Future Thinking: Health & Well-Being by Hasina Hoque

HEALTH & WELL-BEING

Health & Well-Being Future Thinking

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I confirm that this work has gained ethical approval and that I have faithfully observed the terms of approval in the conduct of this project. Signed...........................................

Date...........................................

Hasina Hoque: N0589297

Word Count: 3,295

HEALTH & WELL-BEING

Contents Rationale............................................................................... Pg 3 Chapter 1: Methodology.................................................... Pg 7 1.1: Aims & Objectives.............................................................. Pg 8 1.2: Secondary Research Sources........................................... Pg 8-11 Chapter 2: Introduction...................................................... Pg 13 2.1: Defining Health & Well-being..........................................Pg 14 2.2: Origins of Health & Well-being........................................Pg 14-15 2.3: Trend Drivers.........................................................................Pg 16-17 2.4: Consumer Mindset..............................................................Pg 18-19 2.5: Impacts of Health & Well-being........................................Pg 20-21 2.6 External Factors Effecting Health and Well-being..........Pg 22-23 Chapter 3: Health & Well-being Sectors............................Pg 25-27 3.1: Beauty & Anti-Ageing......................................................... Pg 28-33 3.2: Wellness Lifestyle Real Estate............................................ Pg 34-37 3.3: Preventative and Personalised Healthcare...................... Pg 38-41 Chapter 4: New Opportunities........................................... Pg 43 4.1: Future Opportunities.......................................................... Pg 44 Conclusion............................................................................. Pg 45 Appendices............................................................................ Pg 47 Appendix 1: PESTLE Analysis.................................................... Pg 48-49 Appendix 2: SWOT Analysis..................................................... Pg 50-51 Appendix 3: Future Thinking, Stage 1 Gantt Chart & Stage 2 Gantt Chart........................... Pg 52-53 References..................................................................................... Pg 54-56 Bibliography.................................................................................. Pg 57-60 Figure References........................................................................ Pg 61

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“The Global Wellness industry is a $3.7 trillion market.” (Global Wellness Institute: Global Wellness Economy Monitor, 2017)

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Rationale Since the tipping point of the wellness movement in the 21st century, health and well-being has been integrated into every aspect of consumer’s lives. Brands from food to real estate, fitness to healthcare, beauty to tourism are revisiting their strategies to incorporate wellness benefits and realign themselves with consumers’ desire for control of a holistic, quality lifestyle. This report will highlight the innovative solutions that are disrupting the way in which consumers are connecting to their health and well-being and how this may influence future thinking. Aim & objectives of the report The aim of this report is to provide a thorough and broad insight into health and well-being, examining the origins and evolution of the trend in society and how this has had an impact on fashion/lifestyle brands and consumer behaviour. To achieve this aim the following objectives have been proposed: • • •

Conduct extensive, in-depth critical research using reliable secondary research sources. Illustrate insights using relevant statistics and examples from secondary research. Use appropriate business models to evaluate these findings and how they may impact future thinking.

From this, the report will identify and inform potential angles for further research transitioning into Stage 1 of Creative and Strategic Solutions.

* Please note references to Global Wellness Institute will be abbreviated to GWI throughout the report.

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Chapter 1: Methodology

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Methodology 1.1: Aims & Objectives Aim: To explore how health & well-being is influencing society and consumer behaviour, highlighting the effects on different industry sectors and brand responses to this. Objectives: • • • •

To understand where health and well-being has originated from and the evolution of the trend in society. To understand the new shifts in the trend, identifying new opportunities for product/service innovation. To understand the consumer mindset towards health and well-being and how this is effecting buying behaviour. To understand how various industries are currently responding to the effects of health and well-being.

1.2: Secondary Research Sources Research for this report has been obtained from various secondary sources to provide insight as to what research has previously been undertaken and identify research gaps around health and well-being which will then inform the hypothesis for Stage 1. Using existing data will provide sources of both quantitive and qualitative information and provide a framework for a potential research angle in stage 1. There are both advantages and disadvantages to using secondary data. (Fig 1) Advanatges

Disadvantages

Advantages inlcude:

Disadvantages include:

•

• •

• • • •

Cost savings: Data has already been collected and compiled in a suitable format Time and human capital savings: using existing data to replace/supplement primary research can reduce the length of a research project Potential for triangulation: when combined with primary research Resource efficiency Potential for new insights

(Hair. J., and others, 2007) Fig 1.

