Despite inflation, 8 out of 10 people intend to increase spending on health and wellness : Accenture report

• Around 80% of the people in 16 countries, including India, are willing to increase their spending on health and fitness post pandemic.
• The Accenture survey report also said that the respondents seem to be taking a more holistic view of wellness, reframing it as much more of a consumer staple.
• As the world gets back to normalcy, more and more people are planning to travel or spend more on leisure activities.

The Covid-19 pandemic has led people to realise the importance of health. A survey by Accenture has found that over 80% of people are now willing to spend more money on health and fitness – including exercise classes, vitamins and supplements – next year.

The Consumer Pulse 2022 report by Accenture further found that two-third of those willing to increase their spending on health feel financially squeezed due to the ongoing inflation.

“While the mindshare for health and wellness as a category in India is growing at a rapid pace, the market size is relatively lower,” said Anurag Gupta, managing director and lead – strategy and consulting, Accenture India.

“We believe there is a huge opportunity for consumer goods companies in India to really listen to evolving consumer needs and accordingly reimagine their product strategy and portfolio, explore adjacencies in their business models and focus on building more trust and credibility with consumers,” he added.

The survey got responses from 11,000 consumers in 16 countries, including India. The report also said that the respondents seemed to be taking a more holistic view of wellness, reframing it as more of a consumer staple.

More than 4 in 10 respondents said they were engaging in physical activities more, while 33% of them said that they were more focused on self-care — such as indulging in a bath or beauty treatment — than they were a year ago.

People are also spending on healthcare products and gadgets like wearable bands, the survey found.

“With growing consumer focus on preventive healthcare and holistic well-being, it will be crucial for companies to use data and analytics to better understand consumption patterns, innovate to come up with new products, services and collaborations,” said Manish Gupta, managing director and lead – products, Accenture India.

They were already witnessing cross-industry partnerships across consumer electronics, wearable devices, healthcare, insurance, consumer goods and auto, among others, he added.

People want to travel more

As the world returns to normalcy, more and more people are planning to travel or spend more on leisure activities. In fact, over the next 12 months, 39% of the high-income respondents are likely to take a luxury trip or go for a wellness retreat, the survey found.

About 33% of the respondents said they were willing to sacrifice spending on non-essential household products or electronics so that they can afford to travel, the report said.

The report found that 87% of the respondents were planning to increase their spending or maintain the planned budget for food and groceries and household bills in the upcoming 12 months.

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