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NEWS
Corporate wellness, sleep and indifference to ‘clean’ beauty: McKinsey research reveals six crucial US wellness trends
POSTED 12 Jan 2023 . BY Megan Whitby
McKinsey noted that sleep was a market ripe for disruption – with a wide variety of products to help improve sleep, such as wearables, smart mattresses and supplements – however it is still an area with the greatest unmet consumer need Credit: Shutterstock/RSplaneta
McKinsey has gathered data on 2,000 US consumers to reveal insights into shifting consumer behaviour towards wellness in the US.

Overall, The Future of Wellness Survey predicts that the US wellness market will continue its rapid growth.

Featured in the latest issue of Spa Business, the new report also reconfirmed the findings of previous editions of the survey – that the main consumer trends are focused on better health, fitness, nutrition, appearance, sleep and mindfulness.

Interestingly, however, the researchers observed that although spoiled for choice with wellness services and products, consumers still feel that their needs are unmet.

The report highlights the six most crucial trends that will give businesses an edge and put them in the best position for success and growth in the years ahead.

1. ‘Natural’ and ‘clean’ have their limits
McKinsey researchers witnessed a decline in interest in products labelled as ‘clean’ and ‘natural’, with many consumers now valuing efficacy over these qualities. One factor at play, they say, is there may be a degree of overexposure to these claims and a perception they’re a form of greenwashing. The report suggests companies reevaluate product messaging relating to clean and natural claims and “seek to differentiate themselves from the messaging of peers”.

2. Differences in private-label preferences
The survey shows that US consumers are prioritising private-label and smaller brands differently, depending on the product category or how established they are. In newer categories (such as juice cleanses) or where the science is starting to gain widespread acceptance (such as gut health), emerging brands are at the forefront of product and business model innovation, which consumers recognise and value. McKinsey says the pace of innovation presents opportunities for companies to enter the market.

3. Increasing focus on sleep
Forty-five per cent of McKinsey’s respondents labelled better sleep a very high priority. Over a quarter say they’ll “definitely place a higher priority on sleep in the next two to three years”. In comparison to previous years, consumers are now offered a wide variety of products to help improve sleep, such as wearables, smart mattresses and supplements. However, McKinsey highlights that it’s the area with the greatest unmet consumer need and consequently there’s a significant opportunity for new companies to enter the arena and disrupt it. Researchers suggest that companies that tie their products to tangible improvements in sleep will be the most successful.

4. Millennials spend more
Findings clearly indicate that millennials in the US top the bill as the generation that most prioritises health and wellness. They also exhibited the highest average purchase rate of wellness products and services of any generation in the six months to April 2022. McKinsey recommends that to tap this crucial consumer base, companies should invest in marketing that’s tailored to appeal to this segment, such as tapping influencers or celebrities for marketing campaigns or working with social media channels such as TikTok or Instagram.

5. Black consumers’ needs unmet
The report also exposes that Black consumers are the group with the greatest unmet needs, with 47-55 per cent of this segment saying they needed more wellness products and services to meet their needs. In comparison, only 35-39 per cent of Asian consumers and 30-35 per cent of White consumers said the same. McKinsey feels this demand will only increase and recommends businesses allocate a portion of their R&D budgets to understanding what types of products can satisfy these consumers.

6. Corporate wellness surge
Researchers noted that since the start of the pandemic, there’s been an influx of wellbeing-related employee benefits. To remain ahead of this curve, McKinsey advises companies to explore corporate partnerships that enable them to offer their products and services as part of staff wellness programmes – itself a growing segment.

To read the whole The Future of Wellness Survey, follow this link.
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NEWS
Corporate wellness, sleep and indifference to ‘clean’ beauty: McKinsey research reveals six crucial US wellness trends
POSTED 12 Jan 2023 . BY Megan Whitby
McKinsey noted that sleep was a market ripe for disruption – with a wide variety of products to help improve sleep, such as wearables, smart mattresses and supplements – however it is still an area with the greatest unmet consumer need Credit: Shutterstock/RSplaneta
McKinsey has gathered data on 2,000 US consumers to reveal insights into shifting consumer behaviour towards wellness in the US.

Overall, The Future of Wellness Survey predicts that the US wellness market will continue its rapid growth.

Featured in the latest issue of Spa Business, the new report also reconfirmed the findings of previous editions of the survey – that the main consumer trends are focused on better health, fitness, nutrition, appearance, sleep and mindfulness.

Interestingly, however, the researchers observed that although spoiled for choice with wellness services and products, consumers still feel that their needs are unmet.

The report highlights the six most crucial trends that will give businesses an edge and put them in the best position for success and growth in the years ahead.