• • •

Age of data Quality concern regarding the source and data collection methods Access complications such as cost Original purpose of research does not reflect the intended purpose No control over data quality

(Hair. J., and others, 2007)

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Sources used for this report have been categorised into either Document, Survey or Multiple Source as shown in Fig 2 (Saunders. M., Lewis. P., and Thornhill. A., 2016). Each type of data source used has been analysed in terms of the advantages and disadvantages (Fig 3).

Fig 2. Document:

Survey:

Multiple Source:

Data that is evident physically (including digitally), that can be reanalysed for a purpose different to the intended purpose. (Saunders. M., Lewis. P., and Thornhill. A., 2016)

Referring to existing data collected for a different purpose through a survey strategy such as a questionnaire. (Saunders. M., Lewis. P., and Thornhill. A., 2016)

Combination of various data sets to form a new data set which can be complied from either document, secondary survey data or a combination of both. (Saunders. M., Lewis. P., and Thornhill. A., 2016)

Text • Blogs • Webpages

Non - Text • Web Images • Trend Presentations

Not applicable for this report

Longitudinal • • • •

Books Journals Government publications Industry statistics and reports e.g. 1. Mintel 2. JWT Intelligence 3. Euromonitor International 4. The Future Laboratory 5. Global Wellness Institute 6. Grand View Research 7. McKinsey Global Institute 8. Trend Hunter

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Advantages

Disadvantages

• •

Provides a subjective insight Can provide insights as to what topics/ frustrations are being discussed

•

• •

Credible source if the data is from an established organisation such as PWC. Quick and easy-to-access Provides data that is free to access

Web images

•

Illustrate insights and statistics

•

Often difficult to locate the source, questioning the credibility.

Trend Presentations

• •

Credible source Accurate insights as findings will be based on a large sample size Large samples sizes and rigorous primary research makes findings reliable

•

May only provide brief data and insights and not the full research design and statistics

Reliable source Will reference other sources used to write the book- allows further reading around a specific insight Provides thorough and well-thought out discussions

•

Time consuming to process information and extract what is needed

Credible source based on academic/ professional rigour Provides insights into new research areas and well as research areas that are missing

•

Age of data- insights may not be relevant to today’s landscape Accessibility restrictions- Some looked at were not available via the university website and required a fee to download/view so only a small section of the journal could be used Collected for a purpose that did not match the research aim- although journals provoked thinking only small segments were relevant

Document: Text Blogs

Web pages

•

Can be biased as it based on opinions and comprises the validity Some blog sources such as those blogs under bigger organisations can be credible, however independent blogs are subjectives to a single person’s thoughts and not valid for wider demographic Anyone can make a website; unfamiliarity of the source questions the validity. Topics looked at may not have undertook primary research and may be based on data findings from another form of secondary data.

Document: Non-Text

• Multiple Source: Longitudinal Text Books

• • •

Journals

• •

•

HEALTH & WELL-BEING Government publications

• • •

Industry statistics and reports

• • •

Reputable source Data is collected over time making the insights accurate Representable of the country’s demographic

•

May only include the positive aspects to represent the country in a positive light thus disregarding the negative aspects.

Credible source Accurate insights as findings will be based on a large sample size Large samples sizes and rigorous primary research makes findings reliable

•

Findings may only relate to the intended research question for that specific report and not to the proposed question in Stage 1. If the participant demographic identified in the report is not the intended demographic for Stage 1 then the findings cannot be generalised.

•

Fig 3. Potential primary research methods Once the research question has been decided in Stage 1, an appropriate research design will be proposed with careful consideration to both quantitative and qualitative primary research methods. Such methods may include, ad hoc surveys/ questionnaires - one-off, specific and independent (Saunders. M., Lewis. P., and Thornhill. A., 2016) - observational methods, in-depth/ group interviews.

