Wellness remains a top priority for both consumers and businesses. Amid an increasingly crowded marketplace and proliferating innovation across multiple dimensions of the wellness spectrum, it is vital for companies to sharpen strategies in view of continually evolving preferences among health-conscious consumers. Adopting a quantitative approach in measuring the evolution of the trend, assessing respective cross-industry impacts, and changing consumer spending patterns is crucial for more informed investment decisions and elevating the value proposition in this space.
Evaluating broader cross-trend implications and priorities
Quantifying megatrends empowers businesses to enhance their strategic planning, fostering agility and proactivity in decision-making related to innovation, portfolio expansion, and competitive advantage strategies. Euromonitor International’s megatrends quantification model provides valuable quantitative inputs to help anticipate the future direction of spending, identify growth opportunities and uncover which markets offer the most potential for investments.
Identified as one of the top 10 megatrends by Euromonitor International's network of experts, wellness continues to permeate various consumer-facing industries and is set to have the most far-reaching impact on both businesses and consumers in the future. As innovation across the multiple dimensions of wellness proliferates, consumer appetite for products and services that enhance the self-optimisation journey is becoming ever more prevalent, with strong prospects in further adoption of tech-enabled diagnostics, emotional analytics and microbiome testing tools.
When questioned about their expectations for future lifestyle prospects in 2023, 46% of global consumers are optimistic about their future health, foreseeing improvements over the next five years
Source: Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2023
Exploring wellness in the context of other megatrends reveals scope for investment in more seamless solutions, as well as the implementation of further digitalisation and technology to support effortless efficiency and higher precision in terms of health monitoring and outcomes. With personalisation firmly in the spotlight and consumers’ growing comfort levels with sharing personal data online, businesses should take note of the significant potential in customising wellness products and experiences, particularly in the realm of nutritional supplements, beauty, and underserved areas, such as women’s health.
Digital consumers across the globe indicate that access to personalised experiences is the single most important incentive there is in exchange for sharing personal information with a brand online
Source: Euromonitor International’s Voice of the Consumer: Digital Survey 2023
Mapping key investment opportunities by segment
Dissecting further metrics behind the quantification of the wellness megatrend allows for a closer assessment of proportional spending patterns on particular wellness-aligned categories – from healthy nutrition and supplements to adoption of smart wearables and penetration of sleeping aids.
In sizeable wellness markets such as the UK, France and Germany, which make up 60% of the total retail value of the region, demand for healthier foods and drinks as part of overall spend on wellness is similarly entrenched, suggesting equal opportunities for continued investment in this space.
Amid growing public interest in weight loss treatments such as Wegovy and Ozempic, coupled with the European Medicines Agency's endorsement of Wegovy in the EU, the potential for these drugs to influence future food consumption patterns becomes significant.
Prospects of increased uptake of such treatments could bolster further demand for health and wellness foods and beverages, prompting companies to adjust their offerings to align with evolving preferences and snacking patterns, for example, with a focus on healthier alternatives, improved nutritional profiles, and reduced portion sizes. Beyond food consumption, positive impacts over the long term could also be visible across other wellness sectors, such as dietary supplements, sportswear and non-alcoholic spirits and beers.
Within other wellness concepts, the prioritisation of emotional and mental wellbeing has fuelled the rapid growth of wellness tourism, a trend that has been further accelerated by the pandemic. The segment is seeing a surge in the incorporation of specialised activities, such as yoga and meditation retreats, and fitness programmes, which offer more immersive and individually-tailored experiences. Beyond commonly sought-after destinations in the Asia Pacific region which have a deeply embedded wellness heritage, Italy, Germany, and Turkey are emerging as standout destinations in Western Europe, where health-focused tourism accounts for a higher proportion of overall wellness-related spending compared to other countries in the region.
By taking both a quantitative and qualitative approach to megatrends analysis, companies are able to bridge the gap between broad consumer need concepts and actionable strategies based on spending patterns, giving them greater confidence when prioritising innovation investment decisions.
Editor’s note: This article was published in October 2021 and has been updated.
Download our white paper, Transform Your Innovation Strategy with Megatrends, for in-depth trend descriptions, case studies and strategic recommendations.