by Recently, I had the opportunity to do a deep dive into the health and wellness sector.
Prior to doing this research, my understanding of this segment was incredibly limited, but the more I learned, the more I began to wonder if many of the elements driving this sector might not have applicability for all of us in home furnishings.
Before I share the key segment drivers, let me give you a brief snapshot of the health and wellness market.
For openers, it is huge. According to a recent study by Zippia research, the global health and wellness market is currently valued at a whopping $4.92 trillion.
Even better, globally, the segment is expected to reach $13.9 trillion by 2032. Closer to home, the U.S. wellness industry is currently valued at $1.2 trillion and makes up almost 30% of the worldwide wellness market.
According to another survey recently conducted by McKinsey, the U.S. spend on health and wellness already surpasses $450 billion and is growing by more than 5% annually.
That rate of domestic growth currently surpasses the annual rate of growth for residential furniture, according to a current report from Technivo, which pegs residential furniture growth at about 3.7%.
Let’s take a look at some of the key drivers of the health and wellness sector and see if they have implications for residential furniture:
- We are living longer. Consider this bit of information: Between 1900 and 2020, the average life expectancy in the United States rose by more than 30 years because of, in part, multiple public health measures.
- The population is also aging. In 1900, only 4.5% of the population was 65 years of age or older. More currently, about 17% of the people living in the U.S. (more than 1 in 6) were 65 or older in 2020.
- Americans are making wiser/better choices. According to a recent survey commissioned by Nutrisystem, more than 79% of Americans said they are more health-conscious post-pandemic.
- Health and wellness clearly are becoming more important to consumers. When McKinsey conducted a recent survey of some 7,500 consumers in six countries, it found that 79% said wellness is important, 42% said it was a top priority and consumers in every market McKinsey polled reported a “substantial increase” in wellness as a priority.
- The pandemic — 77% of consumers polled by ADM, a leader in global nutrition, confirmed that the pandemic has made them more health-conscious and interested in options that benefit their immunity, overall health and mental state.
- We are overweight. Despite the growing consumer interest in healthy living, according to government statistics, 73.6% of Americans are either overweight or obese.
- We are also very stressed out. According to studies conducted by the Global Organization for Stress, 75% of Americans reported experiencing moderate to high levels within the past few months.
- Not surprisingly, lots of stress opens the door for depression. Here, one-third of Americans report ongoing bouts of depression. Even more troubling is this issue has become more prevalent among younger Americans.
- Our backs hurt! The numbers say that eight in 10 Americans will experience back pain in their lifetime, and 5% of those will go on to develop chronic back pain.
So, what does all of this mean to those of us in the home furnishings segment?
I suppose it depends of the type of furniture or bedding you make or sell.
Clearly, I think that by being mindful of these segment drivers, then finding ways to integrate ways to mitigate health issues in the products you design, manufacture and or sell, you can offer new solutions, tell new marketing stories and quite possibly open yourselves up to a host of new selling opportunities.
