Consumers view health and wellness as an “important” spending category, Accenture study finds

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Consumers view health and wellness as an “important” spending category, Accenture study finds


The study shows that companies dealing with consumers must respond to the redefined consumer priorities

new york; September 7, 2022 – Despite financial uncertainty, consumers are unwilling to cut back on their health and wellness spending, according to the latest in a series of consumer surveys to test Accenture (NYSE: ACN ). Consumer Attitudes and Sentiments Since the Pandemic.

of survey – More than 11,000 consumers in 16 countries – Even in the face of widespread uncertainty and personal financial difficulties, consumers are viewing health and fitness as “essential” alongside groceries and household cleaning products. Although two-thirds (66%) of survey respondents said they feel financially strapped, 80% said they plan to keep or increase their spending in health and fitness-related areas — such as exercise classes or vitamins and supplements — next time. year.

“Despite the challenging times, it’s clear that people are identifying health and wellbeing as an essential good and plan to maintain or increase their spending this year,” said Oliver Wright, senior managing director. Who leads at Accenture Consumer goods and services Industry practice worldwide. “The health and wellness market is expected to grow 1 trillion dollars In the year By 2025, companies facing global spending, consumers will need to take into account changes in consumer priorities when designing new offerings and access cross-industry knowledge and scientific and technological breakthroughs.

Rich Birhanzel, Senior Managing Director and Head of Accenture Health Industry Practice Globally, “People’s desire to take more control of their health and well-being is increasing. It is important for the healthcare industry to explore and partner with consumer-facing companies to continue to improve access, experience and outcomes for people and their healthcare journey.

The survey suggests that respondents seem to be taking a more holistic view of health, which is more than just a consumer staple. More than four in 10 respondents (42%) said they were increasing their amount of physical activity, and a third (33%) of respondents said they were paying more attention to self-care – such as bathing. or beauty treatment – than a year ago.

Despite rising travel costs, the survey found that half (51%) of consumers plan to maintain or increase their spending on leisure travel in the next year – perhaps not surprisingly, given the well-known safety benefits associated with vacations. Additionally, two in five (39%) of high-net-worth consumers booking travel in the next 12 months took a luxury trip or wellness retreat. Among millennials, one in five (21%) are scheduled to go on a wellness retreat this year. Additionally, one-third (33%) of all survey respondents said they are willing to sacrifice spending on non-essential household products or electronics.

Emily Weiss, Senior Managing Director and Director at Accenture road trip Industry practice worldwide states, “Focusing on personal safety is not necessarily new, but it is now a more non-negotiable and important factor for consumers to enjoy, even as many people feel financial pressure. There is a huge opportunity for travel and consumer-facing companies to enter into eco-partnerships and offer local communities different experiences because wellness tourism today is more than a destination or an activity – it is an extension of values ​​and lifestyles. the traveler”

While the survey identifies where and how consumers prioritize, it’s important for businesses to understand the context in which purchasing decisions are made. As stated recently Emphasis report“,The Human Paradox: From Customer Centricity to Life CentricityBalancing the purpose and functionality of a purchase is becoming increasingly difficult for consumers, with nearly two-thirds (64%) looking for companies to respond quickly by offering new offerings to meet their changing needs. Only by understanding context can businesses have the right strategy to offer the most relevant brands, products or services.

“By staying abreast of consumer trends and moving quickly to respond to them, retailers and brands can harness the impact of consumer commerce,” said Jill Standish, Accenture’s senior managing director, who leads the firm. retail Industry practice worldwide. “While there are undeniable headwinds, retailers are always good at innovating to solve problems, and innovation will be vital to creating new levels of value, reducing costs and doing what’s right for society and the planet. It requires exceptional collaboration, commitment and consumer engagement – ​​not to mention technology and business innovation based on insights from trusted data sources.

You can explore our new thought leadership app, which provides a personalized feed of all our latest reports, case studies, blogs, interactive data charts, podcasts and more. Visit http://www.accenture.com/foresight

About research

Accenture’s Consumer Pulse Survey 2022 provides insights into consumer attitudes, sentiment and behavior. This year’s survey is relevant to all consumer industries, but focuses on consumer goods, retail, travel and health. Accenture surveyed a representative sample of 11,311 consumers from Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Singapore, Spain, Sweden, the United Arab Emirates, the United Kingdom, the United States and Vietnam. The survey was conducted online and targeted consumers who had made purchases for their family in the past six months. Respondents were evenly distributed across gender and age groups. The study was conducted in It is between February 7th and 15th. This was supplemented by an additional consumer survey conducted between April 7 and 25, which included 10,085 respondents from eight countries in the original survey: Canada, China, France, Germany, India, Italy, the UK and the US.
The survey findings are reported by Accenture b Retail Industry.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and unique capabilities across more than 40 industries, we deliver strategy and consulting, technology and operations services and Accenture Anthem – all powered by the world’s largest advanced technology and intelligent operations centers. Our 710,000 people deliver on the promise of technology and human ingenuity, serving customers in more than 120 countries every day. We embrace the power of change to create value and shared success for our customers, people, shareholders, partners and communities. Visit us at accenture.com.

 

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Contacts:

Alex Vujanic
Emphasis
+44 7500 974 814

aleks.vujanic@accenture.com

Tara Burns
Emphasis
+44 7850 435 158

tara.burns@accenture.com

Copyright ©2022 Accenture. all rights reserved. Accenture and the logo are registered trademarks of Accenture.




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