Move over, boomers - there's a new generation of wellness junkies in town. According to a recent report from WWD, Gen Z and Millennials are leading the charge when it comes to all things health, wellness, and nostalgia. What this really means is that the future of consumer trends is being shaped by a cohort that's as health-conscious as they are sentimental.
Wellness is the new status symbol
The data shows that younger generations are spending big on wellness products and services, from boutique fitness classes to organic supplements. In fact, Reuters reports that the global wellness market is projected to reach $7 trillion by 2025, with Millennials and Gen Z leading the charge. The bigger picture here is that wellness has become a new form of social currency - a way for young consumers to signal their values and lifestyle priorities.
But it's not just wellness that has Gen Z and Millennials in its thrall. These generations are also embracing a wave of 2016 nostalgia, harking back to a time when life (and social media) seemed a little simpler. As recent coverage has explored, this retro craze is manifesting in everything from fashion trends to entertainment preferences.
The "Main Character" mentality
Underpinning both the wellness boom and the nostalgia trip is a shared sense of self-actualization - the idea that young people today are the "main characters" of their own lives. BBC News reports that this "main character" mentality is driving a desire for experiences, products, and lifestyles that help Gen Z and Millennials craft their personal narratives and achieve a sense of purpose.
The implications of this generational shift are far-reaching. As NPR explores, the wellness boom and nostalgia craze are not just consumer fads, but symptom of deeper psychological and social forces shaping the future. Brands and marketers would be wise to take note - the path to winning over the next generation of customers runs straight through their sense of self and desire for meaning.