other categories. The global pandemic has set the stage for making physical health, mental health, fitness, wellness, and appearance a priority for millions of people around the world. This means there is room for growth for aesthetic providers. At the same time, the wellness sector has never been more competitive. The key to coming out on top is thinking strategically about how to engage consumers.
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