Health can be defined as “being sound in body, mind and spirit.” What we call ‘health care’ or the ‘health industry’ in Australia has a very different focus and should probably be called the ‘sickness industry.’ Think about it. Our modern health system only reacts once people get sick or injured. They aim to treat and/or cure the symptom or disease. Whereas the Wellness Industry promotes itself to healthy people before they become sick or injured. It aims to make the client even healthier…to live longer…to feel even better. To help the client avoid injury or illness.

Now we know that the ‘Health/Sickness Industry’ is a multi-billion dollar enterprise. But what about the Wellness Industry. Is it producing the sort of figures that make you sit and and pay attention? You bet it is! What began in obscurity in the 60′s and 70′s as a fledgling industry has grown into one of the boom industries of the next few decades. In fact 10 years ago the Wellness Industry in the USA alone was worth $200 billion. Today in Australia it is worth over $15 billion and over $500 billion in the USA.

Below are some facts and figures from BRW June 2005:
• The Australian wellness industry is worth $12-15 billion in sales a year.
• Economists estimate the wellness industry will expand fivefold over the next seven years.
• 80% of Australians are prepared to pay more for something that gives them a feeling of wellbeing.
• Australians spend more than $800 million a year on vitamins and health supplements and the industry is growing at 8-10% a year.

It was also predicted back in early 2000 that the Wellness Industry would be the next TRILLION DOLLAR INDUSTRY. Were they right? Absolutely.

So what does this mean for you? Well it certainly represents an enormous economic opportunity. You can either be part of it…and be a great practitioner…..or you can miss out on the financial, life changing rewards….and still be a great practitioner. Just a broke one.

There are literally millions of people spending billions of dollars to improve their health pro-actively. They are eating and living healthier, wanting to live better lives and they are seeking out wellness practitioners who can help them. This is happening on a scale unseen before in human history.

Who are the majority of these people? Mostly Baby Boomers aged 40-60. They are wealthier, have more free time and have a real interest…no more than that…a passion to slow down the ageing process. They are also a POWERFUL economic force. They may only represent around 28% of the population but their spending represents 50% of the economy.

Who are you marketing to? If you haven’t spent some real time and money trying to understand this relatively untapped demographic you are crazy!!!

As Boomers age it is important for marketers to understand that these consumers do not subscribe to a single type of lifestyle. They move in and out of various lifestyles depending upon the occasion (habit, celebration, convenience). Most consumer participation in the health and wellness arena reflects a pragmatic, piecemeal approach, integrating products and services in some sectors of their lives and not others. Boomer-consumers tend to pick and choose what makes sense for them based on their individual filters, experiences and lifestyles.

Boomers are creating a way of living. While this ageing population has a broad array of products from which they choose items that best fit their individual needs, they are also looking for more from companies than just the product or service they are buying. They want the experience of the purchase to satisfy mental, emotional and spiritual needs as well. In this sense, ageing consumers are branding themselves by creating a way of living. They don’t stick to precise industry product categories, but customize personalized regimes from many categories that make them feel empowered.

In the next issue of my LPA Business Success Journal I will explore the Lifestyle Traits and Trends of Boomers that Influence Purchasing. I will also outline the implications and opportunities for you as a business owner