The least we can say is that the current situation (after 8+ months of the pandemic) and the difficulties coming ahead are not conducive to greater wellbeing and happier societies. Indeed, there is so much going on that makes us collectively unwell and affects our sense of subjective wellbeing. In no particular order, some obvious “wellbeing-crushers”: anxiety, lockdowns, social and political polarization, deep uncertainty about the future, fear of unemployment, fear of COVID-19. The list goes on.

Where does wellness stand in the midst of all this? From an economic reasoning point of view, the fewer the opportunities for wellbeing, the greater the appeal of wellness (that is: the active pursuit of activities, choices and lifestyles that lead to a state of holistic health).

When something becomes rare or scarce (as wellbeing is at the moment), it simultaneously becomes more valuable, so it is only natural that the current scarcity of situations propitious to wellbeing leads to an increase in the value of wellness.

For this reason, the pandemic is so bullish for the wellness industry at large. As we have argued these last few months, there are two major and clear industry winners from COVID-19: (1) tech (because it makes our lives easier) and (2) wellness (because we value what it can offer us far more).

In aggregate, the pandemic has woken us up to two BIG things: (1) the critical importance of nature—the wellbeing of our planet is inseparable from our own individual wellbeing and (2) the critical importance of wellness as a preventative “tool”—wellness precedes health and not vice versa. COVID-19 has made it clear that wellness habits, apart from improving healthy lifespans, also increase resilience.

 

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