Some 80% of consumers intend to maintain or increase their spend on areas related to health and wellbeing, a new study by Accenture has found, despite two thirds (66%) saying that they feel squeezed financially.
According to Accenture's Consumer Pulse Survey 2022, consumers now consider health and fitness to be an 'essential' factor when making a purchase, as well as taking a more holistic view of wellness.
Redefined Health And Wellbeing
“Despite hard times, it is clear that people have redefined health and well-being to be an essential good and plan to maintain or increase their spend in this area this year, regardless of income levels,” said Oliver Wright, a senior managing director at Accenture, and head of the group's Consumer Goods & Services industry practice.
“With the health and wellness market expected to increase to more than $1 trillion in spend globally by 2025, consumer-facing companies must tap into cross-industry expertise and scientific and technological breakthroughs while also considering consumers’ changing priorities when designing new offerings.”
The survey of 11,000 consumers in 16 countries also found that 87% of consumers expect to either maintain or increase their spend on food and grocery items over the next year, with the same percentage (87%) saying that they expect spend on household bills to either remain the same or increase.
Despite rising travel costs, the survey found that half (51%) of consumers plan to maintain or increase their spend on leisure travel over the next year, with 39% of high-income individuals already having booked a luxury trip or wellness retreat for next year, and 21% of millennials saying that they have booked into a wellness retreat this year.
Responding To Consumer Needs
According to Accenture, with significant change taking place in the world, it is important that brands understand the context in which purchasing decisions are being made – a recent study found that two-thirds (64%) wish that companies would respond faster with new offerings to meet their changing needs.
“Retailers and brands can manage the impact of the evolving consumer trade-offs by staying close to consumer trends and pivoting quickly to respond to them,” said Jill Standish, a senior managing director at Accenture who leads its Retail industry practice globally.
“While there’s an undeniable headwind, retailers have always been good at innovating to solve problems, and innovation will become increasingly important to create new levels of value, drive down costs, and do the right thing for society and the planet."