“What the Well” is the deal with all these millennials anyway?
As a millennial (gasp! not one of those!), I often find myself troubled by the stereotypes associated with our generation: lazy, entitled narcissists that still live in our parent’s basements. Ouch. And although we can probably all agree that the millennial generation could have PR’d itself a little better, this recent report from Luxe Digital on The Wellness Transformation of Luxury did make me want to scream V for VINDICATION. In its findings, the article explains that millennials and gen-z consumers are the largest contributors to the growth of the wellness industry. So, the next time someone tells me my generation is ruining the world, I will *humbly* disagree, with the stats to back it up.
According to the report, “Young, modern, affluent consumers increasingly look towards wellness as the ultimate status and personal success symbol. While the (luxury) wellness trend is important for all age groups, Millennials (and millennial-minded people) are the driving forces behind its growth. They are leading the charge toward living well.” While there are many factors to consider when examining how millennials have become the driving force behind the $4.2 trillion wellness industry, today we’re going to look at how technology (aka a millennial + gen z’ers BFF) is evolving in this space to meet the needs of a wellness obsessed generation.
Why is this important you ask? As communications experts, we love uncovering the data and trends that decode consumer behavior. We also know that when you take the time to listen to your audience (like, ACTUALLY listen) … you open yourself up to a whole new world of opportunity and strategic alliance opportunities that can transcend your end product. With that, here are some interesting new trends + services we’ve been eyeing:
Tech is Betting Big on Millennials & Mysticism
Last year, Americans spent $2.2 billion on “mystical services”, aka palm readings, tarot cards, “aura photography,” etc. But, as this L.A. Times piece explains, this industry has typically been comprised of scattered offerings by solo practitioners, outdated websites, and sketchy 1-800 numbers. Well, as with seemingly everything else in our society, Silicon Valley has taken the opportunity to streamline and update the esoteric industry. And, where Silicon Valley goes, the rest of the world tends to follow…
Sanctuary is a new astrology app that offers mystical services for a millennial audience. After raising $1.5 million in venture capital, the app launched as the first of its kind that offers live and on-demand readings with professional astrologers and plans to expand into the e-commerce marketplace (think tarot cards, crystals, sage bundles, and incense). Another player in this space is the newly-launched platform, Begin To Heal, a holistic health network of over 200 licensed wellness practitioners, which dubs itself as the “ClassPass” for services like hypnotherapy, energy healing, and spiritual coaching.
The common thread is that these platforms all seem keen to capitalize on younger audiences who are increasingly reliant on pseudo-religious rituals. We are seeing millennials turn to alternatives like psychics and astrologists because, while they are less dependent on religion, they still crave the direction, guidance, and meaning these services can offer. By making these practices easier and faster to access and centralizing them into efficient platforms, companies such as Sanctuary and Begin to Heal will be able to reach the overly stressed, tech–addicted millennial.
Will trade $$$ for ZZZ’s
This Buzzfeed News story, “How Millennials Became The Burnout Generation,” has sparked a lot of discussion, as well as debate and criticism. Regardless of what side of the argument you’re on, it’s important to understand that millennials believe they are exhausted, making this generation particularly primed for marketing towards experiences and products that promise a better night’s sleep.
When it comes to getting enough sleep, we know that technology usually isn’t your friend… but the people behind the latest sleep gadgets are out to prove that tech can actually help you get your restful, deep, 8 hours. Hello, please take all my money.
One company we are loving is Eight Sleep, an innovative startup that is completely reimagining the way we sleep. Their POD Mattress features sleep tracking, smart home integration, dynamic cooling and heating features, and a thermo alarm (basically there’s nothing this mattress can’t do). We’re already seeing hotels like Casa Madrona introduce these in their wellness rooms to cater to travelers looking for health–oriented amenities.
Wellness… On Demand
Exploring ways your business can target millennials AND wellness travelers? Enter Caravan Wellness, a holistic, all-inclusive subscription service that is designed to make wellness an integrated part of the lives of both individuals and organizations. The platform provides access to over 300 practices, techniques and rituals that impact how you look, feel and perform — all from the palm of your hand.
How does it work? First, they offer a membership model where users pay a subscription fee of $99 a year to have unlimited access to hundreds of online wellness classes. Examples include Meditative Journaling, Confidence Building, the Alexander Technique (which I got to try at one of their recent events!), and so much more.
What makes them interesting to me? They are the only wellness tech platform of its kind that creates customized wellness content for organizations. Their capabilities range from developing custom landing pages, wellness campaigns, experiences, and more—all with the power of their digital library of wellness practices.
As wellness tourism continues to grow, we expect hospitality brands to jump on this turnkey solution to offer guests an on brand, holistic wellness experience.
We are so excited that the first edition of this blog series was met with so much enthusiasm! We look forward to delving into more wellness-y topics as a way to serve up inspiration for the growth of your business. Feel free to shoot me a note if you have specific questions or topics you’d like us to cover in future posts! Until next time…
Vice President of Wellness & Beauty