Maldives Wellness Review

Featured Image: McKinsey & Company

As the $1.8 trillion global wellness market continues to grow, aspects of the wellness industry, from detox & beauty products to self care getaways are gaining significance in communities across diverse regions of the world. As consumer preferences shift from simply trending products to scientifically backed habits, McKinsey’s most recent research on Future of Wellness analyzes the factors behind Wellness consumerism that exist today.

The growing market consists largely of millennials and Gen Z consumers, of which over 80% consider wellness as a priority in their daily lives. While appearance, health, fitness, nutrition, sleep and mindfulness have been received as the top priorities, the research revealed that consumers seek solutions that are effective, data-driven and science backed. A summary of the key findings and suggestions in the McKinsey report follows.

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Five main trends molding health and wellness consumerism in 2024

1. At-home Health Diagnostics

Ever since the COVID-19 brought health diagnostic products to our fingertips, a large number of consumers have expressed interest in at-home tests for vitamin and mineral deficiencies, flu symptoms and cholesterol due to the convenience of rapid tests. At the same time, over 35% consumers in China and the United Kingdom reported that these diagnostic tests have replaced some in-person visits to the doctor. Although some still prefer in-person visits due to reasons such as possible inaccuracies.

To accommodate this, companies must take into account three aspects: right price value, customer feedback and test readings.

2. Bio monitoring and wearables

Although smart devices such as the Fitbit has been in the market as bio monitoring wearables for well over a decade, the trend continues to rise in the form of popular watches and rings. These devices that monitor vitals, sleep patterns, etc. are being more frequently used now, according to the study.

While there are plenty of models that monitor fitness and sleep, there are fewer of those in the nutrition, mindfulness, and weight management department, which are areas important to be explored. Additionally, manufacturers of wearables must take steps to ensure the privacy of consumer’s information.

3. Personalization’s gen AI boost

The study shows that approximately 20% of US and UK customers and 30% of Chinese consumers prefer personalized goods and services, which is a lower statistic than before, which may have contributed to consumers being more specific on the products they want personalized. It has already been integrated into certain wearables and app space, some wearable using gen AI to design customized workouts for users based on their fitness data.

4. Clinical over clean

With product efficiency gaining importance in consumerism, consumers are shifting away from natural “clean” products to chemicals with clinically proven results, especially with OTC medications, vitamins and minerals. It has also been seen that the categories in which clinical vs clean products are preferred varies.

To meet the shift some companies will use to reinforce existing products into their marketing strategies. Additionally, wellness industries that often pivot around clean products may look to obtain certifications regarding efficacy.

5. Doctor Recommendations

As influencer marketing grows, consumers are keener to be sure on the reliability of products they purchase, hence, seeking doctor recommendations. Doctor recommendations ranks third in influencing wellness related products and services which should be taken into account by companies.

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The Report also noted seven areas of growth in the wellness space.

1. Women’s Health

For the longest time women’s health has been largely neglected, and can be seen to be reversed and now products accommodate a wide range of women’s needs. Digital tools are also now in place to monitor women’s health landscape although there’s still unmet demand in certain areas such as menopause.

2. Healthy Aging

The shift towards preventive medicine has increased the vitality of products and services that support healthy aging, as indicated by over 60 percent of consumers. Over 70 percent across age groups said they have purchased such products and it’s importance is expected to rise as the aged population increases in developed countries.

A holistic approach by companies with physical and mental health in mind will assist in anticipating the needs of consumers by targeting specific areas such as nutrition or fitness.

3. Weight Management

Apart from exercise, prescription medication is used by half of the participants in US, although those in China and the UK do not consider them as effective. The researchers believe that it is too early to understand how such drugs will affect the general wellness market due to its recency.

4. In-person Fitness

Fitness has shifted from being an interest to a priority for many and is considered part of their identity for half of the consumers, especially among younger age groups and are expected to spend more on in-person fitness classes and personal training. Companies will have to work to retain their consumers by providing excellent facilities, convenient locations and flexible hours.

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5. Gut Health

Over 80 percent of consumers believe gut health to be important and the majority considers giving gut health higher priority in the future. Probiotic supplements and probiotic-rich foods are the most common gut health products consumed and several of them wish for larger varieties of such food.

6. Sexual Health

The demand for sexual health products have been increasing, thanks to improvements in sex education and conversations around female sexual health challenges. Almost ninety percent of consumers reported having maintained or increased spending on sexual-health related products.

7. Sleep

Although sleep is listed as the second most important wellness and health priority it is the area where most consumers’ needs are unmet. Consumers have expressed the need for sleep and mindfulness products such as those that address stress and anxiety management. Factors that contribute to meeting sleep requirements include diet, exercise, screen time, anxiety and other lifestyle habits. Companies can leverage consumer data to create products that address these specific aspects, the same way certain tech players and emerging brands have created sleep spaces that allow holistic sleep of consumers.

The research reiterates that consumers are interested in efficient, data-backed and accessible products which can be introduced by leveraging personalized data of consumers through purchase history.