Most consumers planning new wellness and fitness purchases, says PA report

The article notes that over three-quarters (78%) of consumers are planning to purchase new wellness and fitness products or services by 2025, according to a recent report from PA Consulting. The innovation specialist surveyed 4,000 consumers across the US and UK in January 2024.

Over a quarter (27%) plan to spend more on health, fitness, and wellness in 2024 than last year, with nearly three-quarters (71%) willing to spend $100 or more.

The top three subscriptions and services consumers plan to invest in are health tracking apps, physical therapy, and healthy food and nutrition subscriptions. The top products cited by respondents were home exercise equipment, sleep and relaxation products, and smart scales.

As with virtually every category, consumers are worn down by persistent inflation of prices. One in 2 respondents said wellness offerings should be more affordable.

The PA report also found that American and British consumers are unsatisfied with their current health results. Only half (50%) rate their physical health as “good” and less than half are satisfied with their current sleep quality/quantity (45%) and diet/nutrition (47%).

As such, consumers would like more personalized solutions, and they’re willing to give up their data for it. Nine in 10 consumers want a personalized wellness and fitness product or service, and a majority (57%) would share personal fitness and health data in exchange. Two-thirds want personalized vitamins and supplements (67%), a tailored nutrition plan (66%), or a tailored exercise plan based on their sleep quality and quantity (65%).

David said: “The global wellness economy is booming across all sectors as people prioritize healthier choices, and consumer spending is on the up. However, we’re seeing a clear disconnect between most people’s desire for improvement, and their real-world experiences. Our research points to an opportunity for leaders in the wellness space to offer more ‘stackable’ products, services, and experiences, which are better tailored to individuals’ needs and integrate more seamlessly with their day-to-day lives. Brands that can offer more hyper-personalized solutions – whilst addressing consumer concerns around trust, inclusivity, and affordability – will be best-placed to reap the long-term rewards.”