The business of being well is a booming industry that has seen exponential growth in the past few years. It refers to the ever-growing market for health and wellness products and services. This industry includes everything from fitness classes, nutrition plans, spa treatments, yoga retreats, meditation apps, health supplements, and more.
The Appeal of the Wellness Industry: A Customer-Centric Experience
The wellness economy is something that has evolved to take center stage in most lives. With the economy in shambles, more people than ever before are turning to the business of being well as a way to feel better, make more money, and improve their self-esteem.
The wellness industry is more than just diet teas and organic wine. Wellness stretches from spas to real estate to tourism to beauty. What makes wellness appealing? A combination of an aging population, rising rates of stress and mental disorders, and millennial-termed luxury.
Millennials liken wellness-based products and experiences to modern luxury. The aging populace benefits from having extensive care. The industry is rapidly growing because it stays completely customer-centric. It is not perceived as simply selling a product or service, it is about offering an experience.
Social media is a digital showcase of the appeal of the entire wellness industry. Products are touted in editorial-styled images, self-portraits are posted in abundance to show what individuals are experiencing.
The Roots of the Modern Wellness Industry
With food, we see teas, colored Himalayan salts, and organic products that flood the market, promising to be better quality and to provide additional health benefits. While the prospect of eating and living better is a good one, some products are marketed with exaggerated facts or ambiguous advantages. Another issue is the multitude of celebrities and internet personalities who endorse these products.
The truth is, this ever-growing trillion-dollar industry is not slowing down, even with obstacles in its paths. Contrary to most opinions, the modern wellness industry is not a new phenomenon. It is not as young as some might think. The entire industry was pushed to the commercial forefront in the 1980s. This was an era that promoted an active lifestyle. Tanned skin and athletic wear were gaining steam. Of course, if you want to wear the fashion of the time, you must have the body for it. Cue Jane Fonda! She was a major factor during a generation that had disposable income. Life outside of work was stressed upon as hip.
Being active meant exercising and her exercise tapes became a hit in households. While it is unfair to say the entire industry credits its conception to Fonda, she showed a glimpse of what was ahead. Fonda might have been unaware of how the tapes would relaunch her into the spotlight, along with the open market of wellness.
Challenges and Opportunities in the Saturated Wellness Industry
Now that the industry has become extremely saturated, companies have to eschew product lines and services with caution. There are a plethora of critics out there. Oddly enough, the criticism is unevenly shared between the companies that develop products and the celebrities that endorse them. Authorities like the FDA (Food and Drug Administration in the United States) are not held to the fire as there are not enough regulations for supplements and other consumables.
The Global Wellness Institute reported that the entire industry garnered 4.2 trillion US dollars in 2017, however, the figure did not discount overlap. Of that, personal care and beauty represented 1.083 billion US dollars.
How can anyone get into this expanding sector? Creating a truly new product or service is no easy task in any industry. It is good to keep in mind that the industry is hyper-focused on serving the consumer. In the age of digital media, this is important. This is also the age of the educated customer, so transparency and genuineness go a long way in capturing and holding onto their attention. For them, results matter.
FAQs
What is the wellness industry?
The wellness industry refers to the market for health and wellness products and services. It includes a wide range of offerings such as fitness classes, nutrition plans, spa treatments, yoga retreats, meditation apps, health supplements, and more.
Why has the wellness industry seen exponential growth in recent years?
The wellness industry has seen exponential growth in recent years due to several factors. These include an aging population, rising rates of stress and mental disorders, and the perception of wellness as a form of modern luxury. Additionally, social media has played a significant role in promoting the appeal of the industry.
What is the history of the modern wellness industry?
The modern wellness industry emerged in the 1980s with the promotion of an active lifestyle and the popularity of Jane Fonda’s exercise tapes. However, the industry has roots that date back much further.
What challenges and opportunities exist in the saturated wellness industry?
As the wellness industry becomes increasingly saturated, companies must exercise caution when developing new product lines and services. Critics abound, and transparency and genuineness are critical in capturing and holding the attention of the educated consumer. Moreover, the lack of regulatory oversight for supplements and other consumables remains a significant challenge for the industry.
How can someone get involved in the wellness industry?
Creating a truly new product or service in the wellness industry can be challenging. However, the industry is hyper-focused on serving the consumer, making transparency and customer service essential. Additionally, it is important to keep in mind that the educated consumer values results, so creating offerings that deliver on their promises is key.
