he global corporate wellness market was valued at a whopping $52.8 billion in 2020 and is expected to continue to expand at a compound annual growth rate (CAGR) of 7% from 2021 to 2028. Therefore, it cannot be denied that wellness is a momentous and hugely successful industry. But, why has wellness become so popular, and how can you lead your wellness business to success? In this article, we aim to answer both of these questions.
What is Wellness?
The Global Wellness Institute defines wellness as the active pursuit of activities, choices and lifestyles that lead to a state of holistic health. Therefore, it is not just about the latest miracle cure or supplements parading social media. The key phrase in this definition is “active pursuit”, meaning that many consumers are proactive and spend their money on lifestyle wellness strategies. Wellness industries must allow consumers to incorporate wellness-related lifestyles and activities into their day-to-day lives.
Wellness involves a variety of products and activities, encompassing fitness and training, diet, nutrition, even beauty. Even the highly popular CBD industry is included in the wellness sphere as nowadays, every CBD manufacturer is adding CBD oil to everything from lotions and face masks to candles and gummies.
While it may be hard to see a common thread while looking at this list, they all share consumer-driven wellbeing and health. It could even be argued that wellness is, in fact, not an industry but a consumer health behaviour.
Why is the Wellness Industry So Successful?
But what drives the wellness economy and makes it so successful? Well, it is probably as simple as supply and demand. Consumers seem to have changing relationships with their health, which could be reflected in the development of a vast international wellness market. Let’s look at a few potential contributors to the increasing success of wellness:
- Increase in consumer health awareness – With the expansion of the internet and the immediacy of everything these days, one contributing factor has to be an increase in overall health awareness. It is much easier for us to be aware of and gain access to health and wellbeing options with everything just a click of a button away.
- The side effect of an ageing population – A domino effect of an ageing population is that people live longer and suffer from more chronic conditions that require treatment. This then puts more pressure on healthcare and the wellness industry as demand increases.
- The stress of modern lives – It is no secret that life in the modern world is stressful. Many of us are overworked, and our mental health and physical health can get affected as a result, such as stress, anxiety, trouble sleeping, and depression. This, in turn, brings many of us to researching wellness and again helps to expand the industry.
- Dissatisfaction with existing healthcare options – Many health systems are overworked and underfunded. Indeed, the UN has warned that without sufficient funding, globally, we could see a deficit of 18 million health workers by 2030. Consequently, people are looking elsewhere for help with their health.
Whatever the reasoning behind the wellness industry’s success, its growth and importance to modern society cannot be denied. Now that we have more of an idea about what may have caused such colossal growth let’s consider some pointers that could help your wellness business carry on the industry’s success.
Tips for Your Wellness Business
It is implausible that the wellness industry will disappear any time soon. This is why if you have a business in this industry, it is wise to double down on your marketing efforts to really push your company into the limelight and give it the attention that it deserves. Here we offer a couple of tips as to how to tap into your audience and run a wellness business effectively:
- Make sure your product/service solves a problem: Whatever you are looking to sell, ensure that it solves an apparent problem. It is also clever to position your product as a need instead of a want, as consumers will always pay money to solve a need that, up until now, hasn’t been met. If it is merely a want, you might still get sales, but it is not as easy to convince a consumer to buy a service or product if it isn’t truly needed.
- Always be aware of your consumer: Before you do any marketing, it is essential to picture your target market. It is a great idea to keep this in mind when you are developing or marketing your product. Putting yourself in the consumer’s shoes allows you to ask important questions such as ‘Is this an enviable product?’ and ‘Does this answer the consumer’s needs?’
- Be health-conscious of your staff: Many of us spend much of our time in the workplace, but making yours a health-conscious place could make a huge difference. Not only will you have generally happier staff, but you will be more likely to hire and retain the best talent. A happy workplace makes a big difference. Whether you incorporate fitness programs or perhaps meditation classes in the office, your team will feel respected and cared for. And if your team is happy, your business tends to be as well.
The wellness industry is huge and is expanding all the time. This is thought to be due to various factors such as an ageing population, the stress of modern life and wellness circles gaining more exposure through social media. It is predicted to become an even more prominent industry in the future. If your business is in the wellness sphere, this puts you in good stead, but this does not mean that it is an easy ride. A successful business requires hard work and a good idea. Some helpful tips for epitomising your business include looking out for the health and wellbeing of your employees and considering what your product truly offers to the consumer.