Written by Vincent Miceli, Founder and CEO, Verb
Prior to COVID-19 the wellness industry was a $4.5 trillion market and growing. The global pandemic’s subsequent lockdown has been particularly challenging for businesses focused on fitness, health, and wellness as they’ve had to shutter their doors for indeterminate amounts of time.
As 2020 comes to a close I’ve taken the time to look at the three trends that will shape the health and wellness industries over the next 12 months.
The Rise of Digital Fitness, The Fall of Brick-and-Mortar Gyms
As a gym owner, I know first-hand that we are fighting the inevitable. Look at it this way; if 20 percent of the gym-goers are motivated enough to work out in their home, they will find their discipline — whether it’s Peloton or working with a Verb coach — they will not go back to gyms.
You can now have personal trainers in your headphones or set up a mirror that beams classes into your home or join live classes from your living room. The options are limitless. Over the next 12 months, digital fitness will continue to rise and dominate the industry. It will become more competitive as we start to see more affordable fitness products come to market, all of which are likely to be cheaper than the average monthly gym membership.
But what about human interaction? There’s so much that comes with going to the gym, is stripping that human contact alienating? This is a concern that many apps or online services are combating by encouraging users to form communities online.
The Power of Personal Accountability
A quick look at the numbers clarifies that individuals struggle more than ever to maintain adequate health, fitness, and overall wellness. A recent poll revealed nearly half of adults in the US reported a negative impact on their mental health due to worry and stress over COVID-19.
Another survey showed about 7 out of every ten people say 2020 has been the most stressful time of their entire professional career. In just one month alone, prescriptions for antidepressants, anti-anxiety, and anti-insomnia medications increased by 21%.
As one year comes to a close, people are naturally thinking about making the next an even better one. I don’t bother with resolutions. Instead, I give each year a theme. For example, for me, 2020 was “The Year of Small Wins,” which led me to understand and appreciate the power of personal accountability. The theme for 2021 will be revealed soon in my next blog! The point is, when you are honest about your lifestyle and habits, you notice the patterns and take ownership of the things you want to change.
Over the next 12 months, we will see an incredible uptake of personal accountability. 2020 has forced people to question their lifestyle choices. Now people choose to become more diligent and informed about health, and they feel empowered to make sustainable changes that positively impact their lives. My company, Verb, addresses the unprecedented needs of individuals today by providing the invaluable resources of an accountability partner and life coach available through a simple, SMS-based exchange. Individuals gain better control of their daily habits and reach long term health and wellness goals.
From Fad to Fixture: Selfcare will Become an Artform
2020 has been a turbulent year that has exposed serious flaws in how people look after themselves both in mind and body. Next year, we will see this self-care concept branch out beyond the odd juice cleanse and the latest skincare regime. A quick fix or fad won’t be good enough to mend our mental and physical well-being. Throughout 2021 people will increasingly take ownership of their time and do the things that make them feel really fulfilled and happy. Self-care will become an art and an essential part of the mental and physical Yin and Yang for an individual.