February 16, 2024 - 2 min

The keys to Wellness

Discover the trends that are shaping the industry in 2024.

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It is one of the trendiest sectors. The wellness industry moves US$1.8 billion (millions of millions) a year. In the United States alone, it has been growing at a rate of between 5% and 10% per year, according to a study by McKinsey, a consulting firm that conducted a study based on 5,000 interviews with consumers in the United Kingdom, China and the United States to identify the trends that will drive the business in the coming years.

One of the first findings is the generational bias that is marking the industry: Generation Z consumers and millennials are buying more products and services from this industry than their predecessors. In what lines? Health (think over-the-counter drugs and vitamins), appearance (cosmetic procedures, skin care products), fitness (gyms, wearables), nutrition (meal subscription services, food-tracking apps), sleep (cooling mattress toppers, melatonin) and mindfulness (meditation courses and apps, therapy sessions).

What are the main trends that will influence the wellness industry this year, according to McKinsey?

Home health monitoring: Kits to measure vitamin deficiencies, possible colds and flus or cholesterol levels at home.

Biomonitoring devices: smartwatches to measure different physiological indicators, rings to measure sleep quality and other similar devices.

Personalized products and services, an opportunity for generative artificial intelligencetechnological advances and access to first party data first party data (a company's own data from people who have had contact with its brand) open a door to combine this data with artificial intelligence and provide greater precision and customization of products and services.

Clinical rather than pureConsumers are migrating from the consumption of natural ingredient products to those containing clinically proven ingredients.

The doctor is gaining spaceThe proliferation of different types of influencers has created new sources of information, but with varying degrees of credibility. In this context, the weight of doctors' recommendations is growing, ranking third after seeing products in the store and recommendations from family and friends, but above consumer reviews or blogs.

You can see the study here