The Pursuit of Wellbeing in a Time-Poor World

Author: Amelia McVeigh | Posted On: 13 Dec 2024

In today’s fast-paced world, wellbeing has become more than just a buzzword. It is a major component of how we manage our daily lives, with nearly 9 out of 10 Australians investing in their wellbeing over the past year. From dietary choices to skincare routines, this growing focus comes with a noticeable price with Australians spending an average of $1.4k a year on their wellbeing. This raises important questions. What are Australians prioritising when it comes to their wellbeing? And what does this mean for the future of healthcare?

Young Australians leading the charge in health & wellbeing

Younger Australians are leading the charge in the health and wellbeing movement, marking a generational shift towards proactive self-care. Fifth Quadrant’s latest consumer survey reveals that 82% of Gen Z and 78% of Millennials engage in wellbeing-related products or services weekly. This outpaces older generations like Gen X (69%) and Boomers (66%). Despite being more active, younger Australians spend only marginally more than Gen X, suggesting a preference for more affordable solutions. These trends indicate an opportunity to innovate and create value-driven offerings for younger, health-conscious consumers.

the rise of supplements

A walk down the supplement aisle offers a glimpse into Australia’s health priorities. Australians are spending an average of $427 on vitamins, minerals, and dietary supplements with 7 out of 10 individuals using them monthly. While younger Australians are early adopters, older Australians, such as Boomers, take supplements nearly every day compared to the two to three times for Gen Z. This regularity among older Australians could be attributed to increased health awareness, the management of chronic conditions, or a greater focus on preventative care as they age.

Fitness supplements, however, tell a different story. Over two in five of Gen Z consume fitness supplements weekly, compared to only 17% of Gen X. This reflects the younger generation’s focus on physical fitness, muscle recovery, and active lifestyles. Protein powders, energy bars, and post-workout boosters are essential components of their wellness routines. These patterns highlight an intersection of generational preferences and product opportunities. Companies that can bridge quality, affordability, and innovation in supplements are poised to capture significant market share.

outer wellbeing: the skincare boom

Wellbeing isn’t just about inner health. Younger Australians are increasingly investing in their outward appearance, with skincare treatments becoming a key aspect of self-care. Again, it is led by the younger generations, particularly Gen Z, with four in five reportedly using skincare products or services. This trend speaks to a broader change in how younger Australians view self-care—they want to feel good, but they also want to look good. Whether it’s facials or anti-ageing treatments, these routines aren’t just occasional indulgences—they’re woven into everyday life.

taking care of our bodies

Investing in fitness has become another cornerstone of wellbeing for younger Australians. Just under a half of Gen Z say they use the gym, receive personal training or participate in a fitness class weekly. While only one in seven Boomers say they use fitness services, their average spend is significantly higher than their younger counterparts, suggesting a willingness to invest in options that improve their quality of life as they age.

Massage therapy has also become a popular part of self-care, with almost half of Australians enjoying massages in the past year, with Gen averaging 5.3 massages per month, compared to only 2.1 for Boomers.

However, Gen Z spends the least on massage services, suggesting their older counterparts are more likely to be seeking premium pampering services. This trend shows that self-care isn’t just about looking good or staying fit; it’s about truly taking time to recharge and stay resilient.

balancing inner and outer health

Australians, particularly younger generations, are shaping a new narrative around health and wellbeing that balances inner health with outward aesthetics. Their comprehensive approach to self-care, encompassing supplements, skincare, fitness, and relaxation therapies, reflects a broader cultural shift.

For organisations in the healthcare and wellness space, these trends offer valuable insights. Understanding the motivations behind these behaviours can inform the development of targeted products, services, and marketing strategies. Moreover, this knowledge can help healthcare providers create more personalised and impactful consumer experiences.

These trends provide a glimpse into the future of health and wellbeing, but the story doesn’t end here. Stay tuned for more insights as we continue to explore this dynamic and evolving space.

To learn more about how our healthcare market research services can help your organisation stay ahead of the curve, visit Fifth Quadrant Healthcare Expertise.

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