The number of American adults who say wellness is a priority for them has risen to about 50 percent in 2022 compared to 42 percent in 2020, according to a report released by McKinsey & Company in September.
The interest in wellness increased the most for Black Americans, 60 percent of whom were prioritizing wellness in 2022 compared to 49 percent of other racial groups.
U.S. consumers are spending an estimated $450 billion on wellness products and services, and that number is anticipated to grow five percent each year, according to the report, which was based on a survey of 2,000 Americans.
The respondents had a growing interest in fitness (fitness clubs, studios, at-home fitness equipment, and fitness wearables), health (over-the-counter medicine, vitamins, and personal hygiene), nutrition (diet programs, subscription food services, nutrition apps, and juice cleanses), appearance (skin care, dermo-cosmetics, hair care, and salon services), sleep (sleep supplements, app-enabled sleep trackers, and other sleep-enhancing products) and mindfulness (counseling or therapy, meditation studios, and mindfulness apps), and most want products and services that focus on more than one area of wellness.
Although the number of wellness products and services has grown, 37 percent of those surveyed said they want more offerings in sleep and mindfulness while one-third wanted more in the other segments, including fitness.
The greatest unmet need is among Black Americans, 47 to 55 percent of which said they needed more wellness products and services compared to 35 to 39 percent of Asian Americans and 30 to 35 percent of White Americans.
As far as a generational breakdown goes, Gen Z is the generation most wanting more wellness products and services. However, Millennials actually purchase wellness products and services more frequently than other generations with 46 percent of them purchasing fitness products and services while only 28 percent of the other generations did the same.
Offering wellness products and services has also grown in importance for businesses, the report found, and for employees with access to these offerings, 60 to 90 percent said they used them “extensively or regularly.”