Although they’re often overlooked by marketers searching for the next big trend, older consumers offer a significant opportunity. The baby boomer generation controls more than 70% of wealth in the U.S.¹, accounting for around $230bn in sales of consumer packaged goods.²

The Covid-19 pandemic has propelled consumers around the world to pay more attention to their health and wellbeing.³ In particular, older consumers have shifted towards new behaviours, such as shopping more online and using digital tools to look after their health. In the U.S., for example, the proportion of older adults who had ever had a virtual consultation rose from 4% in May 2019 to 30% in June 2020.⁴ Meanwhile, 28% made a lifestyle change to improve their mental wellbeing between March 2020 and January 2021.⁵

All of this is helping to feed into a global wellness market that is estimated to be worth $1.5 trillion – and that is growing at 5-10% each year.⁶ Perceptions of what health and wellness encompass have expanded to include everything from disease treatment and physical fitness, to stress management and good quality sleep. This has also led to an increase in the opportunities for businesses to capitalise on.

The global market for health technology focused on wellness and disease prevention is predicted to grow at 11% per year until 2024¹³