A new whitepaper discusses how the health of consumers is driving retail.
As consumers strive to live more healthful lifestyles, their purchasing behaviors are changing rapidly, driving every buying decision. More than ever, consumers want—and expect—retailers and manufacturers to assist them on their health and wellness journey inside the store.
“As consumers around the globe search for better, healthier and smarter solutions that fit their lifestyle, the motivation for brands and stores to meet these needs means modeling an experience they cannot achieve with e-com,” said Global Market Development Center (GMDC) President and CEO Patrick Spear, in a press release.
Within the $3.4 trillion global wellness market: $1 trillion annually is spent on beauty and anti-aging; $574 billion is spent on healthy eating, nutrition and weight loss; and $433 billion is spent on preventative and personalized health.
The macro-level trends driving the enormous spending are happening so rapidly. Consumers are taking back the power to decide and are immersing themselves in knowledge and facts through technology and shared learning from friends and family.
GMDC’s whitepaper, “Next Practices: The Health & Wellness Consumer, Helping Trading Partners Shape the Future…Today,” showcases the trends shaping the new consumer-driven health and wellness movement:
- Consumers are exercising three days a week on average.
- 63% are trying to eat healthier, and 44% eat more at home.
- 45% read product labels to make healthier choices.
- Eight in 10 consumers are using vitamins and supplements to enhance their wellness.
- 48% of consumers shop local for natural/organic products.
- 45.7 million consumers use their phone to search for health and wellness solutions.
- Baby boomers spend 42% more on health and wellness than millennials.
- One in two Americans are shifting from health care to self-care as a result of rising costs.
It’s clear that health and wellness are fueling all purchasing decisions—shoppers expect retailers and manufacturers to offer a holistic, healthful experience that inspires them and speaks to their aspirations—from the entrance to the checkout line. “Health and wellness is a foundational element in everyone’s daily lives,” said Mark Mechelse, GMDC’s director of research, industry insights and communications. “For consumers to change behavior, they must have the motive, means and messages to do so. That is the essence of opportunity for collaboration between trading partners.”Read More