The trend: Younger generations continue to prioritize wellness more than older consumers and are purchasing products across a range of health and well-being categories, according to McKinsey’s recently published Future of Wellness survey of more than 9,000 consumers across China, Germany, the US, and the UK.
Digging into the findings: About 30% of Gen Zers and millennials in the US are focusing “a lot more” on wellness now than a year ago. Older people also prioritize wellness more than last year (up to 23% depending on the generation), but less so than younger folks.
- All age groups spend similar amounts on essential OTC health products like oral care or cold and cough medications.
- But younger consumers spend more on discretionary wellness items, such as health-tracking devices like wearables, mindfulness apps, and self-massage tools.
- And older generations are more likely to focus on the basics, including vitamins and eye care products, but spend less on most discretionary wellness categories.
Key stats: Gen Zers and millennials make up about 36% of the US adult population but account for around 41% of annual wellness spend in the country, per McKinsey. That compares with consumers ages 58+, who make up nearly the same amount of the population (35%) yet drive 28% of the US’ wellness spending.
Zooming out: Wellness content is becoming more prevalent on social media, particularly for younger consumers.