The wellness economy is worth US$4.5 trillion and is growing at twice the rate of the wider economy, says Ogilvy in its Wellness Gap study. Some 77 percent of those surveyed said that wellness is very or extremely important to them.
Indeed, some 73 percent of consumers believe that brands should have a wellness strategy as part of their core mission and are prioritizing wellness when they shop, Ogilvy found after questioning 7,000 consumers across 14 countries.
However, brands are failing to deliver on wellness benefits – with 79 percent of skin care shoppers stating that wellness is a priority, but only 64 percent believing that brands are fulfilling their needs on the wellness front.
“Consumers are looking for the full wellness experience from brands that empower them to be their own beauty therapist,” reads the report. Ogilvy says that the lag between demand and supply has created a wellness gap, be it availability, authenticity or value, which brands need to address, stat. Brands must accelerate growth and innovation by becoming customer partners in navigating their wellness journey