Mindfulness and Millennials
After conducting an extensive search on how mindfulness has changed how millennials act, we established that 50% of millennials buy from companies that promote their beliefs. We also established that millennials are mindful of what they eat, and they demand foods that are fresh, local, and organic.
HOW MINDFULNESS, AS A LIFESTYLE, has CHANGED HOW MILLENNIALS ACT
Around 42% of millennials meditated at least once last year. Millennials are seeing the benefits of mindfulness meditation. Meditation has become mainstream and studios across the nation have been set up for this purpose.
Meditation lessons cost around $72 per hour. The price ranges from $25 to $300 per hour. A meditation application called Insight Timer has 2 million users. It has been observed that meditators spend about 50,000 hours using the app every day. Mindfulness meditation is a natural remedy for headaches, depression, anxiety, and chronic pain.
This industry represents 7.4% of the $15.1 billion alternative care market in the United States. The leading wellness applications had an increased revenue of 170% globally in the first quarter of 2018 over the first quarter of 2017. There was a 167% increase in the United States. Millennials are more conscious of self-care and explore the internet to find information on the same.
As shared by Chime Bank, there is a lady who used the Mindful Meditation application to curb her stress spending habits and was able to refocus her goals, slow down and adjust her spending and saving patterns. Millennials spend money on healthy social alternatives which include hosting fitness parties like yoga and high-intensity workouts.
Millennials believe that as consumers they should have an influence on how a company operates. Millennials tend to be loyal to a brand when they feel the company is listening to them. Around 50% of millennials buy from companies that promote their beliefs.
Companies need to be in-line with what millennials care about for them to successfully market to a cause-driven generation. Millennials buy from brands that support environmental issues and does not pollute the environment during manufacturing. Mindful spending constitutes the value of self and focuses on what the buyer loves. Mindful spending supports fair industry practices in the world.
Millennials prefer buying preowned clothing at resale stores. This could be because they practice mindful spending and believe in sustainable living. Recycling of clothes is a way of doing so. Millennials believe that resale stores have a sense of community, which they support. Millennials manage a balanced lifestyle by purchasing used clothes.
The resale market will grow from the current $20 billion to $41 billion by the year 2022. This is according to ThreadUP, an online resale website for clothing. By achieving this, the resale market will outdo the current fashion market.
Eileen Fisher, a conscious capitalist, and a clothing designer introduced a new type of retail store that features artists, clothing recycling and mindful workshops. Eileen Fisher's brand, Making Space, is a certified B Corporation. This implies that it meets high standards for transparency, accountability, social performance, and environmental care. Her recycled collections are created from worn clothes. The clothes are refashioned into new clothes or used to make new items like pillows.
Millennials are revolutionizing the food industry by demanding fresh, local, and organic foods. Millennials are a powerful purchasing group. Mindful shopping among millennials helps to save money and results in less waste since buying packaged food products is reduced. M
indfulness pushes millennials to buy unwrapped products or products in materials that can be recycled. Mindful shoppers look out for ethical food production and sustainable options. They review ingredients lists and are mindful of healthy eating practices. Millennials pay attention to whether the food they are consuming is organic or not.
MINDFUL AND WELLNESS AD CAMPAIGNS
CVS started a campaign named "Snacks That Give Back" in the year 2017, where more than 30 products were promoted. These products were from companies that promoted fair labor practices, sustainability, and charitable courses. CVS promotes healthy living and has run campaigns before that promoted vegan snacks, raw snacks, and paleo. The company plans to continue promoting healthy food products. CVS rebranded itself and instead of just focusing on sick care, it now focuses on wellness and health.
Millennials are also known as the self-care generation and clean lifers because they are known to practice healthy habits. They are also informed shopped. CVS stores sell health items like diagnostic scales, digital trackers, wireless thermometers, active-nutrition supplements, and holistic solutions. They also have educational displays.
The company motto for CVS is "helping people on their path to better health." Self-care products are selling three times faster than sick care products. CVS has been tracking this trend that is becoming mainstream and growing faster. Millennials looking for wellness products are promoting this trend. Millennials affect this trend as they have more buying power.
Instead of packaging water in plastics, Boxed Water packages water for sale in cardboard packaging which is recyclable and environment-friendly. The cardboard packaging is made from managed forests. They are useful in reducing the company's carbon footprint. Boxed Water ran a campaign on Twitter in order to popularize its product. For every tweet with the hashtag #ReTree, Boxed Water planted a tree. A total of 612,567 trees was planted. Boxed Water was launched in the year 2009.
The company sold four cases of water in Grand Rapids. The company has spread and it now has over 200 points of distribution and also sells on Amazon. Boxed Water has launched a website to help environment-conscious customers find its products easily. The general market size of Boxed Water has doubled in the past 2 years and it's now at $4.5 million. The boxed water market is growing at a faster rate than the plastic water bottle market.
Boxed Water prides in the convenience of having bottled water. Boxes are environmental-friendly and promote a healthier lifestyle. Boxes used by Boxed Water originate from well-managed forests. The trees are replanted once they are harvested. This offsets the carbon footprint of the company. Research has established that people that exercise mindfulness are aware of their environment since they are interested in healthier options and staying healthy.