We hope you’re easing into the new year well and strong, for this week we’re keeping a pulse on the $1.5 trillion wellness market.
Wellness will become the newest metric that companies use to understand and retain their employees, according to Harvard Business Review.
This year, not only do we expect more organisations to expand their wellness support to their employees, but the way we approach workplace wellness will change too, as we’ve learned to adopt hybrid forms of work and living.
Mens sana in corpore sano,
🍎 Health and wellness in 2022
The future of the $1.5 trillion wellness market [McKinsey]
How consumers define wellness - Findings from McKinsey shows that consumers care deeply about wellness and have 6 broad views of what wellness means—from better health and nutrition to better sleep and mindfulness.
Category lines continue to blur - Despite the 6 trends McKinsey identified from consumers, companies are considering how to play across the health and wellness categories and channels.
One play for companies is to assess merger and acquisition opportunities, such as that between Mindbody and Classpass, or between Headspace and Sayana. With this approach, a merger can help build resiliency and yield excess returns for the companies.
Winning the wellness market - The global wellness market is thriving. But it’s also getting more competitive, so companies should think critically about strategies to engage consumers and whether an ecosystem model might make sense, say McKinsey’s partners.
💡 Learn more
- More than spa: Wellness blossoms amidst Asia’s growing affluence
- Mercer report: 56% of employers in Singapore fall behind in supporting staff’s mental health
How an entrepreneur grew his gym business amid Covid-19 [SCMP]
Left full-time job to embrace his own business - Most people would exercise caution when it comes to expanding a business amid protests and a pandemic, but between 2019 and 2020 Dean Stallard went full throttle with co-founding an exercise business (aka the Hybrid Gym Group) instead and has since launched two gyms in Hong Kong and one in Los Angeles.
Growing pains - Even with his surplus of courage and optimism, Stallard wasn’t immune to the difficulties presented by a global pandemic. From February 2020 to August 2021, the LA gym wasn’t able to open its doors to customers.
Seeing gains - More than surviving the pandemic, Hybrid continues to grow. In October 2021, the company announced its partnership with Asaya Wellness at the Rosewood Hong Kong, for which the two brands will deliver a 360 Personal Training & Wellness programme to guests, a collaboration that Stallard hopes will expand to 13 other countries around the world.
💡 Learn more
- How the fitness industry is learning to lure customers back
- Insights from ClassPass: How hybrid work has changed our workouts
Can mental health apps replace good old therapy? [CNA]
Why are mental health apps attractive? - Well, there are a plethora of apps that can be easily downloaded. Some focus on helping us manage our emotions, aid us in developing various coping skills, or get support for our emotional vulnerabilities without compromising our anonymity.
Others even offer virtual counselling for people who prefer real-time interaction with professionals and an individualised experience.
Can apps replace therapy? - Unfortunately, there isn’t any substantial evidence to say yes or no. It depends on what an individual hopes to achieve, the level of support they need, their current life circumstances, and barriers such as fear of stigmatisation. Apps, however, can help a person overcome some of these challenges, and eventually nudge them to seek a professional in person if they need or want to.
Deciding what’s right for you - Ultimately, there is no one-size-fits-all solution. If we’re unsure which platform/app best suits us, then we’d likely benefit from professional advice. Be it an app or face-to-face therapy, what suited you in the past may not suit you now or in the future, it is perfectly normal to try something new if current efforts have not been working out.
💡 Learn more