• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About Strata-gee
  • Contact Us
  • Free Newsletter
  • Sponsor Strata-gee
  • Privacy Policy

Strata-gee.com

Strategy in TECH...

Crestron Infra-Bass
AudioControl Single Zone Amps
What Savant Can Do
Sonance James Small Aperture Series
  • Latest Posts
  • Strategy
  • Technology
  • Products
  • People
  • Statistics
  • Financial
  • Legal
  • Economic Data
  • Shows & Events
You are here: Home / Health / Consumers Say Health & Wellness is a Priority; Market to Hit $1 Trillion by 2025

Consumers Say Health & Wellness is a Priority; Market to Hit $1 Trillion by 2025

September 8, 2022 by Ted Leave a Comment

Consumers have a new passion for Health & Wellness

Even though consumers report rising financial insecurity as inflation rages on, the Fed keeps raising interest rates, and the economy begins to slow, they say they intend to continue to prioritize spending on health and wellness – a new priority since the onslaught of COVID-19 – according to new research from Accenture. This is potentially good news as more in the custom integration industry look to offer various residential health and wellness solutions as part of a whole-home residential or commercial installation.

See why consumers say health & wellness is a priority

Several times over the last couple of years, I would speak with some tech executives who would suggest that once the pandemic passes, things will bounce back to “normal.” I never believed that and I told them so. Cataclysmic events like depressions, wars, and global pandemics almost always change the generation that lives through that experience in fundamental ways. And now studies show that COVID has changed this generation of consumers as well – causing them to embrace health, wellness, and balance in life.

Accenture’s Consumer Pulse Survey 2022 is a prodigious and ongoing global effort to study consumer preferences among a wide range of goods and services spanning no fewer than 40 industries in 16 countries. One of the surprise results over the last couple of years has been the dramatic growth in priority amongst consumers to invest in health and wellness (sometimes called well-being) – even in times of economic uncertainty.

AudioControl Single Zone Amps
Crestron Infra-Bass
Sonance James Small Aperture
Savant

Health and Fitness are an ‘Essential’ Need

The survey is of 11,000 consumers who reported that they are facing uncertain times now, as well as “personal financial strains,” and yet they have come to determine that health and fitness are an “essential” need for them. How essential? Consumers rate it right up there with groceries and home cleaning products.

Health & Wellness is a new consumer priority
Consumers say ‘Health & Fitness’ are priorities like groceries, bills, and home care items. It is ahead of Savings & Investments [Click to enlarge]

As you can see from the above graph of their results, consumers expect to maintain or increase their spending on Food & Groceries (87%), Household Bills (87%), Home Care Items (85%) AND Health & Fitness (80%). Consumers place wellness as even more important than Savings & Investments (75%). Researchers noted that the wellness category has been increasing in importance over the last two years or so as a side effect of the COVID pandemic.

Consumers Feel ‘Squeezed Financially’

Keep in mind that, according to Accenture, a solid majority of two-thirds (66%) of respondents reported feeling “squeezed financially.” Even so, 80% said they intended to maintain or even increase their expenditures in areas associated with health and fitness – like exercise classes or vitamins and supplements, for example – over the next year.

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. 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.

Oliver Wright, Accenture Senior Managing Director who leads its Consumer Goods & Services practice

A More Holistic Interpretation of ‘Wellness’

Interestingly, Accenture says they detected a bit of a shift in consumers’ thinking recently. According to this latest report, consumers are indicating that they are taking a more holistic view of wellness. A little under half (42%) said they are increasing their physical activity, while a third (33%) said that they are focusing more on self-care – such as taking leisurely baths or special beauty treatments – than they did a year ago.

AudioControl Single Zone Amps
Crestron Infra-bass
Sonance James Small Aperture
Savant

The survey also showed a majority of respondents (51%) are keeping leisure travels in their plans this year – as stopping to smell the roses is a new priority. This even though travel costs are increasing recently. Nonetheless, consumers say they will maintain or increase their spending on leisure travel because of the well-being benefits associated with a vacation. Further making this point, Accenture says that nearly four-in-ten high-income respondents that say they are planning a vacation in the next 12 months, booked a luxury trip or wellness retreat.

