Gen Z Consumer Perceptions Will Shape the Wellness Product Market

by MarketSource

 

Gen Z Consumer Perceptions Will Shape the Wellness Product Market

Gen Z consumers, in particular, are likely to embrace wearables at an increasing rate throughout 2021 and beyond. Retailers and marketing teams will need to differentiate these consumers from millennials, who are approaching middle age and participating in emerging tech markets with less frequency.

Gen Z is the largest generation in America—comprising a full 40% of all U.S. consumers going into 2021. Estimated to hold some $143 billion in spending power and $300 billion of influence over indirect spending in the U.S. alone, brands will miss out significantly if they aren’t quick to move into this demographic. Ericsson reports that 23% of new wearables users are aged 15-24.

Born between 1997 and 2001, Gen Z is a generation that has never known a world without smartphones and social media, which are near-ubiquitous among these consumers. However, 67% of Gen Z consumers prefer brick-and-mortar shopping experiences.

This figure has surely been impacted by the COVID-19 pandemic, but industry leaders expect this preference to remain intact. It may seem counterintuitive to prioritize brick-and-mortar in 2021, but wellness brands that want to connect with a generation willing to pay a premium for their products will need to consider this approach.

To appeal to Gen Z consumers, new product developers should consider a holistic approach as they design wearables and other health and wellness tech. This generation takes a big-picture view of their health, where physical fitness, healthy eating, and mental well-being all play significant roles.

It’s not surprising given the tumultuous world events over the past year that 72% of Gen Z respondents said managing stress and mental health is their most important health and wellness concern.

Wellness brands can also make inroads with the Gen Z market by acknowledging that 80% of these consumers have a sense of spirituality and believe in some kind of cosmic power. Creative tech product applications that are able to bring responsive modern devices together with spirituality, mindfulness, and connectedness are likely to resonate with this demographic.

Topic: Retail

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