What Is The Driving Force Behind The Self-Care Market Expansion?

July 24th marks International Self-Care Day 2024. A day to honour our commitments to bettering ourselves, our minds, and our lives. 

Since its inception in 2011, the emphasis on practising and promoting self-care has grown exponentially, giving rise to the introduction of an entirely new marketing sector, and, with it, hundreds of self-care brands. 

The self-care market is projected to rise to £1.178bn by 2027, a growth that is, in part, due to the aftermath of the pandemic granting an extra boost in self-care Google searches. In other words, living through one of the more challenging periods of modern history has caused consumers to look for escape and relaxation wherever they can get it and, in this case, it’s found in the self-care market.

Aside from current events, there are other factors contributing to the rapid growth of the self-care market:

Technology

Social media

Hygiene concerns

The prioritisation of sustainability

But how are brands capitalising on the expansion of the self-care market and what changes in consumer behaviour are giving them the platform to do so? Take Sandals Resorts, for example, they’ve tapped into the self-care market by positioning their resorts as a place for relaxation and peace.

@sandalsresorts

What self-care at #SandalsResorts looks like 🧘‍♀️ Happy #InternationalSelfcareDay #SandalsResorts #AllInclusive #CaribbeanTravel

♬ original sound – Sandals Resorts

Read on as we explore the driving forces behind this rapidly-expanding sector.

THE IMPORTANCE OF SELF-CARE IMPLEMENTATION ACROSS ALL INDUSTRIES

Self-care is important in every industry, as it helps keep employees happy and productive. In high-stress jobs like healthcare and finance, self-care can reduce burnout and improve mental health. When companies make self-care a priority, employees can handle stress better, leading to higher job satisfaction and better work performance.

In fields like tech and manufacturing, where long hours and heavy workloads are common, self-care can prevent exhaustion. Taking regular breaks, exercising, and having access to mental health resources can help employees stay energised and creative. This not only boosts individual performance but also improves teamwork and innovation.

Encouraging self-care across all sectors promotes a healthy work-life balance, which is key for long-term success. Practices like mindfulness, eating well, and having flexible work options make employees feel appreciated and supported. This approach can lead to lower turnover, higher employee loyalty, and a more positive work environment.

CONSUMER BEHAVIOUR CHANGES DRIVING THE SELF-CARE MARKET

Mindful consumption

The modern day consumer is reconsidering what a ‘good brand’ is to them. They are hoping brands in the self-care market will help better them as people, as well as consider the environment, society, farming practices and ethical issues, along with their health, of course. An IBM 2020 global study of nearly 19,000 consumers shows brand purpose to be more important to today’s shoppers than cost and convenience; encouraging the need for brands to pivot their strategies towards mindfulness and purpose.

This newfound approach to mindfulness lends itself well to industries such as nutrition and digital apps and wearable technology. Where snack company, Mondelez, has plans to include mindfulness tips on all of its packaging by 2025, the Apple Watch has a built-in ‘Breathe’ app aimed at relaxation and calm. 

@nichellelaus

Great for anytime you’re feeling anxious or overwhelmed. Great exercise to focus on breathing and relaxing. 🧘🏼‍♀️ #mindfulness #applewatchtipsandtricks

♬ I Ain’t Worried – Acoustic – OneRepublic

Mindful rituals

As well as seeking mindfulness from brands, consumers are now implementing it within their day-to-day routines and activities. Where consumption opportunities were often hurried and pertained to the time-starved consumer, they now offer a chance for relaxation and assurance. Unlike routines, rituals are reflective, allowing consumers to assign meaning to them. For example, journaling is a practice that encourages reflection, leading to a stark increase in searches related to ‘bullet journaling’ in the last 5 years.

The beauty industry is where this reflection and relaxation encouragement can be felt most strongly, with beauty rituals offering stress reduction through pampering and rejuvenation. However, this isn’t limited to the beauty industry. Any brand can attach a ritual to a product if it’s looking to break into the self-care market. For example, a coffee company offering a journal to jot down your morning thoughts while sipping on the products. Nespresso noticed young consumers opting for slow, mindful coffee moments and launched a pour-over-style carafe in response, alongside heaps of content already encouraging slowing down for a coffee break, as seen below.

@nespresso

A nice and slow coffee break with @Lamllenel #NespressoCoffeeMoment #SpringCoffeeMoment #CoffeeBreak

♬ original sound – Nespresso

Family and friends

The need to belong to a family or a community is acute to people’s wellbeing, particularly post-pandemic. 

Social networks, online groups, and video calling technology continue to boom, while marketing efforts are focused on the story of connecting loved ones, such as Amazon’s Alexa and Facebook’s Portal. Consumer-to-consumer e-commerce is also a growing part of this trend, creating connections with peers through creating and reselling. 

Take Peloton, which operates with community at its core. Aside from launching tags for people to discover like-minded fitness enthusiasts, the company strongly encourages participation in cause-driven events both virtually and physically, creating a sense of belonging and shared purpose; attributes that lend themselves to the self-care market.

@onepeloton

fitness, (amazing) food, and fellowship. 🤝 we partnered with @uninterrupted to host a creator dinner to provide a space for men to talk, connect, and get deep about what matters most to them. #mensmentalhealth #mentalhealthawareness @Rad Lopez

♬ original sound – Peloton

THE FUTURE OF THE SELF-CARE MARKET

With the prioritisation of well-being and mental/physical health being so prominent among consumers today, retailers and brands have an opportunity to tap into the self-care market by offering trinkets, journals, soaps etc. By stocking and promoting these items, retailers and brands can meet what consumers are looking for, not only boosting sales but also showing that they care about consumer well-being. Jumping on the self-care trend also builds loyalty and makes the shopping experience better for everyone.

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