Consumers See Health and Well-being as “Essential” Spend Category, Accenture Survey Finds
Research highlights consumer-facing corporations want to reply to redefined shopper priorities
NEW YORK; Sept. 7, 2022 – Despite monetary uncertainty, shoppers aren’t prepared to scale back the quantity they spend on well being and well-being, in keeping with the newest in a collection of shopper surveys that Accenture (NYSE: ACN) has been conducting to check the heart beat of shopper outlook and sentiment for the reason that begin of the pandemic.
The survey — of greater than 11,000 shoppers in 16 nations — discovered that even within the face of widespread uncertainty and private monetary strains, shoppers are contemplating well being and health to be an “essential,” alongside groceries and family cleansing merchandise. Even although two-thirds (66%) of survey respondents mentioned they really feel squeezed financially, 80% additionally mentioned they intend to keep up or improve their spend on areas associated to well being and health — such as train courses or nutritional vitamins and dietary supplements — within the subsequent 12 months.
“Despite hard times, it is clear that people have redefined health and well-being to be an essential good and plan to maintain or increase their spend in this area this year, regardless of income levels,” mentioned Oliver Wright, a senior managing director at Accenture who leads its Consumer Goods & Services trade observe globally. “With the health and wellness market expected to increase to more than $1 trillion in spend globally by 2025, consumer-facing companies must tap into cross-industry expertise and scientific and technological breakthroughs while also considering consumers’ changing priorities when designing new offerings.”
Rich Birhanzel, a senior managing director at Accenture and head of its Health trade observe globally, mentioned, “People’s desire to take more control of their health and well-being is only increasing. It’s vital for the healthcare industry to continue to explore and partner with consumer-facing companies to improve access, experience and outcomes for people and their healthcare journeys.”
The survey additionally discovered that respondents appear to be taking a extra holistic view of wellness, reframing it as rather more of a shopper staple. In addition to greater than 4 in 10 respondents (42%) saying they’re rising the quantity of bodily exercise, one-third (33%) of respondents mentioned that they’re extra centered on self-care — such as indulging in a shower or magnificence therapy — than they had been a 12 months in the past.
Even with rising journey prices, the survey discovered that half (51%) of shoppers additionally plan to keep up or improve their spend on leisure journey within the subsequent 12 months — maybe not shocking contemplating the well known well-being advantages related to a trip. Furthermore, of the high-income shoppers who’ve booked a visit over the subsequent 12 months, two in 5 (39%) have booked a luxurious journey or wellness retreat. Among millennials, one in 5 (21%) booked to go away to a wellness retreat this 12 months. In addition, one-third (33%) of all survey respondents mentioned they’re prepared to sacrifice spending on non-essential family merchandise or electronics in order that they will afford to journey.
Emily Weiss, a senior managing director at Accenture who leads its Travel trade observe globally, mentioned, “While the focus on personal well-being is not necessarily new, it is now less an indulgence and more of a non-negotiable essential for today’s consumers, even at a time when many are feeling financial pressures. There is a huge opportunity here for travel and consumer-facing companies to tap into ecosystem partnerships and the local communities to offer differentiated experiences since wellness tourism today is about much more than the destination or activities — it is an extension of the values and lifestyle of the traveler.”
While the survey recognized the place and how shoppers are prioritizing spend, it can be crucial that companies perceive the context during which these buying selections are made. According to a current Accenture report, “The Human Paradox: From Customer Centricity to Life Centricity,” it’s turning into more and more troublesome for shoppers to stability objective and practicality of their purchases, with almost two-thirds (64%) wishing that corporations would reply sooner with new choices to fulfill their altering wants. Only by understanding the context will companies have the precise technique to supply essentially the most related manufacturers, services or products.
“Retailers and brands can manage the impact of the evolving consumer trade-offs by staying close to consumer trends and pivoting quickly to respond to them,” mentioned Jill Standish, a senior managing director at Accenture who leads its Retail trade observe globally. “While there’s an undeniable headwind, retailers have always been good at innovating to solve problems, and innovation will become increasingly important to create new levels of value, drive down costs, and do the right thing for society and the planet. It calls for extraordinary levels of collaboration, commitment and consumer engagement — not to mention technology and business innovation that is grounded in insight from reliable data sources.”
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About the Research
Accenture’s Consumer Pulse Survey 2022 affords insights into shopper outlook, sentiment and behaviors. This 12 months’s survey is related to all shopper industries however is targeted on shopper items, retail, journey and well being. Accenture surveyed a consultant pattern of 11,311 shoppers from 16 nations: Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Singapore, Spain, Sweden, United Arab Emirates, the U.Ok., the U.S. and Vietnam. The survey was performed on-line and focused shoppers who’ve made purchases for his or her family prior to now six months. Respondents had been break up evenly throughout gender and age group. The survey was performed between Feb. 7 and 15. This was supplemented with a further shopper survey, performed between April 7 and 25, which included 10,085 respondents from eight nations within the unique survey: Canada, China, France, Germany, India, Italy, the U.Ok. and the U.S.
Findings of the survey are offered in an Accenture report for the retail trade.
About Accenture
Accenture is a world skilled providers firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations providers and Accenture Song — all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 710,000 folks ship on the promise of know-how and human ingenuity daily, serving purchasers in additional than 120 nations. We embrace the ability of change to create worth and shared success for our purchasers, folks, shareholders, companions and communities. Visit us at accenture.com.
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