As the wellness market continues to grow at a steady pace, how are consumers spending when it comes to products and services that enhance their health, fitness, nutrition, appearance, sleep, and mindfulness? And how can brands better reach these consumers? According to McKinsey & Company, “a rise in both consumer interest and purchasing power presents tremendous opportunities for companies, particularly as spending on personal wellness rebounds after stagnating or even declining during the COVID-19 crisis.” In addition to this growing interest in well-being, a greater focus is being placed on women’s health, creating opportunities to tap into a market primed for disruption. eMarketer states that “women’s health is still in its early stages of digital health transformation and has a ton of expansion potential. We see more employers and payers tap femtech startups to move the needle on comprehensive, equitable care.” The sparked interest in wellness paired with a digital transformation of women’s health is incredibly exciting for consumers and brands alike.
Living Well: Infographic Highlights
- 48% of U.S. consumers are prioritizing their wellness more than they were 2–3 years ago, and nearly 42% said their overall wellness increased
- 50% of wellness spending amongst U.S. consumers is for products and services promoting better health—this goes beyond traditional medicine and supplements as consumers turn to apps and devices to take their health into their own hands
- 41% of consumers said they would opt for natural supplements versus 21% who would choose more effective options, while 88% of consumers prioritize personalization, and 60% said they would consider a wellness brand/product posted by a favorite influencer
- 80% of consumer purchasing decisions in the healthcare industry are made by women, and with 1.2 billion women reaching peri- or post-menopause by 2030, there is great potential to address these conditions in new ways
- Women are 75–85% more likely to use digital tools for their healthcare needs than men, and 1 in 5 women between the age of 18 and 49 use health apps
- Femtech solutions are helping women take charge of their health and health-related data, and femtech funding is expected to grow to $9.4 billion by 2024
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