The State of the Health & Wellness Industry And What It Means For Holistic Health Businesses

A report by McKinsey in 2022 estimates the spend on wellness products and services to be more than $450 billion in the United States and growing at more than 5 percent annually.

While consumers expect to increase their purchases of both wellness products and services in overall spending, McKinsey also released a report in 2021 indicating that they expect a greater shift toward services, especially those (such as personal training, nutritionists, and counseling) that emphasize physical and mental health.

Google searches for self-care and self-care products have increased 250% since 2017, where interest over time numbers represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.

A more expansive look of the data by Google shows a dramatic increase by topics searched since 2004 where 'anxiety' and 'mental health' topics have continued to increase since 2010.

*Data as of March 6, 2023

Another significant finding is the the trend from 2016 where we look at these topics by search terms. Anxiety remains the highest search term compared to mental health.

It's evident that more and more people are experiencing anxiety and medication is not the answer. Anxiety medications, also known as anxiolytics, work by targeting the symptoms of anxiety, such as excessive worry, fear, and physical symptoms like rapid heartbeat and sweating. These medications can be effective at reducing these symptoms, but they do not treat the underlying causes of anxiety.

Anxiety can have many different causes, including genetics, life experiences, and environmental factors. To effectively treat anxiety, it is important to identify and address the root causes of the condition. This may involve therapy, lifestyle changes, and other interventions that target the underlying causes of anxiety.

Anxiety medications can be helpful in managing the symptoms of anxiety, especially in the short term. However, they are not a long-term solution to anxiety, and they can come with side effects and risks of dependence. The current American healthcare industry monopolizes the health & wellness market by promoting patients to work with a healthcare provider to

It is crucial now more than ever that people who experience anxiety receive help and support by professionals who actually address the underlying causes of anxiety and guide them towards non-medication approaches for a lifestyle that is not medication-dependent.

According to a report by IRI Worldwide in 2018, 47% of millennials and 41% of Gen Xers make every effort to avoid visiting the doctor. A rise in self-care trend also impacts the lifestyle of the newer generations. There are multiple reasons that contribute to the self-care popularity:

1. Increased Awareness: There is now greater awareness of the importance of taking care of oneself, both physically and mentally. People are recognizing that self-care is not selfish but necessary for overall health and well-being.

2. Stressful Lifestyles: Many people are living busy and stressful lives, which can lead to burnout and a need for self-care. People are recognizing that they need to take time for themselves to recharge and prevent burnout.

3. Cultural Shifts: There has been a cultural shift towards promoting self-care, with the media and social media often highlighting the importance of taking care of oneself. This has helped to increase awareness and acceptance of self-care practices.

4. Increased Accessibility: There are now more resources available to support self-care, including apps, podcasts, and online communities. This has made it easier for people to access information and resources to support their self-care practices.

5. Normalization of Mental Health: Mental health has become less stigmatized in recent years, with more people openly discussing their struggles and seeking support. This has helped to increase awareness of the importance of self-care for mental health.

The rise in self-care reflects a growing recognition of the importance of taking care of oneself and prioritizing one's health and well-being.

Data by Statista shows that Millennials (born 1981-1996) make up 21.75% of U.S. population and 19.83% is made up of Gen X (born 1965-198-). These two generations make up 42% of the U.S. population while Millennials being the largest working generation in the U.S. workforce. Statista also reports Gen Xers having the highest disposable mean income at $102,512 followed by Millennials at $84,500.

Holistic professionals can adapt to the growing popularity of self-care and mental health by incorporating these themes into their services. Here are some ways they can do so:

1. Incorporate mindfulness and meditation practices into the sessions to help clients familiarize with mindfulness-based stress and anxiety reduction.

2. Encourage clients to engage in self-care practices such as healthy eating, exercise, and getting enough sleep.

3. Offer resources and referrals to other professionals to ensure clients are receiving comprehensive care.

4. Consider offering workshops or events focused on self-care and mental health topics to engage with a broader audience.

5. Stay informed and up-to-date on the latest research and trends in mental health and self-care to provide the most effective and relevant services to clients.

By adapting to the growing popularity of self-care and mental health, holistic professionals can better serve their clients and ensure they are receiving comprehensive care for their overall well-being.