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Evolving Consumer Behaviour in Health and Wellness Industry

Feb 17, 2020 9:04:24 AM / by HT Wellness360 Team

 

 

The health and wellness industry in India has transformed over the last decade thanks to technological advancements, global entrants, and new market creations. But the real credit for the boom in the industry goes to changing consumer trends with respect to health and wellness. This shift has happened both in terms of the perceived importance of health

 

 and wellness, as well as the spending patterns. 

 

57% of Indian consumers today are consistently spending on health and wellness [BCG Report]. Young, tech-enabled, Health Conscious Individuals (HCIs) are not only trend setters, bu

 

t also industry drivers. With increased focus on looks, beauty, fitness, physique, and social ima

 

ge, this massive percentage of the Indian population is setting the tone for health and wellness in the country. 

 

Here’s a closer look at the consumer trends that’s shaping the industry:

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Shift in Consumers’ Perception of Healthcare and Wellness 

 

 

According to a report by RedSeer [RedSeer Report], HCIs account for 90 million Indians, a nu

 

mber which is expected to increase to 130 million by 2022, if not more. Equipped with increasing disposable income, access to new technology, diverse options, and huge amount of relevant information, HCIs are taking concrete steps to improve their overall health and wellbeing. 

 

Consumer perspectives on health have evolved in the last few decades. They have moved away from corrective and curative to preventive healthcare. It is projected that the preventiv

 

e healthcare industry will grow at a CAGR of 18% between 2018 and 2022 [RedSeer Report]. Consumer awareness about emerging health challenges, and increasing cost of curative healthcare are the leading causes for this. 

 

In addition, wellness as a concept is gaining popularity amongst the consumers. More than physical health, they are looking at improving their overall wellness, including emotional, mental, spiritual, and intellectual wellness. This goes in sync with the projections of Indian wellness market reaching Rs. 1.5 trillion crores in 2020 [FICCI Report].

 

Tech sav

 

vy consumers are also depending on artificial intelligence and innovations to guide their efforts. This has prompted technology’s integration with fitness and health enhancing products. 

 

Many HCIs are going back to their roots and following age-old preventive methods including Yoga, Ayurvedic spas and treatments, meditation, and more. Alternative therapies like Naturopathy and Homeopathy are also being considered by consumers. However, these traditional healing and wellness philosophies are being made more accessible and convenient-to-follow for consumers via digital channels and health-tech apps.

 

 

 

New Consumer Trends Paving the Road for Change

 

A wave of new trends have come to define the spending of consumers in the health and wellness industry. 

 

Trend 1: Preventive Healthcare

On average, 55% of consumers in the 18 to 50 age group are expected to increase their spending o

 

n preventive healthcare [RedSeer Report]. This includes expenditure on fitness, healthy consumption, health monitoring, rejuvenation, and well-being assurance markets. 

 

Trend 2: Fitness is No Longer a Luxury

Another interesting shift in perception is that fitness is no longer seen as a luxury expenditure, but as a necessity. For this reason, gyms and fitness studios are booming, not only in the urban, Tier 1cities, but across the country. Also, consumers’ ever-evolving expectations from fitness studios has prompted the launch of several social, innovative work-out spaces. Home fitness revolution is also a by-product of the consumers’ aspiration to be fit and active. 

 

Trend 3: Increased Spending on Healthy Food Options

A report by BCG states that 40% of all Indian consumers are spending on healthier foods [BCG Report]. This trend of healthy consumption is impacting the food and beverages industry. High demand for organic, nutritious, well-balanced food has forced many restauran

 

ts and hotels to start including such options in their menus. Subscription based businesses delivering healthy meal plans are also expanding because of this trend. Though 90% of the demand for healthy food comes from the top 7 metro cities of India, it is seeing an upturn in other Tier 1 and 2 cities aw well.[RedSeer Report].

 

Trend 4: Rise of Health-Tech

Another trend is the consumer’s dependence on technology for healthcare. Consumers are relying heavily on data provided by digital trackers, and many are even preferring telehealth over traditional healthcare services. 

 

Trend 5: Health-drive Tourism

In addition to medical tourism, wellness tourism is also a huge market in India. People from other countries and India travel to many destinations like Kerala, Rishikesh, and Mysore for rejuvenation and wellness oriented experiences. Wellness tourism is one of the fastest growing categories in the industry [RedSeer Report]. 

 

The Road Ahead

 

Though there are many disruptions taking place in the Indian health and wellness industry, one 

 

thing is clear: consumers are leading the change. They are educated, smart, and most importantly, health conscious. Consumers know what they want and are vocal about it. The onus now lies on healthcare providers, businesses, and the government to listen and create opportunities to grow the industry and provide optimum benefits to the consumers. 

 

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Tags: Insider

HT Wellness360 Team

Written by HT Wellness360 Team

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