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According to the latest survey, the rise of the concept of "health" and the sharp increase in consumer purchasing power have brought a new round of business opportunities to the health category market.
After the ravages of the epidemic, consumers have to pay attention to the red light of their physical condition, health (English wellness) began overseas, still remember a scene in the Popular Family Drama in the United States, the head of the family Jay, who is nearly 70 years old, took out a set of fitness disks for Oscar queen Jane Fonda (Jane Fonda) to take a group of post-10s "singing and dancing". Today's consumers will look at health issues through a broader perspective, from fitness shaping to nutritional ratios, from external shapes to spiritual cores, the word health is obviously given more extension.
In a survey of about 7,500 consumers in 6 countries, 79 percent said health is important; 42 percent said health was a top priority. Most respondents said that the emphasis on health has increased significantly over the past 2 or 3 years.
The report shows that the global health market is more than $1.5 trillion in size and is growing at an annual rate of 5% to 10%. The popularity of the concept of "health" and the forced reduction of people's expenses driven by the epidemic have been released after the epidemic has been effectively controlled, and the market demand has risen, and the health market has become more and more congested.
In this article, we will use the research data to scientifically analyze the reasons behind the long-term prosperity of old brands and the success of new brands from the changes in consumer attitudes and behaviors of consumers on the concept of "health". At present, how are consumers' purchase intentions swayed? Is there any trace of the next round of business opportunities? The following will be disassembled step by step.
The word health in the eyes of consumers generally includes the following 5 aspects:
Richer health data. Health care drugs and nutritional products are closely related to maintaining health, but for now, just "eating" can no longer meet the needs of consumers, from the purchase of professional medical equipment, to the popular personal health monitoring apps and wearable devices, it can be seen that consumers' demand for health visualization is rising;
Stronger physique. After the epidemic spread around the world, fitness venues were forced to shut down, and fitness enthusiasts' shaping plans also pressed the pause button. A study in the United Kingdom showed that the frequency of fitness in most consumers after the epidemic has dropped significantly, although the epidemic control has begun to work, and most people have not run the gym as often as before the epidemic. However, during the epidemic, a number of creative indoor fitness products have emerged, such as Peloton, Mirror and Tonal, etc., which can be seen that consumers' enthusiasm for fitness has not dissipated, but the consumption scene has been displaced;
A more reasonable diet ratio. According to statistics, more than 1/3 of consumers worldwide said that "probably" or "100%" will increase their "eating" budget next year by using apps, making diet plans, trying juice (detoxification or weight loss) methods, and subscribing to related services;
A more appealing "skin bag". (Mainly from the two aspects of clothing and beauty);
Better quality sleep. It is reported that the epidemic has not only caused people to suffer physical devastation, from a global perspective, the number of reports of mental oppression has also surged during the epidemic, and meditation and zazen have become a good recipe for people to maintain "human sobriety" during the epidemic. According to the report, more than 50% of respondents said that they would prioritize the use of apps to alleviate mental stress, and less than 50% of respondents chose to actually experience related services;
As can be seen from the chart below, consumers in different countries have different consumption concepts and expenditure ratios for various dimensions of health needs.
From the following figure, the acceptance of products and services by the public is also different.
In terms of overall spending, consumer purchases of health products and services are expected to increase over the coming year. According to the results of the report, consumer demand for services is soaring, with a particular emphasis on physical and mental health. Health enthusiasts are mostly high-income consumers, they like to actively pay attention to the brand on social media, track the release of new products, but also have a sense of social responsibility, focus on product sustainability, and more elaborate ingredients.
Global consumption trends at a glance
The study found that consumption reports in every country except China and Brazil showed a trend in that actual improvements in health were lagging behind expectations, suggesting that consumer demand was not really being met. Across the globe, consumers in almost every country reflect efforts to maintain good health, and are currently only able to maintain stability or even less than usual.
The study also reveals 6 trends related to consumer health that are expected to move around the health market in the coming period. As the saying goes, "lead the whole body", from the traditional fitness and health products, to beauty, clothing (special subdivision to sports and leisure of this category), the business opportunities leveraged by the word health will not only be limited to a single market, the surrounding industries will also achieve certain growth under the leadership of the halo effect.
Trend 1: No additive (natural) becomes the trend of the times
From the perspective of skin care products, cosmetics, vitamins and various sleep aid products, consumers' demands for the use of natural ingredients in products can be said to be overwhelming, which is more evident in the Brazilian and Chinese health markets.
Trend two: personalization
Many respondents expressed concern that personalization would expose many personal privacys, but many said (especially consumers in Brazil and China) were willing to sacrifice some personal privacy to choose customization. According to statistics, more than 88% of consumers in the United States, the United Kingdom and Germany said that they attach more importance to personalization than 2 or 3 years or basically the same as 2 or 3 years ago.
Trend three: online channels
Driven by the epidemic, the global economy has shown a trend of going online, but some of the "physical genes" in the product make it "another way" is not so optimistic about the market, such as food, vitamins and skin care products Sales are mainly concentrated in offline channels, and the wearable devices mentioned earlier and monitoring human health data are almost online channels. According to the report, Chinese consumers account for the largest share of online consumption of such wearable devices in all countries, followed by consumers in Japan, Europe, the United States and Brazil.
The layout of online channels can largely meet the needs of consumers for specific products, for the partial service of the gym, etc., a little focus on the development of the application to provide consumers with certain data support, so that consumers can maintain a sense of participation after leaving the actual use of the gym.
Trend 4: "Partnering" with Internet celebrities
Influencers are a key driver of the health market, with 10-15% of consumers in the United States, Europe and Japan saying they are following influencers on social media and have been planted and placed orders. In China and Brazil, this proportion is as high as 45-55%, this statistics is aimed at the number of fans fluctuating between 100,000 Internet celebrities, but the former "celebrity effect" has become increasingly west, the domestic media has reported on the news that stars such as Xiao Shenyang and Ye Yiqian have poor ability to carry goods, and in the United Kingdom on the other side of the ocean, there have been similar reports. All in all, celebrities with goods is really a metaphysics, and Internet celebrities are a more cost-effective choice.
In 2015, McKinsey published data showing that 26% of online purchases are due to the "side knock" of social media, and this proportion is rising year by year, and the health market is no exception. After analyzing national markets, the researchers concluded that more than 60 percent of consumers "certainly" or "probably" consider buying a brand or product promoted by a trusted influencer.
Trend five: The rise of "health" services
The share of services in the health market has been expanding, but products remain a key growth point in the space, accounting for about 70% of global consumer health spending. Brands may consider providing health care or training services to further establish a direct connection with consumers. Canadian high-end yoga apparel brand Lululemon acquired Mirror last year as a complement to its core, sportswear business. Lululemon is also trying to promote nutrition, puzzle and fitness products in its stores through studios and community classes, which is expected to be an important part of its healthy "product + service" ecosystem.
Trend Six: Raising the "Health Budget"
The global health market is maintaining a steady growth trend, for the various sub-categories of McKinsey research, the "caliber" of consumers is surprisingly consistent, that is, it will spend more money on consumer health-related products and services, on the enhancement of memory, anti-aging, beauty care, non-invasive medical beauty and other specific categories, especially the consumers who plan to increase their budgets.
As the competition in the health track becomes more and more intense, brands should learn to think about the marketing strategies that can really attract consumers, and look back at whether the previous ecological model is correct. Exploring multi-channel, multi-collaboration models will help brands further calibrate their target markets.