TREND 7 (of 8) Are You Ready for the $11 Billion Self-Care Revolution?
As part of our ongoing series trends that will define the 2020’s we are going to be talking about self-care. By some estimates, self-care is an $11 billion industry today. The World Health Organisationdefines it as the ability of individuals, families and communities to promote health, prevent disease, maintain health, and to cope with illness and disability with or without the support of a healthcare provider”.
In popular culture, self-care is the recognition that you need to take care of yourself – and that it’s okay to do so. It’s a recognition that you have the right to take care of yourself in a happy and guilt-free manner. The idea is that if you take good care of yourself, you’ll be able to better take care of others.
It is about taking a holistic approach to your wellness, including the emotional, physical, and spiritual aspects. Forms of self-care can include exercise, good nutrition, meditation and mindfulness practices, getting enough sleep, an active social life with friends and family, and spoiling oneself with a massage, hot bath or other reward.
How does this affect you? Well, millennials are much more self-care oriented as more and more enter the workforce, they will have more demands for a balanced lifestyle. Employers need to be aware of this, if they want to retain millennials, they might consider providing meditation, yoga and other self-care programmes as part of their employment benefits.
Also, there are plenty of business opportunities in this space. Below are some examples:
Life coaching: The life coaching industry is worth over a $1 billion and is growing at an estimated rate of over 6%. Starting a coaching business or becoming a life coach is a viable option for entrepreneurs or individuals looking for some extra income.
Wellness: meditation apps like headspace and calm are on the rise. According to Fact.MR, the mindfulness meditation application market has a value of approximately $134 million, and is estimated to grow by around 7% year on year.
Self-care podcasts: the number of self-care podcasts is on the rise. Wellness-oriented companies can advertise in this new, specialised medium.
Products: There are opportunities to create, market and sell self-care products. They can include anything from aroma diffusers, skin care products, body scrubs, hygiene pads, sequencing decks, acupressure mats, health teas to bath pillows and neck massagers.
The self-care revolution is here, are you taking part?