Consumers are not willing to reduce the amount they spend on health and well-being despite financial uncertainty, claims a new consumer research by Accenture.
A survey – of more than 11,000 consumers in 16 countries – found that even in the face of widespread uncertainty and personal financial strains, consumers are considering health and fitness to be an “essential,” alongside groceries and household cleaning products. Even though two-thirds (66 per cent) of survey respondents said they feel squeezed financially, 80 percent also said they intend to maintain or increase their spend on areas related to health and fitness – such as exercise classes or vitamins and supplements – in the next year.
“Despite hard times, it is clear that people have redefined health and well-being to be an essential good and plan to maintain or increase their spend in this area this year, regardless of income levels,” said Oliver Wright, a senior managing director at Accenture who leads its Consumer Goods & Services industry practice globally.
“With the health and wellness market expected to increase to more than $1 trillion in spend globally by 2025, consumer-facing companies must tap into cross-industry expertise and scientific and technological breakthroughs while also considering consumers’ changing priorities when designing new offerings.”
Rich Birhanzel, a senior managing director at Accenture and head of its Health industry practice globally, added, “People’s desire to take more control of their health and well-being is only increasing. It’s vital for the healthcare industry to continue to explore and partner with consumer-facing companies to improve access, experience and outcomes for people and their healthcare journeys.”
