Industry Analysis
Health and wellness refer to the well-being of a person’s body, mind, and spirit. Some of the important aspects of this industry include personal care, weight management, fitness, and preventive/personalised medicine. The UK health and wellness industry was worth €23 billion in 2020. The industry’s growth rate is 6.4% (based on 2015-2017 data) and is expected to continue at this pace.
Attest surveyed 1,000 UK consumers in March 2020. They found that people are most likely to spend their money on vitamins, supplements, and alternative medicine. More than 62% of people report monthly expenditure in this category, with 35% spending £1-10 and 18.4% spending £11-30. More than 46% of people spend monthly on the gym, fitness classes, or personal training, with 22% spending £11-30 and 10.9% spending £31-50.
Technology has allowed us to take greater control of our health. In Attest’s 2020 survey, they found that a third of UK consumers (33.5%) use technology to improve their health and well being, but a further 47.2% say they are open to the idea of it. Only 12.4% of people are not interested in improving their health through technology, which means there is a strong growth potential for health apps and wearables.
Clearly, there is high demand for goods and services that cater to people’s wellness needs. If you want to run a successful wellness business, you will need a business plan. If you need help with your wellness business plan or want to learn more about the health and wellness industry, contact our consultants at +44(0) 203 637 6137 or email us at Info@bandfbusinessplans.co.uk.
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