Exploring the Wellness Market: 5 Future Business Opportunities
Due to the COVID-19 pandemic, the term wellness has evolved in just the last few years. The global virus compelled many to make behavioral lifestyle adjustments, catapulting wellness to priority status by incorporating more healthy habits. With this burgeoning wellness movement comes an abundance of business opportunities in the wellness market.
What Exactly is Wellness?
According to the CDC, wellness is defined as a dynamic process of learning new life skills and becoming aware of and making conscious choices toward a more balanced and healthy lifestyle across seven dimensions: Social, Physical, Emotional, Career, Intellectual, Environmental, Spiritual.
Simply stated – it’s about doing all you can to live your best life and taking preventative steps to maintain health rather than relying on treatment. In doing so, it’s creating ample business opportunities in the wellness space. Research published by McKinsey and Company, shows after polling people from six different countries, 80% of respondents consider wellness important and 42% of the 7,500 people surveyed, are making it a top priority.
Consumers are interested in health and wellness, driving demand for business in this sector, creating more health and wellness jobs. The global wellness industry is growing at a brisk pace with Statista projecting this sector to explode to a value of nearly $7 trillion by 2025. This amplification being a direct result of people taking on the responsibility for their well-being with preventative measures after the health concerns emanating from the pandemic.
Investing in the Health and Wellbeing Industry
The numbers are impressive, but taking a deeper dive, what this translates to are lucrative investment opportunities. Breaking down a few of the earlier mentioned dimensions of wellness as described by the CDC, here are five business opportunities in the wellness market, worth a second glance.
- Fitness: People understand the need for routine workouts to support a healthy body. Home exercise equipment became the must-have accessory during the initial pandemic lockdowns. As restrictions eased, more people returned to public gyms making fitness instructors and personal training in-demand services. However, with more than half of Americans still working a hybrid or remote workday, home-based exercise equipment remains a pandemic convenience that has maintained its popularity.
- Nutrition: Some may find it challenging to eat highly nutritious meals that are convenient and tasty, but the market for pre-packaged, healthy meal kits continues to thrive.
- Appearance: A growing consumer interest is in the beauty category. This comprises both healthy fashion like the fitness wear and skincare regimens designed to prevent premature aging and maintain the skin’s healthy appearance.
- Mindfulness: Certainly, concerns about the rise in mental health issues like anxiety and depression are driving business opportunities in the wellness market. There is a budding industry with mindfulness apps like “Calm” designed to create an improved headspace and mental outlook.
- Massage: Massage is one of the fastest growing sectors within the wellness industry. Considered integrative medicine, consumers are becoming very aware of the healing benefits of massage for both mind and body. Physically, routine massages can ease pain while simultaneously providing stress relief.
The Business of Wellness at MassageLuXe
At MassageLuXe, we recognize the need for our spa services delivering healing massage and facial treatments to support health and wellness. Massage has grown to an $18 billion industry in the U.S. alone, and the profit potential keeps rising as demand grows.
We have seen an uptick in business since the start of the pandemic as people are looking for the restorative health benefits of massage. Even during the days of early lockdowns, we were poised for growth despite COVID’s impact on the wellness industry. Once our franchise locations reopened, we maintained the highest standards of safety and cleanliness, going beyond regulations prescribed by the CDC. Even now, three years later, when many of us thought we’d see the pandemic in the rear-view mirror, our brand continues to flourish as we have delivered high standards that our clients have come to expect.
As a franchise owner with MassageLuXe, you maintain our standards while delivering high quality services as a single or multi-unit franchisee. Utilizing a membership model, it allows you better income consistency with recurring revenue. In addition, our expanding service line and product offerings, helps grow your customer base.
We are in the business of wellness and providing services that improve our clients’ quality of life while being pampered in our luxurious spa setting. Whether through a hydrating facial or deep tissue massage, the need for our services is growing and this is a great time to be part of this expanding trend.
To learn more about spa franchise opportunities with MassageLuXe, fill out the contact form below.