The rise of the wellbeing industry
Wellbeing has become a super-buzzword in the past few years. It has infiltrated everything from the home, fitness, fashion, and everything in between. But why has wellbeing become such an important part of the consumer mindset? What does it mean? And, most importantly, how can you make the most of this lasting trend, both in your product offering and in your marketing campaigns? We’ve tracked down the answers, so you don’t have to…
What is wellbeing?
As in many cases, in this one, the best definition comes from the dictionary: wellbeing is “the state of being comfortable, healthy, or happy”. In industry terms, that means a product or service that enables a customer to feel on or all of these three things. Essentially, it’s the state of being well; it does what it says on the tin.
What is the wellbeing industry?
The wellbeing industry is a broad one and there are many industries that fall under this umbrella. Fitness services, like gyms and personal trainers, spas and salons, health foods, fashion and beauty brands, homeware… the list could go on! So whilst it may be a new-ish buzzword, the wellbeing industry is not actually that new. What’s given it precedence in recent years is consumers’ attitudes towards their own comfort, health and happiness and what they are seeking out from their lifestyles, clothes or homes.
Why is it so popular?
As a £2.8 trillion industry worldwide, there’s no doubt that the wellness industry is a popular one that has no plans of going anywhere any time soon. But what is it that makes it so popular? We’ve broken it down into just a few of the key factors that have driven this rise in popularity:
The influence of affluence
Social media has played a big part in the shift in consumer mindsets towards a better way of living. The rise of Instagram, with its myriad of foodies and #fitspos, has filled up feeds and made a new, healthier way of life the desirable norm for many consumers, especially those who fall under the Millennial and Gen Z categories.
And it’s not just a healthier lifestyle that these bloggers and influencers are offering either. It’s also a sense of luxury. In recent years, job titles like “Influencer” and “Blogger” have become very much mainstream, with some being gifted the latest products and others being paid large amounts to post about brands and services. In this way, the wellbeing industry has become synonymous with social media fame and fortune and, naturally, it’s something the digital generations are keen to tap into.
Homeware trends get snug
Who remembers when Scandi went mainstream? Homeware trends, namely the Hygge aesthetic, have brought comfort, tactility and safety into the heart of everything homeware-related. All the macro trends point to the world become a scarier and less safe place, so in response to this, many consumers are turning to their homes for a sense of shelter and security. And, now that the lockdown has kept us largely confined to our homes, the idea of “nesting” has never been so relevant.
Knowledge is power
Knowledge of mental, physical, nutritional and emotional wellbeing are growing every day, and with that knowledge come the conversations. Again, fuelled in large part by social media, the awareness of these issues is growing. What’s more, a more holistic approach to health is now being considered by consumers; if their emotional health is not there, they may experience physical symptoms, for example. This awareness, and holistic approach, mean that every aspect of wellbeing is considered in every purchase, from gym membership to skincare.
With wellbeing at the heart of what so many consumers are looking for there’s no better time to incorporate this sector into your product line. Meet the brands bringing wellbeing to life at Autumn Fair from 6th – 9th September 2020.