Wellness Thought leaders reveal the underlying drivers, trends and disruptors behind the evolution of wellness to pinpoint white spaces and inform product innovation strategies, from nutrition to technology.

Top Three Business Priorities to Stay Relevant in the Wellness Space

3/16/2021
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Having seen a resurgence against the backdrop of the pandemic, and having served as an antidote to newly emergent health and economic anxieties, wellness has reestablished itself a strong commercial pivot across business. Wellness has resonated positively with consumers in the current climate, providing a lifeline to cope with the surrounding uncertainties, with self-care becoming a key rescue line in gaining control over individual health and wellbeing.

All wellness-related micro-trends have accelerated as a result, with health set to evolve as a key underlying factor in post-pandemic brand strategies. While many companies are already benefitting from a more health-centred consumer, a shift in certain socioeconomic, behavioural and consumption priorities will necessitate a reassessment of portfolios and positioning through a renewed lens.

Value creation through back-to-basics

Consumers are embracing wellness at its core, with prevention and protection as the key basic principles and turning to products which they trust and know best. Real and relevant solutions vs overpriced gimmicks will guide purchase motivation in the context of dampened consumer spending and more streamlined lifestyle routines in the short to medium term. This calls for an adoption of a no-frills approach that instils authenticity but also efficacy backed up by expertise, as well as supply chain transparency and assurance of safety, which are becoming core wellness pursuits in their own right.

Association of wellness with wealth and the privileged is set to become more contentious, as the pandemic has exacerbated multiple issues around inequality and lack of economic, ethnic and geographic inclusivity. Acknowledging these disparities will mean creating a more balanced distribution of health access and slowly transforming the narrative away from health as a status symbol to health access for everyone.

Key business implications

Source: Euromonitor International

Exploring the case for emotional wellbeing

Beyond immediate concerns around physical health and disease prevention, the pandemic and associated restriction measures to mitigate contagion, alongside the reality of an economic fallout have brought mental and emotional health to the frontline.

The silent toll of the health crisis is manifesting varied shifts in consumer attitudes and habits, as 65% of global consumers consider mental wellbeing as a key factor in perceptions of health (Euromonitor International, Health and Nutrition Survey 2020).

Addressing newly emerging and resurfacing need states around emotional support have ranged from increased adoption of sleep-aiding and mood-enhancing ingestible products, embracing tech-enabled monitoring and virtual social connectivity solutions, to embedding more enriching at-home rituals and experiences. The physical, lifestyle and spiritual components of wellness become more intertwined as a result and so are expectations of associated solutions. Cultivating the notion of inner calm, balance and emotional support beyond selling a product as a sole purpose should become a core manifesto and strategy for many.

Key business implications

Source: Euromonitor International

Fostering wellbeing through digitalisation and technology

In the context of a mass migration to digital the scope for integrating digitalisation in wellness-related products and services has invariably widened.

While certain analytics tools still have their limitations in terms of precision in predictive results and profiling, diagnostics and recommendations leveraging a wide array of technologies will be a necessity for every business as the digital channel becomes the norm in all aspects of life and the pursuit of health and happiness.

As the pool of digital consumers widens to include new adopters, such as seniors, as well as increasingly sophisticated users, the complexity of addressing individual needs and experiences will intensify and require different engagement and support tactics.

Technology and digitally-enabled innovations should consider all aspects of wellness, from preventative health and supply chain transparency to emotional support, embracing inclusion and accessibility in the context of the wider society, of any income, race or ethnicity and addressing structural inequalities to empower all generations.

While tech and digital have been intrinsic to the evolution of wellness, balancing what is commercially viable and scalable with disparities in the consumer base, as well as preserving the ‘human’ element will be a key prerequisite.

Key business implications

Source: Euromonitor International

Euromonitor International has identified “Wellness Redefined” as one of the six key COVID-19 era themes that are impacting consumer markets. To find out more about Wellness Redefined view our reports here:

 Wellness Redefined: Back to Basics and Reassessing Value

Wellness Redefined: Exploring the Case for Emotional Wellbeing

Wellness Redefined: Fostering Wellbeing through Digitalisation and Technology

 

 

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