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Chapter 2: Introduction

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Introduction

2.1: Definition of Health & Well-being Noun â&#x20AC;&#x153;The quality or state of being healthy in body and mind, especially as the result of deliberate effort.â&#x20AC;? (Dictionary.com, 2017) Wellness is a holistic system that is concerned about creating a harmony between the mind, body and spirit. (GWI: History of Wellness, 2017) It is beyond the freedom of illness/disease and emphasises a proactive approach to healthcare with a mindset to prevent disease, improve health and enhance quality of life over a continuum. (GWI: Statistics and Facts, 2017)

2.2: Origins of Health & Well-being Wellness is a modern word with ancient roots from Greece, Rome & Asia whose historical traditions have influenced the modern wellness movement. The origins of wellness are rooted in many religions, sciences, medical movements dating back to 3000-1500 B.C. (Fig 4). (GWI: History of Wellness, 2017)

Key dates: 1980s-2000s, Wellness goes mainstream: Growth of workplace wellness programs, fitness and spa industries, celebrity wellness and self-help experts bringing wellness into the mainstream, however no formal name was given to this momentum. (GWI: History of Wellness, 2017) 21st century, Wellness goes global: The global wellness movement and the market reached a dramatic tipping point and saw that fitness, diet, healthy living and wellbeing concepts were being offered wildly, transforming every industry from food, travel, beverages etc. (GWI: History of Wellness, 2017)

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Fig 4.

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2.3: Trend Drivers: 1. Millennials Driven by the millennial mindset who highly value experiences and wellness. Those with a wellness mindset want transformational experiences thus giving a new shift into wellness through social experiences. E.g. Fitness Festivals. (Greene. L., 2017) 2. Technology Consumers expect quick responses, innovative solutions and on-demand services which have transferred from the rise of digital technology. Consumers are gravitating towards a new shift to hyper-personalised solutions. (Cutter. P., 2017) 3. Growing population The ageing population and a steady growth in the younger generation is resulting in overpopulation. It is predicted that by 2060, there will be almost an equal number of under 5â&#x20AC;&#x2122;s and over 85â&#x20AC;&#x2122;s, challenging brands to accommodate to the differentiating needs of these consumers. (LSN Global: The Optimised Self, 2015) 4. Stress A rise in burnout, stress and depression have become common global issues. The total number of days lost due to stress in the UK was 11.3m and it is estimated that stress is costing American companies $300bn a year. (LSN Global: The Optimised Self, 2015). Consumers now desire a holistic approach to health and 75% of consumers associate their mental well-being with health. (The Innovation Group: The Well Economy, 2017)

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Fig 5. 17

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2.4: Consumer Mindset

Consumers are progressive and proactive. Progressive consumers are no longer just concerned about condition management, dieting and exercise. They are proactively seeking ways to monitor, improve and maintain their health on their own opting for products with embedded health benefits that are well designed, desirable, accessible and fun. (The Hartman Group, 2015)

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2.4: Consumer Mindset

Wellness is perceived as a luxury, holistic lifestyle. The universal desire to be fit and healthy comes at a time when consuming “stuff” as an indicator of wealth has taken back seat. This indication of status is replaced through a holistically healthy lifestyle. Consumers are opting to spend money on “athleisure” clothing, boutique fitness sessions and wellness holidays. (Euromonitor International, 2017)

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Fig 6.

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“The Global Wellness industry grew 10.6% to $3.72 trillion in 2015, while the global economy shrank by -3.6%, illustrating the rapid growth and resilience of this industry.” (GWI: Statistics and Facts, 2017)

2.5: Impacts of Health & Well-being The Market & Industry Sectors GWI states that the wellness industry represents more than 5% global economic output (GWI: Global Wellness Economy Monitor, 2017) and shows no signs of slowing down as growth is expected to accelerate by 17% in the next five years. (Women’s Marketing, 2016) To accommodate this growth, lifestyle industries are incorporating wellness benefits into products/services to differentiate themselves from competitors and realign their brand with consumer priorities. (The Innovation Group: The Well Economy, 2017)

The community of clean-eating bloggers has also seen some backlash. Bella Younger (also known as Deliciously Stella mocking clean-eating blogger, Deliciously Ella) posts images of junk food, sweets etc with wellness hashtags such as #gettheglow, indicating that all consumers may not be buying into “clean-eating”. (Euromonitor International, 2017)

Fashion The global rise in “Athleisure” both outside and inside the gym has seen designers responding through collaborations such as Topshop’s IvyPark range with Beyonce. (Fig 6) Wearable devices offer tracking of both mental and physical wellbeing. At a time when fitness has peaked, wearables rely heavily on competitiveness to motivate consumers to share their progress. However increased competitiveness has given rise to a backlash of negative social media trends such as “anorexia athletica”- a compulsive and excessive use of exercise to maintain low body weight. (Euromonitor International, 2017) Lifestyle A growing number of brands are offering exclusive and holistic experiences such as Dalston’s Neil House, in London. The creative hub combines a roof top bar with yoga classes, an outdoor cinema, one-off workshops and more. Danish luxury resort Hotel Vejlefjord, offers AquaMeditation which combines the restoring powers of water with the basic principles of meditation. Consumers are becoming more knowledgeable in the relationship of eating habits and the influence this has on the quality of life, creating a demand for “clean-eating”. 21

