Taking Charge: Consumers Grabbing Hold of Their Health and Wellness Drives $450-Billion Opportunity
Amruta Gupta | November 2018
The rapid rise in U.S. healthcare costs is concerning for many Americans, and downright scary to others. The increase is causing intensifying financial pressures for many, and has driven Americans to take charge of their own health and wellness with a 360-degree approach. As a result, self-care is pervasive and growing, spanning many CPG categories and creating a behemoth $450-billion opportunity.
By definition, self-care includes all decisions people make or activities they participate in to ensure health and wellness for themselves and their families. A focus on staying healthy and avoiding the need for medical care is not new, but today consumers have a wealth of information at their fingertips and a nearly endless array of strategies for getting well and staying well. The CPG industry is central to many of these strategies.
Therefore, self-care has become a disruptive consumer macro trend that is rippling across the industry. CPG brands and retailers must understand how this trend is impacting their own portfolios and channels, as well as those of competitors. To win, marketers must understand—on a very personalized level—what makes their key consumers tick, and then deliver compelling products with personalized marketing strategies. IRI has developed a proprietary Self-Care Segmentation that brings clarity in this complex environment, answering key questions such as:
• How is my brand’s competitive set changing due to self-care behavior, and what’s the best way to protect and grow share in this environment?
• What messaging will best resonate with high-potential consumers of my brand, and how can I make real time adjustments that will enhance sales lift?
• Which self-care segments skew toward my retail banner, and do my shoppers have a propensity for proactive or reactive self-care? How does this compare to my competitors?