THE RISE OF THE WELLNESS INDUSTRY​

In recent years, the wellness industry has become more and more exciting. Once niche concepts of self-care and self-love are now embraced as essential practices by many consumers around the world. Now more than ever, consumers look for the best ways to prioritize and recognize the different ways they can and should take care of theirselves. Wellness is about taking care of both body and mind. For many, 360-degree wellness care is the new holy grail. Wellness is intrinsically linked to the lifestyle industry: what decorates your living space, what you wear to work out and relax, how you care for your skin and hair.

What is interesting about the wellness industry?

According to the McKinsey Wellness Survey, consumers are deeply concerned about their health, and that interest is certainly growing. In a survey of nearly 7,500 consumers in six countries, 79% of respondents considered health to be important, with 42% considering it a top priority. Additionally, McKinsey estimates that the global wellness market is over $1.5 trillion, with an annual growth rate of 5% to 10%. So companies have a lot of opportunities. But the market is overcrowded. TNLA has gathered some insights to help you navigate through the report’s conclusions

What are the wellness trends among consumers?

Natural and clean products
Consumers are interested in natural and clean products in many areas. This strategy may vary by segment. In apparel, products developed with organic/natural materials and sustainability in mind. Consumer health, natural/clean beauty products. Retailers look to merchandising products that they believe are truly natural.
Digitalization
The transition to digital channels is happening at a rate of a decade in days. The majority of consumer categories continue to predict greater e-commerce growth than other channels over the next few years. Traditional channels tend to stick to specific product categories. Fortified foods, multivitamins, and skincare products are still mostly sold in brick-and-mortar stores.Other breakout categories (such as fitness wearables) are mostly online native. Possible strategies for your brand: Build seamless omnichannel and digital services to meet your consumers where they are. In addition to building relationships with channel partners, consider developing a supply chain, and a marketing strategy specifically for e-commerce. For service offerings such as gyms, use a holistic online strategy to build online features that keep consumers engaged throughout the ecosystem.
Storytelling
Today, consumers don't buy your product for the product itself. Consumers care about the stories behind brands, products, and a feeling of well-being. The use of narrative and storytelling has been proven to help consumers make emotional and personal connections with brands. This sentiment is backed up through research, which has shown that 55 percent of consumers who love a brand's story are willing to make a purchase.
Trust
Over 60% of consumers said they would "definitely" or "probably" consider a brand or product posted by their favorite influencer. Potential strategy for your brand: Work with influencers to win with your consumers across social channels, collaborating with agencies to identify influencers who are a natural fit with your brand and resonate authentically with your target consumer base.

Are you interested in more insights concerning this topic or are you curious on how you can make your lifestyle brand future proof? Reach out to us.

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