The concept of wellness isn’t new. But in the past, it was often associated with health and fitness. Gyms, sports centers, and personal care products are some examples of what fell under wellness. You won’t typically hear about lifestyle products, mind & body products, or spa & resorts as something categorized as wellness.
But now, consumers view wellness with a much broader and more sophisticated perspective. It’s no longer just a small sector in healthcare but a whole industry in itself. Wellness products and services have diversified, and they boomed during the pandemic.
Pre-COVID-19, people were all about traveling. Several countries where tourism is thriving had predicted major increases in international visits in the coming years. But when our world was abruptly changed by COVID-19, the industry trends have shifted, favoring the wellness industry.
What Is Wellness?
People view wellness across six dimensions: better health, fitness, nutrition, appearance, sleep, and mindfulness. Among those, what consumers consider the most important depends on their lifestyle, culture, or health needs. For example, a consumer in the U.S. considers mindfulness important, while for a U.K. consumer, it’s better nutrition.
These dimensions forged the key sectors in the wellness industry, such as:
- Personal Care, Beauty, and Anti-aging
- Fitness Mind-body
- Thermal/Mineral Springs
- Traditional and Complementary Medicine
- Healthy Eating, Nutrition, and Weight Loss
- Preventative and Personalized Medicine and Public Health
- Workplace Wellness
- Wellness Lifestyle Real Estate
- Workplace Wellness
Each of these sectors is currently worth billions and is predicted to earn even more in the coming years. That said, here are the rest of the reasons you should start a wellness business today:
Consumers Care Deeply About Wellness
Recent research by McKinsey & Company shows that consumers care deeply about wellness. 70% of consumers believe that wellness is important, and 42% consider it a priority. The consumers in every market researched actually reported prioritizing wellness more over the past two to three years.
On a global scale, the latest estimated value of the wellness market is more than $1.5 trillion. The annual growth rate is at 5 to 10%. The consumers’ growing interest in wellness, along with their increasing purchasing powers, present an opportunity for aspiring and experienced entrepreneurs to venture into this industry.
Wellness is No Longer a Fad
There used to be some stigma toward wellness. People who didn’t understand it wrote it off as a fad. Wellness activities such as meditation, yoga, and other traditional practices outside the west didn’t earn the respect of Western consumers in the past. Hence, the people who incorporated them into their lifestyles were called the odd ones out.
But now, you might be the odd one out if you don’t include some sort of wellness in your daily life, especially during the pandemic. When the stay-at-home orders were at their strictest, people found comfort in wellness products, from aromatherapy to a full-scale bathroom remodeling that included a tub. Holistic health rose to popularity, with so many people affected by anxiety during the first and second waves of new COVID-19 cases.
But more than anything else, it’s people’s increased consciousness for their health that has driven them to prioritize wellness. As mental and physical health awareness spreads, more people realized that they need to value self-care, regardless of age and gender.
Wellness Business Ideas are Expanding
Considering the key sectors in the wellness industry, you can have several options on what specific type of wellness business to start. If your business growth strategies are focused on profits, starting a personal or cosmetic brand suits you; the sector is currently worth $1,083 billion. If you’d rather venture into a growing sector, try workplace wellness, which is worth $48 billion at present. You can start a B2B business offering corporate packages to companies building their wellness programs.
If your budget is limited, consider starting a one-man company, wherein you serve as a life coach, health coach, or personal trainer. Your biggest investment will be your training, and once you get certified, you may start marketing your services.
Starting a wellness blog or vlog is also considered a wellness business. You can film yourself doing your morning routine, and you’d attract an audience that finds such videos soothing. Quiet and raw vlogs are popular lately, as internet users began craving for more authentic content amid the rise of influencers with “perfect” lives.
By starting any type of wellness business, you can contribute to the growing awareness about health. You can also break stereotypes such as wellness products being feminine. These days, even men and boys are becoming more open to self-care activities and wellness retreats, so encourage this behavior through your new wellness business.