1. ‘Natural’ and ‘clean’ have their limits
McKinsey researchers witnessed a decline in interest in products labelled as ‘clean’ and ‘natural’, with many consumers now valuing efficacy over these qualities. One factor at play, they say, is there may be a degree of overexposure to these claims and a perception they’re a form of greenwashing. The report suggests companies reevaluate product messaging relating to clean and natural claims and “seek to differentiate themselves from the messaging of peers”.

2. Differences in private-label preferences
The survey shows that US consumers are prioritising private-label and smaller brands differently, depending on the product category or how established they are. In newer categories (such as juice cleanses) or where the science is starting to gain widespread acceptance (such as gut health), emerging brands are at the forefront of product and business model innovation, which consumers recognise and value. McKinsey says the pace of innovation presents opportunities for companies to enter the market.

3. Increasing focus on sleep
Forty-five per cent of McKinsey’s respondents labelled better sleep a very high priority. Over a quarter say they’ll “definitely place a higher priority on sleep in the next two to three years”. In comparison to previous years, consumers are now offered a wide variety of products to help improve sleep, such as wearables, smart mattresses and supplements. However, McKinsey highlights that it’s the area with the greatest unmet consumer need and consequently there’s a significant opportunity for new companies to enter the arena and disrupt it. Researchers suggest that companies that tie their products to tangible improvements in sleep will be the most successful.

4. Millennials spend more
Findings clearly indicate that millennials in the US top the bill as the generation that most prioritises health and wellness. They also exhibited the highest average purchase rate of wellness products and services of any generation in the six months to April 2022. McKinsey recommends that to tap this crucial consumer base, companies should invest in marketing that’s tailored to appeal to this segment, such as tapping influencers or celebrities for marketing campaigns or working with social media channels such as TikTok or Instagram.

5. Black consumers’ needs unmet
The report also exposes that Black consumers are the group with the greatest unmet needs, with 47-55 per cent of this segment saying they needed more wellness products and services to meet their needs. In comparison, only 35-39 per cent of Asian consumers and 30-35 per cent of White consumers said the same. McKinsey feels this demand will only increase and recommends businesses allocate a portion of their R&D budgets to understanding what types of products can satisfy these consumers.

6. Corporate wellness surge
Researchers noted that since the start of the pandemic, there’s been an influx of wellbeing-related employee benefits. To remain ahead of this curve, McKinsey advises companies to explore corporate partnerships that enable them to offer their products and services as part of staff wellness programmes – itself a growing segment.

To read the whole The Future of Wellness Survey, follow this link.
RELATED STORIES
FEATURE: News report: Trend watching


McKinsey reveals six crucial wellness trends coming down the line
FEATURE: Insight: Now trending


From a boom in VR to deeper client personalisation, Lauren McAlister takes a look at trends the industry can expect to see accelerating as we head into 2023
FEATURE: Talking point: The metaverse


As the internet becomes more ‘human and physical’, should you be jumping on board the fast-moving metaverse train sooner rather than later?
New report identifies five growth areas, including the metaverse and personalisation


Mindbody and Class Pass have released their 2022 Mid-Year Wellness Trends Report which reveals their predictions following two years of pandemic upheaval.
MORE NEWS
Wellness Access Institute launches to improve understanding of and accessibility to wellness
A new think tank called the Wellness Access Institute (WAI – pronounced why) has launched to help the industry address its biggest problems and drive research-based innovation.
Veronica Schreibeis Smith and Amir Alroy join GWS Advisory Board
The Global Wellness Summit (GWS) has announced the appointment of two international wellness thought leaders to its Advisory Board.
FaceGym heads down under with first Australian studio, partnered with Mecca
Facial fitness and skincare brand FaceGym has entered the Australian market with its first bricks and mortar studio in Sydney and a new deal with Australasian beauty retailer Mecca.
Emlyn Brown, Kent Richards and Sara Codner outline top priorities for spa and wellness leaders in 2023
Spa and wellness industry thought leaders gathered yesterday (26 January) at the Grow Well webinar – hosted by We Work Well – to share their plans, vision and strategies for 2023.
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Living Earth Crafts® - the first choice for world-class spas
Living Earth Crafts (LEC) is the world’s most recognised manufacturer of premium spa and wellness equipment. [more...]

Vladi Kovanic reveals first details of ForumHOTel&Spa 2023 speaker line-up
Premier spa industry event ForumHOTel&Spa will be hosted in person at the Hotel Four Seasons George V in Paris, France, on 1 June 2023. [more...]
+ More featured suppliers  
COMPANY PROFILES
Gharieni Group

Our products are made in Germany and designed with the utmost attention to quality and detail. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

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REM UK Ltd - REM Spa: relax, breathe, be inspired
Welcome to REM, quality salon furniture, spa furniture & barber furniture made in Britain since 1918 Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

31 Jan - 02 Feb 2023

Spatex 2023

Coventry Building Society Arena, Coventry, United Kingdom
05-06 Mar 2023

World Spa & Wellness Conference

Excel exhibition and conference centre , London, United Kingdom
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2023

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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