First came the baby boomers, the X generation, and now, it’s the millennials. Born between 1980 to 1984, this generation, consisting of about 83.1 million people, is already the largest generation in America. Their usage of technology and incredible spending power has made them the target of many companies, pushing certain industries like health and technology into success.
The New Lifestyle
While young adults who grew up in the 50’s indulged in the wealth and spoils of the booming American economy, this generation has experienced a completely different America. No longer is the young generation concerned with buying the greatest luxury items. Large fancy houses, expensive jewelry, and extravagance, surprisingly, are not the most attractive prizes anymore. With the use of modern-day technology, millennials have steered the global market focus in a different direction.
Millenials are currently the most stressed generation, postponing having kids and marriage, not buying as much luxury items, and lead busy and active lifestyles. Though they are currently earning less than previous generations, millennials spend more on fitness and health than any other generation ever. A study conducted by Forrester found that collectively, 84% of Gen Z and millennials believe that exercise is their passion and that these two generations constitute 69% of all people that wear fitness attire on a regular basis.
Why New Health Companies are Flourishing
Many companies have sprung up that are purely focused on wellness and have succeeded due to the number of active young people wanting to exercise and find activities related to wellness. SoulCycle, Wellery, Prevail Boxing, Fitbit, Cycle House, Orange Theory, and other wellness companies have been able to attract many millennials due to their craze of living a healthy lifestyle, even if it comes at a relatively expensive price.
Since millennials are the top users of social media and are the most susceptible to mental illness, substance abuse, eating disorders, unintended pregnancy, and sexually transmitted diseases, one would think that they would go to the doctors to keep tabs on potential health issues, considering their focus on wellness. However, that is exactly the opposite of what’s been happening.
Whenever someone is sick, what do they usually do? Go to the doctors. However, with the access to the internet through phones and computers, millennials have turned to the online world to cure themselves. In fact, 93% of millennials go on the internet for solutions to treat conditions instead of visiting primary care physicians.
With social media accounts, blogs, and websites providing health information, millennials are more likely to use this information provided by the touch of a few buttons.
For example, if a millennial wants to quit drinking or drugs, it’s likely that they will go online for professional research and/or join an AA facebook group to overcome addiction.
Social media is also more attractive to millennials because of the real-time responses they receive. Currently, 35% of millennials share health information through texting and social media, and 29% share information through email, content on community boards, and websites. The ability to share stories and information with friends, family, followers and people who’ve had similar conditions seems more appealing than spending time and money to visit a doctor.
Clearly, Millennials are driving the demand for the health industry. According to an analysis done by Euromonitor International, the global market for wellness and health has skyrocketed to $686 billion in 2016, and is projected to grow to $815 billion in 2021.
Why You Should Create an App or Website
Health and fitness have become such an essential part of the millennial lifestyle that wellness has become a trend. Buying yoga pants, fitness tea, and fitness attire is a new style and craze fueling the health industry. In addition, wildly successful health apps have been made to enhance the wellness lifestyle experience through multiple gaming features, such as team challenges, milestone achievements, reward progress tracking, and total scoreboards.
With a spending power of $1.4 trillion, millennials have the power to drive wellness companies into success virtually overnight. In fact, fitness apps are currently experiencing an increase of 62% in usage and an 87% growth in the health and fitness category of the mobile app industry. If you are thinking about building a mobile presence for your existing health company or looking to create a company, now is the time to do it.
Your company can tap into this potential by creating wellness websites and apps with the help of SDI, a software development company that has provided professional help for enterprises, startups, and small and large companies for over a decade. We will help you with your mobile app development and design, websites, and market your company’s product so that you can reach your goals and witness your company’s success.