Despite financial uncertainty, consumers aren’t willing to reduce the amount they spend on health and well-being, according to the latest series of consumer surveys conducted by Accenture (NYSE:ACN) to test the pulse of consumer expectations and sentiment. since the beginning of the epidemic.
The exploratory study – Among more than 11,000 consumers in 16 countries – Consumers have found that even in the face of widespread uncertainty and personal financial stress, consumers consider health and fitness “essential,” along with groceries and household cleaning products. Although two-thirds of respondents (66%) said they feel financially stressed, 80% also said they intended to maintain or increase their spending in health and fitness-related areas — such as exercise classes or vitamins and supplements — the next year.
“Despite the difficult times, it is clear that people are redefining health and wellbeing as a primary commodity and plan to maintain or increase their spending in this area this year, regardless of income levels,” said Oliver Wright, a senior executive. In the Accenture who leads Consumer goods and services Industry practice globally. “With the health and wellness market expected to rise to more than 1 trillion dollars In spending globally by 2025, consumer-facing businesses must leverage cross-industry expertise and scientific and technological breakthroughs while keeping consumers’ changing priorities in mind when designing new offerings.”
Rich Berhanzel, Senior Managing Director, Accenture and President health Global industry practice said, “People’s desire for greater control over their health and well-being is increasing. It is imperative that the healthcare industry continues to explore and partner with consumer-facing businesses to improve access, experience, and outcomes for individuals and their healthcare journeys.”
The survey also found that respondents seem to adopt a more holistic view of wellness, reformulating it as a staple of the consumer. In addition to more than four in 10 participants (42%) who said they increase the amount of physical activity, a third (33%) of respondents said they are more focused on self-care – such as indulging in a shower. Or cosmetic treatment – than it was a year ago.
Even as travel costs rise, the survey found that half of consumers (51%) also plan to maintain or increase their spending on leisure travel in the next year – perhaps not surprising given the widely recognized luxury benefits associated with the holiday. Furthermore, two out of five (39%) of high-income participants have booked a luxury trip or wellness retreat for some time in the next 12 months. Among millennials, one in five (21%) has booked to go away to a spa this year. Additionally, a third (33%) of all survey respondents said they would sacrifice spending on non-essential household products or electronics so they can afford travel.
Emily Weiss, Senior Managing Director at Accenture that she leads Travel Globally, he said, industry practice, “While the focus on personal well-being is not necessarily new, it is now less permissive and more non-negotiable for today’s consumers, even as many feel financially stressed. There is a huge opportunity here for travel businesses. and consumer-facing businesses to leverage ecosystem partnerships and local communities to deliver differentiated experiences because today wellness tourism is much more than a destination or activities – it is an extension of the traveler’s values and lifestyle.”
While the survey identified where and how consumers prioritize spending, it is important that companies understand the context in which these buying decisions are made. According to the post Accenture Report“The Human Paradox: From Customer Focus to Life Focus“It is becoming increasingly difficult for consumers to balance purpose and practicality in their purchases, with nearly two-thirds (64%) wishing businesses would respond faster with new offerings to meet their changing needs. Only by understanding the context will companies have the right strategy to deliver the brands The most relevant business, products or services.
said Jill Standish, senior managing director at Accenture who leads selling by pieces Industry practice globally. “While there are undeniable headwinds, retailers have always been adept at innovating to solve problems, and innovation will become increasingly important to creating new levels of value, lowering costs, and doing the right thing for society and the planet. It calls for extraordinary levels of collaboration and commitment. and consumer engagement — not to mention technology and business innovation that is grounded in insights from trusted data sources.”
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Accenture’s 2022 Consumer Pulse Survey provides insight into consumer expectations, feelings, and behaviors. 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 16 countries: 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 household in the past six months. Respondents were evenly divided across gender and age group. The survey was conducted between February 7 and 15. This was supplemented by an additional consumer survey, conducted from April 7-25, that included 10,085 participants from eight countries in the original survey: Canada, China, France, Germany, India, and Italy. The United Kingdom and the United States
Survey results are displayed in the Accenture report for selling by pieces industry.
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