Monthly Barometer: Wellness Edition
By Thierry Malleret, economist
There is a critical change in attitude going on about the concept of work: work-life balance matters much more and, increasingly, younger workers tend to favor free time over wages. More generally, the younger generations (particularly in the wealthier world) work and consume in a way that has far-reaching implications for business executives and investors, placing greater priority on sustainability and ethical issues. In the U.S., for example, 58% of millennials claim they only buy brands that invest in, or support, causes they care about. This explains why so many companies are now ending their relationship with the National Rifle Association after the Florida mass shooting.
This corroborates the fact that, in aggregate, the younger generations (millennials + iGen) pay much more attention to well-being than the previous ones. As more of them enter the labor market and their disposable income increases, the wellness industry will really feel the benefit – but not across the board. Millennials and iGen are more cost-conscious and financially conscientious than previous generations. As one example, the outdoor apparel industry has been let down by their new (more frugal) approach to consumerism.