GMDC new whitepaper a roadmap to $3.4 trillion wellness opportunity

COLORADO SPRINGS, Colo. – Beauty and anti-aging products are the predominant category across the overall global wellness market, making up for almost one-third of the market, according to a new white paper released Thursday by the Global Market Development Center.



“Health and wellness is a foundational element in everyone’s daily lives,” stated Mark Mechelse, GMDC’s director of research, industry insights and communications. “For consumers to change behavior, they must have the motive, means and messages to do so. That is the essence of opportunity for collaboration between trading partners.”



As much as $1 trillion is spent annually on beauty and anti-aging products, with healthy eating, nutrition and weight loss ($574 billion) and preventative and personalized health products ($433 billion) contributing to the total $3.4 trillion global wellness market.



And more than ever, consumers want – and expect –retailers and manufacturers to assist them on their health and wellness journey inside the store, GMDC found.



“As consumers around the globe search for better, healthier and smarter solutions that fit their lifestyle, the motivation for brands and stores to meet these needs means modeling an experience they cannot achieve with e-com,” noted Patrick Spear, president and CEO GMDC.



The whitepaper, titled “Next Practices: The Health & Wellness Consumer, Helping Trading Partners Shape the Future…Today,” offers market insights, trends shaping buying decisions, and barriers and solutions for retailers and manufacturers to address in order to best serve consumers, GMDC stated.



According to the white paper, the trends shaping the new consumer-driven health and wellness movement include:

• 
  Consumers are exercising three days a week on average;


• 
  63% are trying to eat healthier, and 44% eat more at home;


• 
  45% read product labels to make healthier choices;


• 
  8 in 10 consumers are using vitamins and supplements to enhance their wellness;


• 
  48% of consumers shop local for natural/organic;


• 
  45.7 million consumers use their phone to search for health and wellness solutions;


• 
  Baby Boomers spend 42% more on health and wellness than millennials; and


• 
  One in two Americans are shifting from health care to self-care as a result of rising costs.

GMDC’s research identifies four barriers consumers face as they make purchasing decisions, and provides “next practice” solutions to create seamless trips in the pursuit of a healthy lifestyle (the four Cs). These include:

1. 
   Convenience – Make it easy;


2. 
   Confusion – Make it simple;


3. 
   Commitment – Make it mine; and


4. 
   Cost – Make it valuable.

“By offering the right products, mix and merchandising strategies, consumers feel the difference in stores and can spend less time hunting for products that pertain to their health and wellness motives,” said Jeff Rehling, a 30-year marketing practitioner and lead author of the whitepaper.



The sponsors and contributors of the insight report include: AmerisourceBergen, CROSSMARK, Johnson & Johnson, Navajo, Unilever, Nielsen, Advantage Solutions, Rodale, Kantar Retail and Edgewood Consulting Group.