There’s a major shift happening in the wellness and self-care industry, and it’s being led by younger generations like Gen Z and Millennials.
According to analysts from Bank of America, self-care services such as gyms and wellness trends like cold plunges and red light therapy are not just fads—they’re the future of wellness.
Key Takeaways:
Generational Shift
Gen Z and Millennials are prioritizing wellness and healthy habits over traditional spending on nightlife and bars.
Growth in Wellness Stocks
Spending on fitness, wellness treatments, and activities like pickleball is soaring, with a 7% year-over-year increase in fitness spending as of February 2024.
Record Industry Growth
The global wellness industry reached an all-time high of $6.32 trillion in 2023, surpassing the pharmaceutical and sports sectors.
Recession-Resistant
The wellness industry is becoming a “recession-resistant corner of the market,” thriving even amid economic uncertainty.
As younger generations increasingly allocate their budgets to fitness, anti-aging treatments, and leisure activities that support their health, this shift is driving growth in wellness-related stocks and market segments.
The “lipstick effect,” which once applied to beauty products during tough economic times, has now expanded to wellness-focused spending, showing the resilience of the industry.
~ Sourced from “Entreprenuer.com”
DISCLAIMER
This article is for informational purposes only. Opinions and data shared are from external sources and may not reflect the views of MyHealth365.
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