Cutting Spending on Electronics?

However, fully a third (33%) of respondents said that they will cut spending on “non-essential” household products – or electronics – so that they can keep or increase spending on leisure travel.

While the focus on personal well-being is not necessarily new, it is now less an indulgence and more of a non-negotiable essential for today’s consumers, even at a time when many are feeling financial pressures. There is a huge opportunity here for travel and consumer-facing companies to tap into ecosystem partnerships and the local communities to offer differentiated experiences since wellness tourism today is about much more than the destination or activities – it is an extension of the values and lifestyle of the traveler.

Emily Weiss, Accenture Managing Director who leads its Travel practice

This research is likely to add some momentum to those in the industry who are offering residential wellness products or solutions as part of a whole-home installation. The category has been around for years, but it’s only been since COVID-19 that consumers began to consider reprioritizing wellness solutions. Prior to that, integrators told me that uptake was slow.

Now, the client is ready to at least listen to what their options are.

Consumers Want More Control of Their Health & Well-Being

People’s desire to take more control of their health and well-being is only increasing. It’s vital for the healthcare industry to continue to explore and partner with consumer-facing companies to improve access, experience and outcomes for people and their healthcare journeys.

Rich Birhanzel, Accenture Managing Director for Health practice

See more of the results from this study at this link (reported from a retail perspective).

Share this post:

  • Tweet
  • Click to share on Reddit (Opens in new window) Reddit
  • More
  • Click to email a link to a friend (Opens in new window) Email
  • Click to print (Opens in new window) Print

Like this:

Like Loading...

Related

Filed Under: Consumer Trends, Economic Trends, Health, News Tagged With: consumer spending, health & wellness

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Search

Sign-Up for Our FREE Newsletter

loader

Latest Posts

T-Day+1: Tariffs…And So It Begins…

**UPDATED 5/22/25** - See a Selection of Tariff Increases from Around the … [Read More...] about T-Day+1: Tariffs…And So It Begins…

On Fire, Sonance Acquires Blaze Audio in Pro Audio Expansion

Sonance, a leading innovator of custom integration solutions founded more than … [Read More...] about On Fire, Sonance Acquires Blaze Audio in Pro Audio Expansion

  • T-Day+1: Tariffs…And So It Begins…
  • Masimo Tells SEC It Was the Victim of a Cyberattack
  • Masimo Sells Sound United to Harman; Excited? Temper Your Enthusiasm
  • Strata-gee Founder Hospitalized After Suffering Injuries in Accident on Monday

Categories

Sponsors

Crestron Infra-Bass
AudioControl Single Zone Amps
Sonance James Small Aperture
Savant
Oasys Residential Technology Group

Tag Cloud

acquisition Amazon Apple AudioControl B&W Bowers & Wilkins CEDIA CEDIA Expo CES Control4 Core Brands COVID-19 Crestron D&M Holdings Denon Emerald Expositions Foxconn Gibson Brands Gibson Guitar Google Henry Juszkiewicz Hon Hai Precision Industry Co. housing starts Integra Joe Kiani LG Marantz Masimo Nortek OLED Onkyo Panasonic patent infringement Pioneer Samsung Savant Sharp smart home SnapAV Snap One Sonos Sony Sound United SpeakerCraft Toshiba

Footer

Got News?

HEY PR & Marketing Pros: Have NEWS for Strata-gee readers?

Send it to: HotNews@strata-gee.com

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Sponsor Strata-gee

Strata-gee Ads

Archives

Translate

Ted Green Bio

A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

Follow Ted Green

  • Facebook
  • X
  • LinkedIn
  • Instagram

Copyright © 2025 Strata-gee.com · The Stratecon Group, Inc. All Rights Reserved · Log in

%d