To understand the mindfulness space in terms of demographics, key players, and market size in order to help devise a market research survey
- Our research showed that the demographics most interested in mindfulness practice are well-educated. Given that those that are well-educated are also top earners, the demographic is also likely to be affluent.
- According to a peer-reviewed paper, "men were half as likely as women to engage in any practice, and lower engagement was found among non-Hispanic blacks and Hispanics."
- In addition, a similar study into the demographics and attitudes of meditators found that "meditators were more likely than nonmeditators to be middle-aged, white, female, college-educated, and living in the Western United States."
- "Meditators were more likely than nonmeditators to be middle-aged, white, female, college-educated, and living in the Western United States."
- About 9.3 million Americans meditate and the market is worth more than $1 billion.
- "The value of the meditation market is set to double from $1.2 billion in 2017 to $2 billion by 2022"
- More people in the US are moving towards mindfulness practice and the number of people practicing meditation in the US has tripled since 2012.
Proposed next steps:
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Our preliminary research shows that data on the mindfulness market such as data on demography and market size are available. Although we were unable to cover other aspects of the requests such as brands in the space, competitive landscape and trends, data found suggests that the data are likely to be available. Based on this, we propose dedicating additional research into the following:
1) Additional research to find more demographic breakdown of the industry, including the number of people moving towards mindfulness activities such as meditation.
2) Further research in the market size, including data on how much money are consumers currently spending on this type of apparel & lifestyle and how the market is expected to grow.
3) Research into the mindfulness products currently generating lots of interest or that are trending and the brands leading the space in the supply of those products.
4) The top 5 brands in mindful apparel industry other than Spiritual Gangster.
5) The top 5 brands offering mindful lifestyle products
6) Future Trends in the mindfulness industry.
7) A competitive landscape of the top brands identified in the industry. We can cover 2-3 brands in each competitive landscape so the competitive landscape of the top 5 mindfulness apparel brands and top 5 mindful lifestyle product brands will require a total of 4 requests.