The wellness market is worth $1.5 trillion, let’s read that again $1.5 Trillion.
I wanted to provide some tips and insight on the wellness market, which is worth $1.5 trillion and growing at an average of 5-10% a year.
There is a great free report from Mckinsey for more detailed statistics but I wanted to share my view on it and how you could apply it to your product business or if you are thinking about product ideas and ways to engage with your community.
I’ve attended and spoke at two trade shows recently Top drawer and Autumn fair and there is definitely an increased presence of items geared towards wellness & self-care from yoga matt sprays to niche self-care books but it doesn’t end there.
Many of the discussions during those talks were also about building and engaging with your communities so I’m going to touch a bit on that as well.
So we are finally coming out of pandemic (let’s hope we don’t have another lockdown) and it has been a stressful time. It’s a relatively new category but if you sell sleep products think about how else you can engage with your community, tips you could provide and other products that will help your customers to get a great nights sleep, from blackout curtains to gravity blankets to meditations and affirmations that can help your customer sleep.
A great account to follow is The Sleep Care Company who offers great advice and has just brought out a new colour in their sleep journal.
Well athleisure and exercise continue to be a core focus, You might be a bit fed up with living in your joggers, but it’s still a key trend and there are more products that can be introduced around fitness and exercise, I met the owner of spritzwelness London at a recent trade fair and she has beautiful lavender eye masks and yoga matt sprays amongst other products that would be great add ons to increase your basket size and average transaction value on your order.
Supplements & Nutrition.
It’s not only skin deep, more than a third of consumers report that they are likely to increase spending on nutrition apps and diet programmes and juice cleanses. The weight loss app Noom quadrupled its revenue in 2020 to $237 million and the demand for supplements, particularly collagen supplements and those that aid sleep have increased substantially.
During Covid reports of mental distress increased and many consumers have said they want to prioritize mindfulness more with customers actively seeking ways to be more mindful from journaling to using apps such as calm or headspace. Personally, I prefer to write and love Irish business The headplan they have recently introduced new gratitude journals with more products on the way.
Many consumers have said they want more mindfulness products available so this could be an opportunity to add new products to your business or grow that category or potentially look at introducing your own wellness products.
A lovely brand that I saw at Autumn Fair was Wellness by Manuel, they are a candle brand that supports a mental health charity based on the founders own experiences. The packaging has a QR code that links to a meditation video. It’s a product that caters to all the senses as once the candle has been used, the consumer can plant the seeds that come in the packaging, what is not to love about that!
Depending on your customers and product think about how you can incorporate mindfulness moments into your business – could it be an affirmation sent to customers via an email?
Don’t forget mindfulness is not just for adults either, there are some great journals for Children so that they start the habit of journaling early on and malpaper just launched affirmation cards for children.
You might think that is all well and good for stationary brands but I’m a children’s clothing brand I hear you say.
How about creating some mindful moments for parents and children, that you send out in your weekly newsletter?
It could be questions that the parent could ask the child, it could be activities that they could do together.
Perhaps you could create a template and they could come up with their own affirmations to work on together.
If it’s aligned with what your brand stands for then it will make sense for your customer to see this from you.
So there’s a few ideas to get you thinking about what could resonate with your customer
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The Buyer and retail coach ltd