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2.6: External Factors Effecting Health and Well-being Political

Post-truth movement: Political uncertainty has caused consumer distrust in the government and media which has also spread effected consumer trust in brands. (Mintel, 2017) How does this effect Health and Well-being? Consumers are looking for brands to provide them with transparency; brands should considering taking an “open kitchen” approach and be transparent about the manufacturing process, supply chains and product ingredients.

Economic

Shift in global economic power: Brazil and Russia are both in recession and China’s economy has seen a slow growth. Developed countries are growing at the slowest rates in history. However India could replace the US as the worlds second largest economy by 2050. (PWC, 2016) How does this effect Health and Well-being? Brands will need to revise their strategies for global growth and expansion to optimise success in developing economies.

Social

How does this effect Health and Well-being? Brands can re-think how to creatively data share. E.g. optimised tracking of health through data-share or offering in-house data protection through collaboration with brands in the protection market.

Legal

New Legislation: The Personal Care Products Safety Act: If passed, the act would evaluate skin-care ingredients for safety by the FDA before they are put out on the market. (Well+Good, n.d.) How does this effect Health and Well-being? Brands will seek to offer natural alternatives that are kind to the skin and label transparency to consumers.

Environmental

Maritime conservation: As ocean plastic is predicted to double in the next decade, consumers will grow an awareness of their ecological footprint and eco-lobbying will intensify. (Mintel, 2017) How does this effect Health and Well-being? More brands will need to offer products without harming the supply of ocean ingredients to distinguish themselves against competitors.

Increase in anxiety amongst younger consumers: Mental health issues are becoming more common amongst younger consumers. 4 out 5 most popular social media platforms are damaging younger consumers’ mental health. (Mintel, 2017) How does this effect Health and Well-being? Younger consumers will be quick to call out brands promoting unrealistic beauty ideas therefore brands should seek to embrace diversity to promote better mental health.

Technological

Privacy issues: As consumer concerns rise regarding the tracking of their data and companies’ ability to safeguard this, consumers will take a greater interest to protect themselves online. (Mintel, 2017)

(Refer to Appendix 1 for full PESTLE analysis)

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Chapter 3: Health & Well-being Sectors

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Beauty & Anti Ageing

Healthy Eating/Nutrition/ Weight Loss Fitness & Mind-Body Wellness Tourism

Preventative/Personalised Health Complimentary/ Alternative medicine

Wellness Lifestyle Real Estate Spa Industry Thermal/Mineral Springs Workplace Wellness

GWI states that the health and wellness industry is made up of 10 Sectors. Chapter 3 will focus on 3 of these industry sectors to inform further potential research angles.

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Fig 7.

Fig 8.

Fig 27 9.

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â&#x20AC;&#x153;The Beauty and Anti-Ageing sector is worth $999bn; one of the biggest contributing sectors to the $3.7 trillion Global Wellness Economy.â&#x20AC;? (GWI: Global Wellness Monitor, 2017)

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3.1: Beauty & Anti-Ageing The Beauty and Anti-Ageing sector is defined as: â&#x20AC;&#x153; Services including beauty and salons (excluding spas) for hair, nail and skincare. Products including cosmetics, toiletries, and other personal care products. Dermatology and prescribed pharmaceuticals for skincare. Anti-ageing includes products and services specifically addressed to age-related health and appearance issues such as cosmetics for the face, skin and body and pharmaceuticals/supplements that treat age-related issues.â&#x20AC;?

(GWI: Global Wellness Monitor, 2017)

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â&#x20AC;&#x153;The line between human and technological device is blurring as smart technology puts people in greater control of their individual health and beauty needs.â&#x20AC;? (Mintel, 2015)

Technology in Beauty Beauty brands have remained relatively immune by the revolution of technology (The Innovation Group: The Future 100, 2016) however brands are experimenting in areas such as DNA analysis for personalised solutions, virtual mirrors automatically assessing what consumers need to put on their skin and hair, devices that are formulating the perfect combination of ingredients and 3D printers that allowing consumers to track progress over time. (Mintel, 2015) Research has found that 47% of US consumers are interested in future treatments involving gene editing. (The Innovation Group: The Well Economy, 2017). Beauty brand Geneu launched U+ where consumers are matched to products that suit their skin type based on data from a bespoke skincare service using DNA testing (Fig 10). (LSN Global: The Optimised Self: 2015) In Paris, Sephoraâ&#x20AC;&#x2122;s concept store uses augmented reality for a virtual concierge. Shoppers are welcomed with a mini robot encouraging them to browse the shelves or a digital catalogue, download their selections into a virtual basket and then collect their products in-store or have them delivered to their homes. (Mintel, 2015).

