PPB October 2021

Hea l t h and We l l ness Market Snapshot While the pandemic has devastated many industries, the health and wellness market isn’t one of them. In fact, the global health crisis has created more opportunities and more growth in this industry. McKinsey projects the market will grow five to 10 percent per year as consumers take a more proactive and preventative approach to their overall well-being. If you’re looking for a way to break into promo sales in the fast- moving and potentially lucrative health and wellness market, you can reach out to local spas, health clubs and yoga studios. You can also venture into the wellness tourism niche—travel that promotes health and well-being through physical, psychological or spiritual activities. Business Insider projects this portion of the health and wellness market will reach $1.2 trillion by 2027. Brands can reap many benefits by getting in front of wellness- focused tourists. Wellness travelers spend 130 percent more than ordinary travelers, according to SRI International. This demographic tends to have money and time to spend, and they are eager to experience more wellness-centric experiences. Travel agents, wellness resorts and destination spas can use promotional products to educate and inspire wellness travelers. A Hybrid Approach To Health Consumers crave options when it comes to their health. This means health clubs, gyms and fitness studios should look for ways to engage their audience by offering indoor, outdoor, live and on-demand programming, along with logoed mats, towels and apparel to promote their brand. Consider these stats from the International Sports Club & Health Association: • Among those who used an online fitness service during the pandemic, 68 percent plan to continue doing so • 31 percent of consumers have participated in an online fitness challenge • 35 percent of Millennials pay for an online fitness service, compared to 27 percent of Gen X, 25 percent of Gen Z and four percent of Boomers Wellness Around The World The United States is home to the world’s largest health and wellness industry at more than $52 billion. The next largest markets include China at around $20 billion, Australia at $9.5 billion, the U.K. at $9 billion and Germany at $6.4 billion. Source: Global Wellness Institute The Mind Matters You’ve heard about mental health, but what about mental fitness? According to Kadence International, a global market research agency, this is a trend worth watching. Consumers are beginning to approach their mental health in much the same way they tend to their physical health. Through brands like Coa, America’s first mental health gym, and Feel, a stress-tracking wearable, consumers can take intentional steps to manage their stress and improve their mental health. elenabsl / Shutterstock.com. 34 | OCTOBER 2021 | GROW