Millennials and Gen Zers Glow-Up a $2 Trillion Global Wellness Market

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To millennials and Gen Zers, wellness has become a daily, personalized practice rather than a set of occasional activities or purchases.

As this shift takes hold, it’s influencing the direction of the $2 trillion global wellness industry, which is expanding beyond its core categories. 

McKinsey & Company, in its fourth year fielding their Future of Wellness research, which focuses on six dimensions of wellness—health, sleep, nutrition, fitness, appearance, and mindfulness—they surveyed more than 9,000 consumers across China, Germany, the United Kingdom, and the United States.

Their findings reveal the ways in which younger consumers are redefining the landscape, the five consumer segments that make up today’s wellness customer base, and six subcategories poised to grow.  

Check it out.

What Do Plumbers and Gen Zers Have in Common?

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Both are spending money right now.  That is, plumbers and Gen Zers.

AmEx said that card acquisitions hit a record level in the third quarter for U.S. small-business and consumer Platinum and Gold cards. The company noted that goods-and-services spending by global small- and medium-size enterprises in the third quarter was 21% above the same period in 2019, before the pandemic, compared with a 4% currency-adjusted rise for billed business overall.

There is going to be a big race to capture spending and borrowing as travel bounces back, both among card companies and upstart rivals like installment lenders.

Read more here.