Fig 10.

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Water becomes a luxury World Wildlife Fund estimates that by 2025, two thirds of the world will experience water shortage if current consumption rates are continued. (Mintel, 2015) Brands are exploring “Waterless Beauty” by limiting water usage in products and supply chains. (LSN Global: Beauty Features, 2017) “Waterless Products” will appeal to the next generation of young consumers. In the UK, 24% of consumers aged 16-24 are interested in dry use soap, bath and shower products. In France, 28% of consumers (16-24) have also expressed their interest. (Mintel, 2015).

“Water is set to become a precious commodity as consumption outstrips supply.” (Mintel, 2015)

Luxury skincare brand, Nannette de Gaspé offers two ranges of waterless products including face masks and infusers to provide solutions to anti-ageing and restoring youthfulness (Fig. 11), (Nannette de Gaspé, 2017).

Fig 11.

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Natural Beauty Organic and natural products for personal care is expected to grow to $25 billion by 2025 (Grand View Research, 2016). As the interest in natural ingredients increases, beauty brands are offering a new level of transparency and more consumers are getting involved in the process of creating products at home as a need for more control over their beauty products (Mintel, 2015). Research found that 42% of UK personal care consumers buy natural and organic products because they believe they are better for the environment. 48% of Italian and Spanish consumers buy natural and organic personal care products because they believe the products are better for their health (Mintel, 2015). Preservative free brands, Body Deli and Skin & Tonic (Fig 12) use batch production and minimal processing for maximum freshness. Emphasis is placed on the vitamins and nutrients as consumers are advised to keep products refrigerated to maintain freshness, offering a sense of immediacy (Mintel, 2015).

Holistic Beauty Consumers are facing an energy crisis as modern life catches up to them. Four in five adults in the UK say they hate feeling low on energy, and in the US fatigue ranks second as a health concern. (Mintel, 2015). As a solution consumers will opt for two approaches; making significant life changes to address low energy levels and seeking products with energy-boosting formulas. (Mintel, 2015). Brands will need to partner with drink and leisure brands to create a range of healthy living products and energy efficiency claims will be the key to success and growth (Mintel, 2015). An example of this is RoCâ&#x20AC;&#x2122;s Pro-Sublime Anti-Ageing Eye Perfecting Serum uses patented E-Pulse technology inspired by electro stimulation to power the skinâ&#x20AC;&#x2122;s natural repair systems. (Mintel, 2015).

Fig 12.

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New Opportunities The relationship between Wellness & Beauty â&#x20AC;&#x153;Beauty2Wellnessâ&#x20AC;? - to be released in January 2018. The study will focus on how beauty can meaningfully contribute to wellness. While there is research on the biology and psychological effects of facial beauty, there is very little on the relationship between beauty and wellness. (GWI: Beauty2wellness, 2017) Going forward, there will be more emphasis and research into the relationship of the brain and beauty, looking particularly at neuroaesthetics; the science of how our brain responds to music, art and beauty. (Global Wellness Summit, 2016)

Beauty & Mental Health An article from Elle (2017), attempts to highlight how offering new approaches through beauty treatments (e.g. training beauty therapists on how to diagnose and advise clients with suspected mental health conditions) can overcome the current barriers and limitations of mental health treatment. (Preskey. N., 2017) An example mentioned of how beauty therapies can encourage openness is Reflexology. By applying pressure to certain points of the hand, foot and body which correspond to pressure points in the head, can stimulate clients to open up. (Preskey. N., 2017) 33

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â&#x20AC;&#x153;The global wellness real estate market was one of the fastest growing wellness sectors from 2013-2015: growing 19% from $100 billion to $119 billion.â&#x20AC;? (GWI: Global Wellness Monitor, 2017)

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3.2: Wellness Lifestyle Real Estate The concept of wellness lifestyle real estate was first introduced in 2014 by the GWI: â&#x20AC;&#x153; A sector that captures the size of the global commercial real estate transactions in the residential, hospitality, and mixed-used categories that we estimate to incorporate wellness elements (i.e., human health, social health, and environmental health) into their design, construction, amenities, services, and/or programming.â&#x20AC;?

