Bengaluru, Karnataka Aug 2, 2021 (Issuewire.com) - The global pandemic that hit last year has left many industries reeling in the wake of its continuing destruction. But Mr Pravin Chandran, a direct selling veteran with 20 years of experience, believes that hope still exists, in the ever-expanding healthcare and wellness industry.
The wellness economy that was valued at $4 Trillion back in 2018, when it exceeded the combined GDP of the United Kingdom and Canada, today accounts for over 5% of the global economic output. Mr. Pravin believes that these rising numbers are proof of the wellness industry's development. He particularly expresses that the statistics he has been observing clearly indicate that consumers' relationships with their health care are increasingly growing. More people than ever before are prioritizing a healthy lifestyle and are spending money on their well-being.
Mr. Pravin believes that educating young direct sellers is the way forward to accelerate the industry and therefore found it imperative to address certain questions & concerns regarding the growth of the wellness industry that were put forward to him.
Why would direct selling play an important role in the so-called "wellness economy"?
Especially as it is one of the few industries that appreciated when the pandemic hit?
According to the recently released Direct Selling Association's 2020 Growth & Outlook Survey, consumers continue to enjoy products and services offered by direct sellers. Health and wellness products, in particular, lead the channel in terms of size and growth with person-to-person sales as the most prevalent method of engaging with consumers. Thus, the correlation between the two seems as clear as a crystal.
Why has the wellness industry seen such a surge, particularly since the start of the current financial year?
Going by the opinion of direct sellers in the market, increased awareness about the importance of immunity, health and nutrition is the primary factor involved in the segment recording the highest ever year-on-year (y-o-y) growth of 20.45% during the first half (H1) of FY21.
In fact, according to the Indian Direct Selling Association (IDSA), the gross direct selling sales for the H1 of FY21 (April-September) was estimated to have crossed the Rs 7,500-crore mark as compared to Rs 7,200 crore in the same period a year ago, registering 4.7% growth in the H1 of FY21.
What are the top trends that have resulted in the unprecedented growth of the wellness industry in such bleak times?
Mr Pravin Chandan believes that there are about 4 stand-outs in particular.
A demand for immunity-boosting products: Even before COVID-19 hit, the popularity of superfoods and all things organic was at an all-time high. And when the pandemic struck, the demand for these products and immunity-boosting foods shot up like never before. From fruits and vegetables, beverages, nuts, seeds, dairy products to supplements, and other nutritional edibles/drinks, they all witnessed a huge demand and continue to do so.
All things healthy: One of the biggest trends we have seen in the past year has been people switching to healthy, homestyle food rather than processed food or eating out. Food aggregators such as Zomato and Swiggy doubled up their health food segments as cloud kitchens introduced new health brands on their menu, states a report on yourstory.com. In fact, Zomato has its own nutrition brand now. Homestyle food was a hit amongst cities and people willing to eat right. Besides, there was an increasing awareness of healthier replacements such as jaggery, organic brown sugar, and A2 cow ghee in cooking. Healthier substitutes to mindless junk snacking have indeed emerged profitable for all stakeholders.
At-home fitness: With no access to gyms or outdoor spaces for most of 2020, people switched to virtual workouts and online classes. Home gyms are also finding more and more takers. As are fitness apps, software, and nutritional supplements - the latter has seen an exponential rise in the last year.
Self-awareness: Increased consumer awareness of health problems and expectations for treatments is another factor that has led to the growth of wellness products. As stated in a news report in forbes.com, the pervasiveness of digital and social media has led to people of all ages becoming more conscious of their health and well-being. Working adults with health concerns have a lot more information at their fingertips than they did 20 years ago and more options for consumer-wellness products.
What is the primary driver for the wellness industry? Is it the general fear of sickness or death or is there something deeper enabling the ongoing wellness trend?
The GWI describes wellness as "the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health." The key phrase being "active pursuit." Today, an increase is seen in the crop of consumers who are proactive, and they're spending their income on lifestyle-based wellness strategies. This is the crux of the wellness economy, which GWI defines as "industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives."
In parting, to conclude the discussion, Mr. Pravin Chandan said, "The key takeaway is that people are now prioritizing their health and well-being. As a result, they're spending more on these facets of their life than they have ever before in history. With the numbers of health and wellness-conscious consumers only increasing, it no doubt holds well for the industry and all of its stakeholders."
Mr Pravin Chandan continues to work toward educating young marketers through various pieces of content & through dedicated short-term courses on his website. Young direct sellers & marketers may learn the nuances of the industry at www.pravinchandan.in
Source :PRAVIN KUMAR CHANDAN
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