Key Market Considerations for Q4 2021 - Health & Wellness

Priority Reset 

Wellness and sustainability are going mainstream. Though both have always been important, more consumers are prioritizing their mental and physical health, as well as the environment. Consumers are eager to have an impact and are using their buying power to support brands that align with their goals. It will be important for brands to authentically share messages about the causes they support. 

Health & Wellness Becoming Top Priorities 

The cultural push to de-stigmatize mental health issues and promote policies in support of overall health and well-being. 

Priority Reset: Health & Wellness 

According to an L.E.K. survey, US consumers are rethinking their pre-pandemic priorities. 

Seventy-five percent will increase the time and money they spend on health and wellness activities. 

Fifty-seven percent realized that at least some of their pre-pandemic discretionary spend was unnecessary. 

Eighty percent of parents believe they will be permanently closer to their children. 

Health obsessionists (15%) have permanently changed their view of their physical and mental health, willing to spend more on personal health, rest, and well-being. 

Destigmatizing Mental Health 

Across the world, mental health is seeing increased awareness, education, spending, and destigmatization. This is playing out in the form of awareness campaigns such as Instagram’s #HereForYou and Nike’s partnership with Crisis Text. Michael Phelps has been a brand advocate for Talkspace, encouraging people to seek therapy. Naomi Osaska and Simone Biles have both become mental health heroes, opening the door for more public conversations on the topic. 

Some companies are now looking for ways to help their employees improve mental health and to avoid burnout, as well. 

Work-Life Integration 

More than 80% of HR professionals experienced pushback about returning to the office full-time. 

To help their employees cope with the strain of working during a pandemic, companies like Goldman Sachs, whose employees vented about 100-hour workweeks, are walking back the requirement to return to the office and adjusting hours. 

Citigroup’s CEO banned internal video calls on Fridays. It’s considered a day of decompressing, as the year-long pandemic has taken a toll on the psyche of workers. 

RECOMMENDATION 

Companies that enact policies to address these important issues should make their stance public, which will attract and retain talent. Brands can take advantage through awareness campaigns, products, services, and messaging aligned to these priorities (e.g., hospitality brands offering wellness packages and retreats).