The Tale of a Thousand Trends
In my last article, The Era of Wellness, I explored the key factors I believe led to the explosion of investment and attention surrounding wellness. In summary, the combination of COVID-19, social media, and technology has empowered people to take ownership of their health, discover information in new ways, and invest in innovative products and services. This raises the question: what trends have shaped the wellness world in the last 5 years, and what can we expect in the next 20?
Trying to consolidate and outline the trends in the wellness space felt like one of those cartoons where I’m attempting to plug ten holes in a leaky bucket with my own two hands. Each source uncovered yet another set of trends and growth opportunities. What I’m getting at is: this post won't cover every trend, but it will highlight some of the most impactful ones from my POV. Some trends & movements will be missed, but I plan to dive deeper into the individual lanes of wellness down the road to get more specific on implications for businesses, humans, society, and the world.
In this second part of my wellness industry breakdown, we'll explore some exciting trends based on their rate of adoption in the last few years and potential impact going forward. Part 3 of this series will examine the technologies and companies shaping the marketplace and consumer experiences, providing a framework for what health and wellness investment might look like in 2030 and beyond.
To make sense of the dozens of trends I came across in my research, I categorized them into three buckets:
The wellness sectors winning consumers' time, money, and attention
The methods in which people approach their wellness
The demographic groups influencing the wellness space
Let’s dive in!
Help me sleep better, feel better, look better and live longer
1. Sectors winning consumers' time, money, and attention
Easy task, right? In the last 10 years, consumers have taken more control over their physical, mental, and social health. Even as the collective wellness movement gains steam, there are a few areas that are receiving increased attention in the last 2-3 years. Those include:
Sleep
Gut health
Weight-loss [drugs]
Longevity
Sleep Better. People, myself included, have been snoozing on the benefit of sleep (cue the *ba dum tss*). However, the growing body of scientific research highlights its critical importance, and people are taking notice. In a 2022 McKinsey report, around 37% of surveyed consumers expressed a desire for more products and services in the sleep and mindfulness segments. Companies are working to take advantage of this demand, as the number of sleep device patents has increased by about 12% per year over the last decade. Customers are waking up (okay, last one) to the important benefits that sleep brings, such as muscle recovery, brain development, weight management, and so much more.
Gut Health. The microbiome has become a focal point in our attempt to better understand and support our physical + mental health. In 2019, Forbes put out an article titled, The Decade of the Microbiome, outlining how a Microbiome Centers Consortium started by two biologists has contributed to the innovations and research in this space. That has set up the 2020s to capitalize on this momentum, and it sure has. More than 80 percent of consumers in China, the United Kingdom, and the United States consider gut health important, and a ⅓ of them wish there were more products in the market to support gut-health. If we look at the interest in Google searches, there has been a steady rise in queries over the last 5 years as this sector becomes more mainstream.
Weight Loss. Interestingly, studies have shown healthy microbiome diversity can also help with weight loss (UCLA Health). Nevertheless many individuals are turning towards weight-loss drugs, especially GLP-1 drugs, to manage their weight. McKinsey reports that 50% of consumers view these drugs as effective interventions. While consumers and physicians are increasing the application of these drugs, they’re coming to the realization that it’s not a silver bullet. Maintaining lean-muscle mass alongside losing weight is key to living a balanced, active lifestyle.
Longevity. Over 60% of consumers in McKinsey’s 2024 paper prioritize products and services that promote healthy aging. As the global population of people aged 65+ grows faster than other age groups, these consumers are willing to spend on discretionary wellness goods and services. We’re seeing a rise in access to longevity clinics, spending on emerging technology, and scientific research on extending our healthspan.1 All this to show that more people are looking for ways to extend the number of years they feel healthy, happy, and fulfilled.
With heightened focus in these areas, it’s fascinating to see how consumers are approaching the process.
Changing approaches to improving wellness
2. Methods in which people approach their wellness
People are beginning to track more information, ask for more personalization, and seek increased social connection.
