Paul Polman (Unilever’s CEO) recently confessed: “Our biggest threat is that we lose connection with millennials.” Emmanuel Faber (Danone’s CEO) echoes Polman’s concerns: “Millennials want committed brands with authentic products. Natural, simpler, and if possible small, as small as you can.” Millennials, who are now coming of age and approaching their peak earning years, are going to reshape consumption into a much more fragmented market. Big brands are likely to be the main losers. Small companies, particularly in the organic and wellness space, stand to be the winners.
This is very significant for the wellness industry because millennials are the most potent driving force behind the wellness trend. Not only do they place more value on health and wellbeing than previous generations, but they also espouse a more holistic, and thus enlarged, definition of wellness: They view it as a state of being in which the mental, physical and emotional dimensions are all in sync.
This explains why their wellness consumption encompasses experiences as different as sleeping and eating well, feeling good, and looking great. According to the Harris Group, 72 percent of millennials would rather spend money on experiences than on material goods.