New Study Reveals Shift in Consumer Spending on Wellness, with Younger Generations Prioritizing Self-Care
A recent survey of 9,000 participants in the United States, China, the United Kingdom and Germany, conducted by the consulting firm McKinsey, has shed light on the changing consumer habits in the health, sleep, nutrition, fitness, appearance and mindfulness sectors. The findings, reported by the German news magazine Der Spiegel, indicate a significant shift in spending patterns, with younger generations prioritizing self-care and wellness.
The survey reveals that younger consumers, aged between 13 and 44, are more likely to spend money on wellness products, with a greater emphasis on cosmetic and beauty products to enhance their appearance. This age group also shows a growing interest in preventive anti-aging treatments, as well as a focus on sexual health, stress and anxiety management.
The range of wellness products and services sought by the participants is vast, from health apps to wellness retreats. German respondents, in particular, expressed a strong interest in controversial mineral and vitamin infusions, administered intravenously. McKinsey’s experts attribute the increased focus on wellness among younger generations to the fact that they are more likely to report health problems, such as burnout and a generally poorer state of health, as well as their greater exposure to health-related content on social media.
The global wellness market, according to McKinsey, is valued at a staggering two billion dollars, with the trend expected to continue as younger generations prioritize their health and wellbeing.