In McKinsey’s survey, roughly half of all consumers have purchased a fitness wearable at some point in time. Biometric accessories are providing sleep and heart rate information, while continuous glucose monitors are managing blood sugar levels. We have unprecedented access to information and the companies that help users harness that data will come out on top. One of the use cases behind data is this idea of personalization. According to Vesta, 58% of consumers are “very interested” in personalized supplements made just for them (Shopify). We’re moving away from a world where treatments, regiments, and lifestyles were generalized for a broader public, towards a world where lifestyles are tailored to the individual. Artificial intelligence will drive much of this momentum, with vast applications stretching from personalized trainers to everyone having their own digital clone used to test clinical treatments. I would not be surprised if in 5-10 years, people wake up in a bed tempered for their optimal sleep, consume a breakfast of supplements & nutrition their body requires, workout with AI-driven personalized trainers, and recover + receive specialized medical treatment based on their genetic composition.
While biometric data tracking and personalization are - well - personal, consumers are seeking more social engagement in their wellness routines. The Global Wellness Summit is reporting that young generations look for alcohol-free, healthier social experiences, with social saunas/bathhouses emerging as a remedy to the loneliness epidemic. Consumers noted they expect to spend more on in-person fitness classes over the next few years, highlighting this desire to complement their personal fitness journey with the social aspect of human connection.
The demographics driving demand
3. Demographic groups influencing the wellness space
With so much going on, who is behind some of the current & future wellness trends? There are three main groups: Gen Z, women, and the intersection of these two.
The majority of Gen Z is active, with 73% being members of health clubs, gyms, or studios. Gen Z’s overall spending power is expected to reach $12 trillion by 2030, and over half (56%) of them use wearable tech (Athleatech). This is higher than the 46% of millennials who have purchased a fitness product or service, outlined in McKinsey’s 2022 report. While the 65+ age group is growing faster, Gen Z is expected to be the largest generation in history (see below). If birth rates continue to decline and healthspan + lifespan increases, this generation will usher in an era of unprecedented spending on personal well-being. With that being said, although this generation appears to be more active than others, they are also the most mentally unstable, have higher depression and suicide rates, and feel disconnected from one another. This presents an opportunity for companies to help invest in the social and mental areas of wellness, creating a more comprehensive plan for this crucial generation.
Separately, wellness is seeing an explosion in innovation and attention towards women’s health. Companies are identifying new product use cases, like Oura teaming with UC Berkeley on menopause research and tracking with their rings (Fitt Insider). While venture funding in the overall health market fell 27% between 2022 and 2023, investments in women’s health innovators grew 5%, a 32 percentage point difference (Deloitte). This is a necessary turning point in a historically under-prioritized market.
By broadening the spectrum used to define women’s health, increasing access to timely diagnosis and treatment/intervention, and addressing inequalities throughout the care system, organizations are working to close the $1 trillion women’s health gap (McKinsey).
Interestingly, if we look at the overlap for these two segments, Gen Z women are expected to spend more on personal-care goods & services, compared with older generations (State of the Consumer report). The companies adjusting their go-to-market strategies to capture these customers' attention and loyalty will set themselves up to ride the wellness wave into 2030.
What does this all point to?
People are using more data, technologies, and biomarkers to track and personalize their wellness regimens now than ever before. They’re looking for more out of their wellness experience than just fitness, spearheading a rise in social and group-oriented activities. This approach is being applied to sleep, gut health, weight-loss, and longevity, being heavily influenced by younger generations and resurgence of investment in women’s health.
A few themes that I believe will develop over the next 10 years
Every individuals wellness regimen will be directly tailored to their personalized needs, driven by generative AI
More companies will bring the holistic wellness journey under one roof, with an increased focus on experiences (social component)
Sci-Fi will slowly become a reality, with the average person adopting more and more technological augmentation
In part 3, I want to explore how companies are taking advantage of the current landscape, providing a lens/model to anticipate which disruptors will be successful. For now, it’s exciting to step back and see what themes have shaped the wellness world of 2024, and extrapolate where we’ll go from here.
Interesting difference between lifespan and healthspan I learned in this research. Lifespan = how long someone is alive. Healthspan = the portion of that life that is lived in good health