What the Health: Discover The Latest Wellness Industry Insights

Written by Ioana Irimescu

November 21, 2022

 

In an increasingly digital world, consumers are turning to social media for healthcare advice. The pandemic not only accelerated digital transformation in healthcare and pharma industries, but lead to the holistic concept of wellness. And the wellness market is booming. People worldwide are prioritizing taking care of themselves, their health and wellbeing, and planning to increase spending on wellness products and services. And influencers are driving their decision making like never before, exposing consumers to education, inspiration, new products and services.

But what are the latest wellness industry insights and how can influencers help your brand? Keep reading to find out.

 

Key Wellness Industry Insights

Consumer health and wellness market is valued at $1.5 trillion and growing at 5-10% per year. The industry is moving from a treatment focus to a prevention focus. Technology, availability of information and the high cost of healthcare were the main drivers that led to this change, raising consumer awareness and education, and enabling them to make their own choices about their health rather than relying on their doctor most of the time.

And the pandemic has elevated their awareness and the importance of health and wellness:

  • 79% of consumers find wellness important
  • 42% consider it a priority
  • 68% prioritize their health more after the onset of the pandemic

According to McKinsey, the wellness industry features 3 categories: Health, Nutrition, and Mindfulness, including both products and personalized services. But what does this mean from a consumer perspective?

Health: People desire better help and want to take their health into their own hands. Aside from medicine, over the counter pills and supplements, consumers are also seeking medical devices and personal health trackers, health mobile applications, and remote health services.

Nutrition: Consumers seek nutritious food as part of their wellness journey for boost their health and help them achieve health goals. They are looking to eat nutritious meals and care about the content of their food, engaging in reading labels, sustainable eating and including more plants into their diets. Multivitamins, natural supplements, nutritional beverages, personalized subscriptions, food services and nutrition mobile applications are part of their consideration set.

Mindfulness: People are being more aware of mindfulness and personal development, are seeking mindfulness offerings and service: apps, products, technology and wearables, yoga and meditation

 

Key Wellness Industry Trends In The Next Years

1. Personalization88% of consumers who prioritize their wellness want personalized products and services. Move beyond targeted marketing for a precise consumer segment to include personalized product or service offerings, such as personalized vitamin/supplement plan or subscription based on a quizz, which have been an innovative practice for wellness start-ups. Is it becoming a differentiating point especially in vitamins and supplements category, especially for younger consumers like Gen-Z and Millennials.

2. E-commerce and Online – wellness spending is also moving online, with consumers preferring both traditional retail channels and online platforms to purchase their products. Partnering with retailers while creating a seamless omnichannel strategy will be key to reach, interact and convert consumers.

3. Technology, AI and Mobile Applications – increase in data-driven medical apps offering personalized services to consumers. Book medical appointments and receive prescriptions needed, monitor their health or personalized supplements or medication according to one’s health objectives, needs and lifestyle, nutrition apps, supplements or subscription food services

4. Services Shift – the industry is moving towards services that emphasize mental and physical health such as nutritionists and counseling. While products will remain critical in this segment, accounting for 70% of consumer wellness spending, services represent 30% and are growing at a faster pace.

5. Influencer Collaborations60% of consumers will consider a brand or a product that was endorsed by a favorite influencer . Influencers not only deliver authentic, informational and honest review about their product experience, but they can also establish a higher level of trust with their followers. Collaborating with influencers drives product and brand exposure, awareness and engagement, boosts brand trust and ROI.

Key Consumer and Influencer Insights

The most important consumer trend is the “Consumerization of Healthcare” with consumers seeking solutions on their own terms, offline and online. More than 40% of consumers say that information on social media affects the way they deal with their health. 90% of them would trust medical information shared by others on social media, including friends, peers, professionals and even influencers. Younger Generations, Millennials and Gen-Z (18-24) are more likely to prioritize wellness in the future and discuss health issues twice as much on social media compared to older generations (45-54 years old).

Influencers and user generated content are key in this market as they product discovery, customer decision and can influence their audience to consumer or purchase wellness products or services:

  • 85% of consumers trust UGC more than brand content
  • 39% consider, research, engage with influencer posts about health and wellness ultimately making a purchase
  • 81% of consumers would be more willing to trust healthcare influencers over other types of influencer
  • 60% of consumers consider influencers important to wellness brand discovery (covering nano, micro, macro and star influencers)
  • up to 55% of consumers purchased wellness products thanks to an influencer

Within the influencers and consumer spectrum, 4 main types were identified:

  1. Key Opinion Leaders – specialists, nutritionists, and doctors who want to share their expertise with people and offer support and helpful information for their wellbeing
  2. Young People – Gen-Z and Millennials who care about their wellness and mental wellbeing. They aim for healthy food and engage in mindfulness, practicing yoga, meditation, personal development. Mental health and wellbeing at work is also very important to them.
  3. Older Adults and Seniors – who want to have a healthier lifestyle, improve their health and take more care of themselves, spend more time with their family – they care about health, nutrition, supplements, personal care and family
  4. Sustainable Oriented Individuals – who care about the environment, and seek eco-friendly, clean natural products and innovation.

Therefore, it is crucial for healthcare brands to lead the conversation by raising awareness about health concerns, guidelines, and advisories. Health influencers such as professionals can be a vital source for not only educating about health, but also instilling trust in healthcare brands, pharmaceutical companies or even hospitals.

 

Key Recommendations

But how can you collaborate with influencers for your brand or product? Here are some key recommendations:

  • Give people a safe space to voice their healthcare experiences offline & online in a trustworthy way.
  • Create emotional connections by providing solutions and sharing stories about how it impacted their lives.
  • Engage your audience with these social real-life proofs.
  • Reach and recruit new consumers through different touchpoints, e.g. rejuvenation with social media.

At Territory Influence we put a particular importance in finding the best influencers and powerful voices to amplify and promote your brand values.