The pandemic and the consequent lockdown have turned the spotlight onto conversations around general wellness and taking care of ourselves. What does it mean for the industry? What does it entail and what trends do we foresee?
Here’s an in-depth look on wellness industry.
Table of contents:
Firstly, when we speak about the wellness industry, we are talking about those markets that enable a consumer to bring in different aspects of wellness into their lives. It includes gyms, spas, nutrition, mental wellness, the beauty industry and anything else that contributes to a sense of wellbeing. It is an immense market worth about 4.5 trillion U.S. dollars.
Here’s a break up.

Source: Global Wellness Institute
Even before the pandemic hit, consumer spending on wellness was on an uphill trend. This is of course keeping in mind that spending on wellness is a privilege that not all could have afforded. That said, for those who could afford have made the industry what it is today. Economic inequalities aside, since the last decade or so, the dangers of stress and unhealthy lifestyles have been taken more seriously. People have been more ready to invest in practices that will make their lives healthier: yoga, meditation, gyms, preventive medical care, nutrients, supplements and so on.
When the pandemic hit, gyms, swimming pools and other communal centres for physical exercise and fitness were one of the first things that were closed down. But, as with everything else, the fitness-conscious turned to the internet for their rescue. Between the health concerns and increased levels of stress, the wellness culture has continued to soar, just in a different form.
According to a survey conducted by McKinsey & Company, consumers choosing tele-health options increased from 11% in 2019 to 46% in 2020. This rise can be attributed entirely to COVID-19. However, projections show that even after lockdown regulations are lifted and herd immunity reached, tele-health will continue to provide stiff competition to physical wellness centres.
But, for now, as we still battle the COVID virus, tele-health has taken over as the perfect substitute to fill the gaps left by cancelled healthcare visits. Going to a hospital for something other than COVID is scary. Instead, you connect with a primary physician online. This trend, if it continues, will usher in a change in the healthcare system as we know it.
Thanks to work from home…
With a vast majority of people working from home, companies that provide home-fitness solutions have struck goldmine. According to an article published by the US Chamber of Commerce, companies that sell home gym equipments are reporting significant increase in sales. Peloton, for instance, reported a 66% surge in revenue. Giant yoga brand Lululemon has acquired Mirror for $500 million. Mirror is a tech-fitness company that makes smart interactive mirrors that can create a virtual gym within the safety of your homes