According to a recent report from PA Consulting, more than three-quarters (78%) of consumers plan to purchase a new wellness and fitness product or service by 2025. The innovation specialist firm surveyed 4,000 consumers in the US and UK in January 2024.
More than a quarter (27%) plan to spend more money on health, fitness and wellness in 2024 than they did last year, and nearly three-quarters (71%) are prepared to spend more than $100.
Health tracking apps, physical therapy, and healthy food and nutrition subscriptions were the top three subscriptions and services consumers planned to invest in. The top products cited by respondents were home exercise equipment, sleep and relaxation products, and smart scales.
As in nearly every sector, consumers are tired of continually rising prices, with one in two respondents saying health-related products should be more affordable.
The PA report also found that US and UK consumers are dissatisfied with their current health: only half (50%) rate their physical health as “good”, and less than half are satisfied with their current quality/quantity of sleep (45%) and diet/nutrition (47%).
So consumers want more personalized solutions, and they’re willing to give up their data to get them: Nine in ten consumers want personalized health and fitness products or services, and the majority (57%) would share personal fitness and health data in exchange. Two-thirds want personalized vitamins or supplements (67%), customized nutrition plans (66%), or customized exercise plans based on sleep quality and quantity (65%).
“The global wellness economy is booming across all sectors as people prioritize healthier choices and consumer spending is on the rise, but there’s a clear disconnect between most people’s desire to improve and their actual experience,” said David Knies, wellness and innovation expert at PA Consulting.
“Our research shows that there is an opportunity for leaders in the wellness sector to offer more ‘stackable’ products, services and experiences that can be customized to an individual’s needs and seamlessly integrated into everyday life. Brands that can offer more highly personalized solutions while addressing consumer concerns around authenticity, inclusiveness and affordability will be best positioned to reap long-term benefits,” Knies added.
