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New trend report: The Well Economy
The future of wellbeing, from the consumer to the business of health.
The Well Economy, the newest trend report from the Innovation Group, comes at a time when the definition of “wellness” is expanding rapidly.
Consumers today make wellness a top priority. As health factors into more everyday decisions and purchases, sectors from retail to beauty are taking cues from wellness branding to realign with consumer priorities. At the same time, technology is driving unparalleled changes in healthcare, creating a storm of disruption in the $3 trillion US healthcare industry.
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What does it mean to be well? How are health and wellness brands evolving? And most importantly, how can brands reach consumers in this space?
To present a full picture of innovation in health, The Well Economy includes exclusive interviews with experts in both healthcare and lifestyle industries. Findings are supported by original data from a survey of 1,007 US consumers conducted by SONAR™, J. Walter Thompson’s proprietary research tool.
Key findings from the report include:
- 77% of consumers associate “health” with their physical condition, but nearly as many (75%) include mental health as well
- Millennials look outside of the pharmacy for treatment, preferring non-medicinal options (59%) to over-the-counter (55%)
- Consumers welcome leadership from Silicon Valley: 75% of respondents think startups could improve health insurance
- Just 37% of consumers would trust consumer brands with their DNA information—but 47% are interested in future treatments involving gene editing
Regardless of political uncertainties, consumer expectations—for intuitive ways to communicate, on-demand services, and rapid responses to concerns—are evolving rapidly with technological innovation. As the definition of wellbeing expands, brands will have to work to earn trust and become partners in health for consumers and patients alike.
Download the full report here.
