In today’s era, where health and well-being are paramount, it comes as no surprise that the concept of wellness has taken center stage in the world of homeownership. The global health and wellness industry, currently valued at an astonishing $4.7 trillion and experiencing an annual growth rate of 9.9%, is set to reach an astounding $7 trillion by 2025. Let’s delve into three compelling reasons why wellness isn’t just a fleeting trend but has become a foundational element of modern homes—a trend that builders and interior designers should embrace.
1. The Thriving Wellness Economy:
- The health and wellness sector is in the midst of an unprecedented boom, with an annual growth rate of 9.9%.
- Projections indicate that this industry is on course to reach an astonishing $7 trillion by 2025.
2. Prioritizing Wellness Spending:
- Present-day homeowners are allocating a significant chunk of their annual budgets—precisely 50.1%—towards wellness-related products and services.
- Notably, the real estate landscape has undergone a significant transformation, with a 15% increase in property listings mentioning wellness compared to the previous year. Homebuyers are now actively seeking non-toxic materials, anti-microbial surfaces, and anti-bacterial features to create healthier living spaces.
3. Wellness Enthusiasm Among Upcoming Generations:
- Generations X, Millennials, and Gen Z have emerged as passionate advocates of health and wellness, with Millennials leading the charge.
- In the next two to three years, Millennials are positioned to place an even higher value on wellness compared to other generations.
- The combined spending power of these next-generation homeowners and design enthusiasts is staggering, estimated at an impressive $2.6 trillion annually. Their impact on the market is undeniable.
In conclusion, the wellness revolution isn’t merely a passing fad; it’s a thriving and ever-evolving movement. Homeowners are making substantial investments in wellness, and the younger generations are at the forefront of championing this cause. As the wellness economy continues to flourish, it becomes imperative for builders and interior designers to align their offerings with the evolving demands and preferences of today’s homeowners and those of generations to come. Embracing wellness in homes is no longer a choice—it’s a necessity.
Shaun Ayala
K&B Marketer – Pacific Sales/ Best Buy