The Wellness Economy

The Wellness Economy

How is the growing emphasis on wellness changing how consumers shop, interact and think? What impact will this have on the personal care industry? CB Insights recently analysed 18 of the biggest wellness trends to watch over the next 12 months. Join us as we pull out our top five trends transforming wellness and personal care today.

 

GROCERY STORE PRIVATE LABELS

‘Better-for-you’ private label ranges will dominate grocery store shelves as retailers test new diet trends and launch new wellness products to cater to evolving consumer needs. Over the last few years, retailers in this space have been slower to develop successful private labels, but change is coming with both Walmart and Target leading the way. In stores like CVS and RiteAid, cosmetics dominate the product mix, while Urban Outfitters recently launched its in-house makeup and skincare line, Ohii.

 

EMBRACE WELLNESS AUTHENTICALLY

Wellness branding is witnessing a renaissance with 74% of consumers aged between 18-34 believing it’s important for a brand to embrace wellness, while 62% believe the wellness angle is key to survival. With wellness spanning all walks of life from the food we eat, cosmetics we use to the jobs we work in, it is more important than ever that brands clearly and authentically define wellness and what it means to their brand.

 

The popularity of brands such as Goop and the Honest Company prove that an authentic approach to wellness is a hit with consumers. Now, powerhouse beauty entrepreneur Bobbi Brown is joining the wellness race and bringing it to the mass market by collaborating with Walmart and QVC to launch a new, affordable range of beauty supplements. The new Evolution_18 range is helping to bring beauty ingestibles, formulated with clean, high-quality ingredients, to the masses. The shift from cosmetics to beauty and wellness further demonstrates Brown’s lifelong philosophy that beauty and confidence start with what you put inside your body.

 

ACTIVE BEAUTY

A quick look at new launches reveals that multiple products cater to consumers with active lifestyles – from sweat-proof cosmetics to post-workout refreshers. The current offering includes mass-market products offered by Maybelline, COVERGIRL, e.l.f Cosmetics and Wet n Wild to a more premium offering from brands such as Clinique and Dior.

 

The active beauty trend is also expanding opportunities for specialist beauty and personal care brands to gain a foothold in the market. Brands such as SweatWELLth are helping to push category innovation by creating proprietary encapsulated technology that provides delivery systems tailor-made to protect, repair and replenish.

 

With fitness and beauty converging there is no doubt that new collaborations will make the most of the growing popularity and interest in athleisure and beauty.

 

FEMININE CARE

Better-for-you ingredients, product innovation and inclusive branding are transforming the feminine care and sexual wellness space, mirroring the expansion of more personalized and holistic healthcare for women across the globe. Growing awareness about personal hygiene among women is helping to drive market value, with forecasts revealing the market will reach $35.3 billion by 2024 – from $24.5 billion in 2018 – with a CAGR of 6.3% during 2019-2024.

 

A growing population of working women with rising purchasing power is projected to boost the category further, while global initiatives that aim to provide easy access to feminine care products will continue to propel the sector. Meanwhile, leading brands are expanding their product focus, turning to eco-friendly or organic alternatives that are comfortable, scented and offer a higher absorption capacity. Procter & Gamble is the latest to go to market with an organic tampon and pad, the CPG giant recently announced the launch of Tampax Pure tampons and Always Pure pads, each” free of dyes, fragrances, and chlorine bleaching.”

 

Brands in this space are also seeking new marketing and promotional strategies which help to attract a larger consumer base. The long-running Always ‘Like a Girl’ campaign combined product marketing with a wider social cause. It was launched in 2014 and has been widely celebrated for breaking down stereotypes and empowering women. The brand has since gone on to launch a series of successful campaigns, helping to educate and inspire consumers across the globe.

 

WELLNESS IN RETAIL

As the wellness economy continues to grow, we can expect to see more retailers monetizing wellness opportunities. Big-box retailers and independent drugstores are all striving to become beauty destinations with ‘drug-store’ variations on premium products now widely available. Even home goods companies are getting in on the act.

 

Research from PSFK highlighted eight of the most surprising consumer brands to embrace the wellbeing trend, with Saks, Anthropologie and Singapore Airlines all recognizing its importance to consumers. High-end retailer, Saks trialed its Wellery department, which positions wellness as a luxury experience with salt therapy rooms, group fitness classes and weight loss treatments on offer to its customers.

 

Anthropologie, described as the ‘most unlikely’ on the list, now features items that promote mindfulness and self-care, such as essential oils and elixirs, while Singapore Airlines has partnered with wellness brand Canyon Ranch to demonstrate the importance of wellness onboard.

 

Find out more about the top 18 wellness trends identified by CBInsights here: https://www.cbinsights.com/research/wellness-trends-2019/

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