Consumers are willing to spend more on health & fitness, even as purse strings tighten.
What’s happening: Despite 66% of global consumers feeling financially squeezed, 80% said they plan to maintain or increase spending related to health and fitness (both products and services) in the next year.
According to an Accenture report, consumers are thinking more holistically about their well-being than a year ago.
- 42% said they are increasing their amount of physical activity.
- 33% of respondents reported that they’re more focused on self-care.
- 39% of high-income respondents already booked a wellness retreat for the next year.
The firm’s consumer goods & services expert Oliver Wright noted this trend transcends income levels, adding guidance for filling unmet needs:
“…consumer-facing companies must tap into cross-industry expertise and scientific and technological breakthroughs while also considering consumers’ changing priorities when designing new offerings.”
Blank check. Consumers are making personal well-being a nonnegotiable portion of their discretionary spend. A step further, they’re making sacrifices in other areas to maintain newfound wellness routines.
- 62% of people surveyed would curb spending elsewhere before cutting back on preventative health and wellness activities.
- 55% will pay a premium for foods that contribute to health and wellness.
- 87% of consumers plan to maintain or increase spending on wellness services.
Punchline: Brought on by pandemic stress, consumers believe feeling good is worth every penny.