Bhuvan Bhaskar said, "The consumers are changing in terms of demographics and also in terms of exposure levels and the markets, on the other hand, are also responding very quickly towards these changes."
Wellness industry has been one of the most evolving business sectors. The factors vary from needs to trends, which we will discuss here:
Wellness industry and its products grow on the space they create on the consumer’s daily need like it began with the desire to look beautiful and healthy. The amounts of awareness exposed to individuals encourage them to visit the shop and buy it.
Bhuvan Bhaskar, Managing Director, Kainos Global Health & Wellness Pvt Ltd, said, "You see that there are rapid transformations happening in the industry these days. The consumers are changing in terms of demographics and also in terms of exposure levels and the markets, on the other hand, are also responding very quickly towards these changes. So, there is consistent convergence that is happening between the food, beauty, fitness and health industry.”
Earlier beauty and wellness solely belonged to women and like category but now it has found a space in men’s lives where there is scope for growth. The self-conscious and aware male population found an independent sector on their own where they can take care of themselves.
Dr. Debraj Shome, Facial Plastic Surgeon & Director, The Esthetic Clinics, said, “It is intriguing to share that men and women alike, spend a decent proportion of their time and effort in maintaining their appearances.”
Shome backs his statement with these facts that say, “Market data reveals that the male to female ratio interested in aesthetic procedures is 1:1 these days. Formerly driven by the female, the industry is finding a good proportion of men keeping themselves updated and educated about treatment options, costs and the outcomes involved. The market is also capitalizing on growing their male clientele by appealing to their increased image-consciousness, through minimally invasive cosmetic procedures.”
Earlier beauty was limited to looking beautiful with the use of makeup or highlighting the users’ strength in enhancing the features. Now desires have shifted from beauty to added health benefits, which have made the consumer, incline towards products which add value to their health other than adding beauty.
Bhaskar said, “Now it is this convergence which is actually going to answer this change in the consumer psychographics and mindsets. A lot of people who initially only wanted beauty now also wants some value to add in terms of health, preventive healthy or in terms of any benefits to them in terms of wellness.”
Demand and supply are what the entire culture of business depends on and wellness industry is no different. Players from wellness industry are waiting for opportunities where they can grow, which is why they take demands of consumers very seriously.
As Bhaskar said, “Like the demands are being increased in terms of the consumers, similarly we are also responding to such demands of the consumers by the products and services that we come up with. And like any other industry, this is going to change and no industry is devoid of change at this point in time. I’m pretty sure that the beauty, fitness and healthcare industry will respond to these changes in a good manner."