Part
01
of five
Part
01
Wellness: Consumer Spend
US consumers aged 35-55 spend approximately 1.459% of their income on wellness.
Consumer spend on Wellness
- 69% of Gen X women and 60% of men stated that they are interested in products that are designed to improve their health. Additionally, 59% take supplements regarding general wellness, and 56% stated they eat functional foods.
- 28% of Gen X women buy natural health products.
- Moreover, 66% of Gen Xers spend on participating in activities which improve their wellbeing.
- Gen Xers spend an annual of $3.5 billion on gym membership. The average spend on spa visits is $80 per visit for Gen Xers.
- According to a survey, across all generations, those that take nutritional supplements spend the following amounts: $433 on vitamins and $202 on sports nutrition products. This is a total of $635 on nutritional supplements each year.
- Gen Xers devote 1.3% of their income to personal care (including beauty and personal care products, and personal care treatments outside of the spa) each year.
Research methodology
Gen Xers are currently between the ages of 38 and 53, and as such follow closely the criteria of focusing on consumers aged 35 – 55. For this research, we focused on Gen X consumers in the US.
Wellness industry is defined to consist of personal fitness, personal care, spa, and nutrition products. Our triangulation follows these categories to calculate the overall wellness spend.
In order to calculate the average spend on spa visits per year, we used the following data:
- The average spend on spa visits is $80 per visit for Gen Xers.
- There are 66 million Gen Xers in the US.
- There were 187 million spa visits in 2018 (in the US) and there are 327 million people living in the US. It follows that the average number of visits to the spa per person in the US was 0.57 (187 million/327 million).
- The total spend on spa visits for Gen Xers is then: $80 x 0.57 x 66 million = $1,881,000,000 ($1.9 billion)
In order to calculate the average spend on nutrition products, we used the following data:
- Those that use nutritional supplements spend total of $635 on nutritional supplements each year.
- 71% of Gen Xers use nutritional supplements regularly.
- There are 66 million Gen Xers in the US.
- The total spend on nutritional supplements for Gen Xers is then: 0.71 x 66 million x $635 = $29,756,100,000 ($29.76 billion)
All together, we triangulate as follows:
- The total spend on nutritional supplements for Gen Xers is $29.76 billion.
- The total spend on spa visits for Gen Xers is $1.9 billion.
- Gen Xers spend an annual of $3.5 billion on gym membership.
- Together this amounts to: $29.76 billion + $1.9 billion + $3.5 billion = $35.16 billion (annual spend on nutritional supplements, spa, and gym).
To calculate the spend on nutritional supplements, spa, and gym as part of the total spend by Gen Xers, we triangulate as follows:
- Gen Xers spend $22 trillion annually.
- The spend on nutritional supplements, spa, and gym as part of the total spend: $35.16 billion / $22 trillion = 0.159%.
The total spend on wellness as part of the overall spend can be calculated as:
- 0.159% (spend on nutritional supplements, spa, and gym) + 1.3% (personal care spend) = 1.459%.