Rising self-care industry trends and their impact on marketing and retailers
Rise of self-care and wellness trends, consumer psychology and what it means for retailers
Self –care, wellness and awareness has become a popular trend in the recent years. In fact, the 2010’s is the decade that the concept of self-care and awareness about mental health went mainstream. The popularity of this trend steadily rose. The pandemic has added to this popularity with more people finding their true calling and respecting their emotional and mental health along with career and physical health. People are attuned to their emotional wellness, which has led to a rising interest in areas of personal development and well-being. This has affected the retail industry to great lengths.
According to Google, the search for ‘self-care’ rose tremendously in past 5 years, but it sky rocketed during the pandemic. Between 2019 and 2020, the search trend for Google showed a 250% increase in searches related to self-care.
What is self-care?
We can define self-care as something people undertake, to help them live a healthy and sustainable life. Experts define eight areas of application mainly, - physical, physiological, environmental, social, emotional, professional, financial, and spiritual. These contribute to a holistic process that each individual uses in his own way to live a happy life.
Why the hype?
People have their faith invested in the importance of self-care and making healthier life choices, which lead to a positive impact on their overall well-being and life balance. They are coping with anxiety and stress in different ways, which refer to as self-care. The past saw many indulging in joy and escapism as part of self-care routine. Things like travel, indulgence, surprises, etc. With time, now, this concept has evolved to slowing down and mindful living.
How it has shaped the consumer mindset?
This trend has led to the formation of communities and groups, who opt for healthy lifestyle choices, to avoid conventional medical practices. One of the major reasons for this is the rise in general medical costs and healthcare. The internet has been their best choice to look for suggestions, alternative treatments, simple homemade solutions, which help them make better choices and meet their wellness needs on their own terms.
What the numbers say…
According to surveys, practicing self-care spans across many generations. 44 percent of millennial population, 57 percent of baby boomers and 64 percent of the swing generation, actively follow and practice self-care.
How it affects marketing and retailers?
Consumer psychology has been largely influenced by the rise in self-care trends. People are looking for small things that may not necessarily be a big investment. Like a product or service providing instant comfort, with small things like rejuvenating with a face mask or foot bath, binge-watching a show or a favorite movie, celebrating the simple joys of staying at home and soaking in leisure, than going out., etc. These small rewards are here to stay long term.
Personalization has become important, more than what it was a few years ago. People look out for more natural, organic and clean products, and the demand is only increasing by the day.
Marketers need to consider their major shift in consumer perspective while planning their long term and short-term business goals.
Changes in consumer trends...
There is a drastic change in consumer mindset with self-care and mental awareness being an important part of their lives. This shift is just not an after effect of the pandemic, but it is here to stay. It is going to show a potentially long-term impact on brands and their products that consumers buy.
There is a noticeable shift in consumer psychology, has resulted in evolved efforts to create a better future the consumers look for in markets.
Brand strategies and trends …
Research and study has hinted towards a substantial growth in health and fitness related searches along with mental awareness. This means that brands and retailers have to come up with smart strategies and approach to product categories and marketing.
Many consumers have already taken initiative and first step towards new habits and routines for self-care and awareness. They are now looking for better and advanced products and services that can help them complete their new goals towards health and well-being. Brands need to analyze and develop products and services that fit perfectly into this niche.
This change can help brands create their own strategy and vision to fit into and create an impression on the evolving perspectives of consumers. Sure, the awareness and self-care trend is creating waves, but there is no set of rules follow. Therefore, brands have an opportunity and responsibility to set new rules.
By helping consumers in their process of indulging in healthier and happier lives, brands can generate great opportunities to create brand value. It will help build customer loyalty. By changing perspectives, brands can find which issues are getting in the consumers way and what exactly they are looking for.
Personalized solutions give people the sense of control. Offering them a personalized or semi-personalized service and product is a great way to engage consumers and grow sales.
Brands can target and position routines and rituals as prime self-care components. Connecting with consumers throughout the lifecycle of their products will also help them create long-term customer loyalty and brand value.
Reevaluating existing product line can help brands find out ways to inculcate wellness and awareness, seamlessly in their brands. For example simple things like ethical sourcing, sustainable approach, natural production lines, etc., can help consumers feel more content and happy about their purchase.
Brands can align themselves with the increasing popularity of generic veganism searches. The growing interest in this category can be harnessed to be a good opportunity for brands.
Brands can target precise consumer segments with personalized and innovative marketing strategies. For e.g. fitness brands could choose to offer consumers beyond the conventional products and services like offering connected devices and the opportunity to set up virtual communities.
Which products can you invest in?
A wide range of self-care products is in trend right now. Retailers and marketers can dive in this opportunity to grow. Products like self-care kits and other ritualistic sets are in trend. Invest in products like self-care detox kits, beauty kits, detox teas, journaling sets etc. Making kits from multiple brand products or compiling from one single brand can help in higher sales. Retailers can also benefit from word of mouth publicity, when consumer gets a hands-on experience, and loves the concept, recommending the product further, or placing a group order as gift.
Some of the products to invest in are –
Sleep remedies and kits
Journals / Books
Organic skin care products
Handmade body essential products
Natural fiber goods
Indoor décor / plants / Accessories
The new face of the conscious consumer…
We see the trends for wellness and self-care are growing like never before. Brands need to adjust to this changing landscape of growing consumer demand and interest. They will need to shuffle their existing approach and opt for a more personalized and innovative approach, that does not only fulfill consumer demands, but enhance the end result, like how the experience can help them add value to their new perspective of life and living. Brands need to up their game with smart solutions, and leverage the opportunities created by the new consumer mindset.
According to studies, wellness and self-care mindset, and responsible consumer behavior will continue to be in trend. Brands can boost their growth and reach their goals, with acting fast on this opportunity that can drive brand value, engagement, and success in business.