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Innovations in supplements and devices propel the wellness industry
By: Melissa Meisel
May 1, 2024
From cold plunges to red light therapy, the $1.8 trillion global consumer wellness market is thriving. McKinsey estimates that the US wellness market is worth $480 billion, and growing 5-10% a year. Eighty-two percent of US consumers now consider wellness a top or important priority in their everyday lives, which is similar to what consumers in the UK and China report—73% and 87%, respectively. Gen Z and millennial consumers hold wellness in even higher regard; they’re purchasing more wellness products and services than older generations. Kline finds that opulence for all ages is a key driver in the wellness space. The trend of celebrating inner happiness through physical beauty is being driven by consumers seeking a luminous appearance as a means of radiance for indulgence and luxury in self-care and beauty routines, said the market research firm in its 2024 Beauty & Wellbeing Trend report. Happi rounded up the latest and greatest trends hitting the wellness space right now.
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