Wellness: Consumer Spending

Goals

To determine the size of the overall consumer wellness industry in the US and the following sub-industries: Fitness/Mind & Body, Healthy Eating/Nutrition/Weight Loss, and Preventative/Personalized Medicine. To determine how much US consumers typically spend in these categories each year, ideally broken down by age.

Early Findings

Overview

  • A survey carried out showed that on average, people in the US spend about $155 a month on their health and fitness.
  • According to a My Protein report, approximately $33 is spent on gym memberships, $56 on health supplements, $35 on clothing and accessories for working out, $17 for healthy meal plans, and $14 on trainers.
  • Millennials prefer specialized classes, rather than a general gym membership such as cross-training and yoga.
  • The global wellness market has an estimated worth of $3.4 trillion. This is three times higher than the worldwide pharmaceutical industry: $1 trillion.
  • According to a Les Mills research, Gen Zers constitute 38% of gym membership globally. This age group is the most active with 87% working out at least three times a week.
  • 43% of Gen Zers work out at home, 65% use fitness apps, and 28% use wearables to track their routines.

Proposed next steps:

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