1 in 4 U.S. consumers purchase wellness products and services.
Wellness has for years been labeled a passing fad or niche market even in leisure marketing.
But a landmark study released in 2010 by SRI International entitled Spas and the Global Wellness Market estimates that globally wellness products and services are now a $1.9 trillion market.
In the U.S. alone 25% of consumers purchase wellness brands.
Moreover, 81% of consumers surveyed in the report would be “extremely interested” or “very interested” in improving their personal wellness.
8 out of 10 consumers are interested in improving their own personal wellness.
According to the report, 100% of consumers interviewed worldwide were familiar with the term wellness, and 81% of consumers would be “extremely interested” or “very interested” in improving their personal wellness.
The study also identified nine core segments to the industry, with Beauty and Anti-Aging ($679 billion), Fitness and Mind/Body ($390 billion), and Healthy Eating, Nutrition and Weight Loss ($276 billion) leading the way.
Wellness products and services include everything from fitness club memberships and spa products to yoga and meditation to nutritional and weight loss supplements.
Aging baby boomers are biggest consumers of wellness products and services.
SRI estimates that there are 76 million consumers who purchase wellness products and services in the United State, representing about 25% of the population.
As Baby Boomers grow older and attempt to slow the effects of their aging, they are driving the growth of the anti-aging, complimentary and alternative medicine and fitness segments of the wellness industry.
But the report also identifies a large and growing segment of younger consumers who are interested in wellness products and services, including adults 18-29 and 30-39.
Three major trends driving the growth of the wellness industry:
- An aging and increasingly obese population with growing health problems
- Failing medical systems with an emphasis on treating, rather than preventing sickness
- Globalization and a sharing of wellness ideas across cultures
SRI report hailed as a groundbreaking study.
If you’re a CMO doing leisure marketing, the SRI report should open your eyes to the possibilities of this growing opportunity.
Hailed as one of the first attempts to define the concept of wellness, the report identifies the size and segments of the wellness marketplace ($1.9 trillion and growing).
It also attempts to determine the consumer motivations driving the growth of these products and services.
You can download a copy of the report, Spas and the Global Wellness Market: Synergies and Opportunities