Health and wellness brands need to capitalise on consumer spending. Credit: Ekaterina Pokrovsky via Shutterstock.

PR firm 5WPR has released its annual report on consumer culture, finding that health and wellness have matched electronics and technology as the top two splurge categories for 2000 US consumers.

This marks the third consecutive year in which health and wellness fall into the top two categories where consumers show interest in splurging. Levels of interest were 52% – a notable 9% increase over 2023’s report.

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Health and wellness segments include well-being, vitality and balance, moderation, guided health, weight management and fitness.

GlobalData analysis shows that the key trend drivers impacting the health and wellness industry include increased health awareness, interest in preventative healthcare and the continued fallout from the Covid-19 global pandemic.

Generational segments in health and wellness retail

The 5WPR report found that health and wellness is the number one splurge category for individuals aged 45-44 (62%) and for those 65 and above (45%).

Gen-Z respondents, aged 16-24, not only want to prioritise their health and wellness but how they look and feel, as indicated by respondents’ revealing that health and wellness make their top two splurge categories (59%) followed by beauty and personal care (57%).

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Both categories are among the top industries on which Gen-Z plans to spend disposable income (32%) in 2024.

To capitalise on the popularity of health and wellness, retailers can use artificial intelligence to automate research and development and personalise products.

5WPR co-CEO Dara A Busch commented: “Brands in the health and wellness industry should be excited. Consumers want to invest in themselves, and insights re-inforce the need for brands to have clear messaging around brand and product value to drive sales. Now is the time for companies in the industry to double down on their communications efforts as consumers are in the market and ready to spend.”