Gen Z and Millennials aren’t just following traditional wellness paths, but reshaping them entirely.
In the United States alone, an estimated $500 Billion is spent annually on wellness, with 84% of consumers considering wellness a “top” or “important” priority.
While Gen Z and Millenials only comprise 1/3 of the adult population, they account for 41% of annual wellness spend- so why are younger consumers prioritizing health more now?
Younger generations self-report higher levels of burnout and worse overall health compared with older consumers. And while the wellness sector has expanded throughout the years, many young consumers are still reporting their wellness needs- like cognitive health, mindfulness and longevity- as unmet.
Overall, the wellness market is experiencing a shift from overall essential consumer categories (oral care, cough/cold medication, etc.) to a wider range of discretionary products (health monitors, mindfulness apps, etc.), to bridge the gaps for younger consumers’ demand.
The wellness market isn’t just growing, it’s evolving.
Read the full McKinsey report to dive deeper. (https://mck.co/4dDcV5e)