The pandemic seems like a distant memory today, but it led many people to think differently about what it means to be healthy and happy. People became more conscious of their health, welfare, and overall appearance. As a result, they turned to beauty and wellness products to enhance their physical and mental state.
Many people sought solace in self-care routines, including skincare, meditation, and exercise. Beauty and wellness products became essential tools for managing stress and maintaining a sense of normalcy during a time when many people's uncertainty and anxiety were at an all-time high.
The Evolution of Beauty and Wellness: From Luxury to Essential
Fast-forward to 2024. The Beauty, health, and wellness industry continues to grow, and this comes from its evolution of what consumers consider essential. What used to be considered a treat is now seen as a daily necessity.
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Whether it’s a Daily SPF or a meditation app, people will continue to spend money on these products despite economic uncertainty, especially if it will improve their quality of life and make them feel good about themselves.
Despite the turbulence in the economy, there is still evidence that people are continuing to spend on products and services that improve their daily routines. This can be seen not just in sentiment but also in the recovery of the Health and Beauty industry from the cost-of-living crisis and drop in spending seen in 2023.
The Holistic Approach: Physical, Mental, and Emotional Wellness
Today's well-being extends beyond physical health. Mental and emotional wellness are equally important. Health and wellness products now play a crucial role in achieving overall balance and resilience. People are no longer waiting for illness to strike; they're prioritising prevention with supplements, vitamins, and skincare, adopting proactive measures to stay healthy.
One brand perfectly tapping into this shift is Calm. As a leading mental health brand, Calm has become a staple in many daily routines. Their #1 app for sleep, meditation, and relaxation has over 150 million downloads and counting.
Michael Acton Smith, co-founder of Calm, explains the secret to its success:
Gen Alpha and the Skincare Revolution
Although generations with disposable income are an important driver for the growth in the health and wellness industry, the growth in skincare marketing, which is “expected to grow at an annual rate of 3.33% from now in 2024 to 2028” can also be attributed to the power of Gen Alpha. Skincare has become a growing market for this younger generation, who use social platforms like TikTok to find the latest must-have products in the skincare market.
A brand that has made the most out of Gen Alpha's love of skincare is Bubble, a brand with super fun packaging and branding geared towards the tween and teen market. Bubble also aims to offer teens skincare options that go beyond typical drugstore brands and are more accessible than expensive luxury products. It bridges the gap, catering to the skincare needs of this age group.
Bubble, as a brand also beautiful, delivers its brand ethos to emphasise the importance of Skincare and self-care, reflecting overall changing attitudes to mental health, wellness and self-care across all generations and lifestyles. As Bubble states in the About Me section of its website:
To wrap it all up
Although we do not know what the future holds with inflation and the economic environment, what we do know is constant: People's health, wellness, and beauty are priorities in their daily routines, no matter their lifestyle. They continue to spend on products they know contribute not just to their health but also to their happiness.
As we've seen, the pandemic has accelerated many of these trends, turning luxuries into necessities and bringing wellness to the forefront of consumer consciousness. From the rise of mental health apps like Calm to the growing influence of Gen Alpha on the skincare market, the beauty and wellness industry is evolving rapidly to meet changing consumer needs and expectations.
As consumers become more educated and discerning, transparency, sustainability, and ethical practices will likely play an even larger role in purchasing decisions. The question remains: How will the industry continue to innovate and adapt to meet these evolving consumer demands while navigating economic uncertainties?
One thing is clear: The future of beauty, health, and wellness is not just about looking good – it's about feeling good, inside and out.
Other links to check out
https://cosmeticsbusiness.com/gen-alpha-is-the-skin-care-industry-s-newest
https://cosmeticsbusiness.com/bubble-enters-uk-heating-up-the-battle-for
