Just three years ago, McKinsey & Company estimated the wellness industry to be at $1.5 trillion with a 5-10% annual growth rate. Since then, it's undoubtedly grown. With wellness' untapped potential, and it being at the forefront of consumers' minds, it's clear retail wellness businesses need to stay ahead of the curve in order for almost guaranteed growth and success.
This article dives into the trends within the wellness market to help wellness retailers embrace the unexplored opportunities within the industry. It’s time to tap into this golden renaissance of the wellness industry by providing exactly what your consumers are seeking, so you can be the store they go to every time for your wellness products.
What is the wellness industry?
Consumers don't just see wellness as fitness and nutrition anymore. The Global Wellness Institute defines the wellness economy as “industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives.” So it's far more than just physical health.
Overall health and wellness encompasses emotional, mental, physical health for longevity of life and happiness. With such a wide range of industry aspects, many retailers could fit into the wellness industry, including:
- Medspas
- Wellness retreat centers
- Yoga studios
- Supplement and vitamin shops
- Essential oil brands
- Natural beauty and cosmetic stores
Why is the wellness industry an important market?
McKinsey and Company’s 2022 wellness report found that 50% of Americans hold wellness as a top priority. This is a significant increase in just two years from 42% in 2020. With the world-wide pandemic which hit that year, it's still estimated this number will continue to grow.
Because of the pandemic, topics like mental wellness are increasingly becoming more and more of a comfortable and important topic to customers. The same goes for holistic approaches and alternatives to standard healthcare.
Four trends to watch in the wellness industry
Now that we’ve covered which businesses fall into the wellness industry, and why they’re important, let’s dive into the trends that are emerging among today’s wellness consumers and retailers.
1. Customization and personalization
First, let’s talk about personalization. Recently, the mindset of self-care is popular with consumers. Because of this, wellness brands are seeing personalization and customization as one of the top trends in their industry. What better way to cater the self-care mindset than to provide your customers with personalized and customizable products so they can better take care of their own wellness?
And this level of personalization doesn’t just have to apply to your product offerings. Consumers crave the experience to make wellness unique to their lifestyles, routines, medical conditions, user experience, goals, and preferences. Tailoring your messaging and marketing strategies to each customer is an incredible opportunity to show your customers your adaptability to their personal interests and situations.
In your business strategy, you can offer various types of programs and treatment plans which serve different customer types and needs. And in your marketing strategy, you can send special offers and promotions on products you know your customer will like based on their purchase history.
Once you align what you offer, and how you offer it, to each client's needs and interests, you’ll know you’re meeting consumers’ needs for personalization, securing our presence and influence in the industry.
2. The rise of technology in the wellness industry
Next, technology is becoming more apparent in the wellness industry. You've seen it. At the grocery store, work, your fitness class—everywhere you go people are wearing some sort of fitness tracker in the form of a watch or smart band. They wear them to bed to ensure quality sleep, and rely on specialized apps and social media platforms to offer support and education in their wellness journey.
The rise of technology doesn't leave any industry out, including the wellness market. From virtual conversations to AI-operated wellness apps, technology is transforming consumers' approach to their well-being. Wellness is full of abundant ways to incorporate technological wellness trends.
Make sure to identify your niche and offer technological tools which will enhance their experience. And always take advantage of the art and free marketing tool of social media.
Let's use medspas as an example. Medspas are uniquely situated to harness technology for their customers in various ways and practices. Already, these aesthetic medical centers use wellness medical devices to provide a service to their customers, and being able to further offer innovative approaches to the health-conscious customer will give a medspa leverage with technological wellness trends.
If incorporating technology into your products and services doesn’t make sense for your business, there are still dozens of ways you can use it to enhance your business. Whether it’s through sending out automated thank-you messages after a client has made a purchase, or using a client management software to organize your client list, the possibilities are endless.
3. An increased focus on mental and emotional health
Since the global pandemic, the rise of mental health issues has grown around the globe. Consumers want to focus on their mental wellbeing as they search for products and services that will make a positive impact on their lives.
In the wellness sector, medspas and wellness retreat centers are primed perfectly to meet this need, given their services include a wide variety of wellness practices, meditation, and other relaxing services for consumers to partake in. By integrating diverse services and approaches to health, non-traditional forms of health and wellness will gain traction and see market growth. With the prevalence of medical and aesthetic services, this wellness trend will encourage a specific focus on mental health.
As well as common wellness practices such as laser treatments, facials, infrared saunas, and microneedling, medical spas, beauty brands, and other wellness studios can have a positive impact on consumers as they focus intently on services which cater to emotional and mental well-being.
These services can come in the forms of meditation sessions, health awareness classes, mental health apps, personal care products, and online communities to create a sense of belonging. Wellness brands can be set for market growth within the industry as they tap more into the recent trends of the health and wellness market and create a true sanctuary for their clients.
4. Sustainability and ethics
Finally, valued very high in importance for wellness consumers, especially the younger ones, is sustainability and strong moral ethics within the industry. This is where you're going to have to self-analyze your business operations and brainstorm innovative approaches and solutions to any area where your business can own a sustainable and ethical title in the wellness sector.
Since it's important to your clients that you and your products or services have a positive impact on the world, it's important you get on this wellness trend. You and your team can make actionable plans for your sustainable strategy to focus on your impact on individuals and the world.
Start by tracking data and researching into cutting waste and using eco-friendly products. In your goods and services to your clients, be sure to practice what you preach. If you are a medical spa or wellness retail store, treat the world how you would treat your wellness, or how your customers approach their wellness practices.
Overall, this trend is essential in your business's holistic wellbeing, creating consumer trust, and will build a strong foundation to further market growth in the wellness industry.
How to leverage wellness trends with Clientbook
Wondering how to get started tackling all of these trends in the wellness industry? Enter Clientbook, the retail management software for wellness brands and stores. Clientbook stands as a strategic asset for medspas and others in the industry as it creates an avenue for steady, fast growth by embracing industry trends.
Clientbook will enable you to hop on trends in the advancements in technology as you communicate with customers through a friendly, user experience. You will gain consumer trust as your clients feel a sense of community and belonging with Clientbook's ability to make management features personalized and customizable through its incredible capabilities.
And that’s just the beginning. Book a demo today to see how Clientbook can enhance your wellness brand.
Conclusion
By leveraging the tools accessible through Clientbook, medspas and other wellness brands in the industry can refine their marketing efforts and business strategy to keep up with emerging trends. Applying the principles behind the wellness trends will level up your wellness business and create more opportunities for market growth and profit.
If you're ready to stay on top of growing trends in the wellness industry, Clientbook is your answer. Book a demo today to explore the endless opportunities for your success.
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