Five Trends Shaping Consumer Health & Wellness in 2024

McKinsey’s latest Future of Wellness research outlines five pivotal trends shaping the consumer health and wellness space in 2024, based on a survey of over 5,000 consumers across China, the United Kingdom, and the United States. These trends not only reflect evolving consumer preferences but also highlight significant opportunities for companies operating within this sector. Here’s a brief summary of each trend:

Health at Home

The pandemic has significantly increased the adoption of at-home diagnostic kits, with a notable interest in tests for vitamin and mineral deficiencies, cold and flu symptoms, and cholesterol levels. Consumers value the convenience, speed, and frequency of testing these kits offer. In China, a substantial number of consumers have replaced traditional in-person healthcare appointments with these tests, though hesitancies remain due to concerns over cost, the desire for in-person doctor visits, and test accuracy. Companies can capitalize on this trend by adjusting pricing, enhancing consumer feedback loops, and integrating advanced analytical tools like generative AI for personalized test result interpretations.

A New Era for Biomonitoring and Wearables

The use of wearable devices has become widespread, with innovations such as biometric rings and continuous glucose monitors offering detailed health insights. The growing consumer engagement with these devices, alongside a willingness to adopt new wearable technologies, suggests an expanding market. However, opportunities exist in areas like nutrition, weight management, and mindfulness, where wearables are less prevalent. Companies should ensure data privacy, minimize the need for manual data entry, and provide clear, actionable insights to meet consumer expectations.

Personalization’s Gen AI Boost

There’s a growing consumer preference for personalized products and services, especially among millennials. The integration of biometric data and generative AI technologies is enabling more precise personalization in health and wellness products. Companies can leverage these technologies to enhance their offerings, potentially through partnerships that utilize gen AI for tailored wellness recommendations.

Clinical Over Clean

Consumers are increasingly prioritizing clinically proven ingredients over clean or natural labels in their wellness products. This shift is most evident in the demand for over-the-counter medications and supplements. Companies may need to adjust their product formulations or marketing strategies to emphasize clinical effectiveness. Securing third-party certifications and endorsements from healthcare professionals can also enhance a brand’s credibility and appeal.

The Rise of the Doctor Recommendation

Amid the plethora of wellness information sources, recommendations from healthcare providers have regained prominence. Doctor endorsements are particularly influential in decisions related to mindfulness, sleep, and overall health products. Companies should carefully consider their communication strategies, potentially focusing on doctor recommendations for products in certain categories, while leveraging other influencers and social proof in different segments.

Each of these trends not only reflects the current consumer landscape but also offers strategic direction for companies aiming to thrive in the evolving health and wellness industry. Businesses that adapt to these trends by innovating their product offerings, enhancing personalization, and emphasizing clinical credibility are likely to find greater success and connection with their target markets.

Share

Need help with a project?

Let’s talk.