(GWI: Global Wellness Monitor, 2017)

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GWI estimates that wellness real estate will grow faster than the real estate sector over the next 10 decades. (GWI: Global Wellness Economy Monitor, 2017). On average, consumers globally spend 20% of their income on housing each year. If consumers’ mindset shifts towards the idea of homes and communities built on the concept of wellness, wellness real estate will grow rapidly to accommodate this. (GWI: Global Wellness Economy Monitor, 2017) The biggest contributors for growth and demand in this sector is in North America, Asia-Pacific and Europe. (GWI: Global Wellness Economy Monitor, 2017) Various factors, such as an ageing population and growing younger generation, are driving this sector. Levels of income, health and environmental conditions will also impact the presence of this sector globally. (GWI: Global Wellness Economy Monitor, 2017)

Wellness Communities A wellness community can be broadly defined as “communities and buildings proactively developed with the holistic health of residents, guests, environment – both natural and built – and local community in mind.” (GWI: Global Wellness Economy Monitor, 2017) Examples include destination spas, hotels and wellness retreats with residential aspects, neighbourhoods and apartment. (GWI: Global Wellness Economy Monitor, 2017) As an increasing number of consumers desire to live in a community that will enhance their health and wellbeing holistically, both existing and new brands are responding to this in various ways. (GWI: Global Wellness Economy Monitor, 2017) • Hotels As health and wellness has become a priority at home, consumers are not willing to let this go whilst they are travelling. In a response to this, hotels have increased their fitness offerings, and some developers have built entire residences around the concept of wellness. (The Innovation Group: The Well Economy, 2017) Marriott Group’s Westin Hotels brand launched the campaign “Let’s Rise” (Fig 13) promoting the wellness services offered by Westin such as hiring out New Balance workout gear, fitness studios and a wide range of fitness equipment.(The Innovation Group: The Well Economy, 2017) • Residential Properties Lake Nona in Orlando has been built with residents’ health 36

and well-being in mind. Employment is provided through Medical City- a cluster of medical and research facilities employing the town’s 11,000 residents which is anticipated to grow to 25,000. Residents participate in health studies and have free access to activities such as Tai Chi, bike races, yoga and strolls across trails. (The Innovation Group: The Future 100, 2016)

Wellness Architecture Simultaneously with the growth of wellness real estate, architecture and design will be rethought with focus on quality of air, ventilation, water, lighting, sleep and sound to enhance the human experience. (Global Wellness Summit, 2016) RESET, an app based in China is the first building standard to monitor the health of indoor air/spaces in real-time, allowing users to track the information from any device. (Global Wellness Summit, 2016)

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New Opportunities

Fig 13.

Future of Wellness Real Estate “Wellness Communities and Lifestyle Real Estate Research”- to be released in January 2018. The study will focus on the future growth and development of this sector focusing on defining they key elements of “wellness communities” and “wellness lifestyle real estate”. The study will look at the global demographic and consumer trends driving demand for this sector and provide global examples to illustrate. There will also be guidance as to how brands can capitalise from this growing sector. (GWI: Wellness Communities and Lifestyle Real Estate Research, 2017) 37

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“The Preventative and Personalised Healthcare sector is worth $534 billion to the Wellness industry.” (GWI: Global Wellness Monitor, 2017)

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3.3: Preventative and Personalised Healthcare As defined by the GWI, preventative and personalised healthcare includes: “ Medical services which focus on treating “well” people, preventing disease or detecting risk factors e.g. screening testes, routine check-ups etc. Personalised health uses information and data for individual patients, such as genetic analysis, personalised condition management, health records etc to provide customised solutions to preventing disease, managing risk factors, or managing/treating conditions.”

(GWI: Global Wellness Monitor, 2017)

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“The patient” who will be perceived as “the consumer” is more knowledgable and demanding. Encouraged to take control of their health, they will expect a personalised approach from healthcare providers which seems closer than ever today as the cost of sequencing a single human gene drops from $100m in 2001 to under $1,500. (The Innovation Group: The Well Economy, 2017)

Technology in Healthcare Healthcare providers are creating products and services that track health, deliver detailed insights and offer advice ultimately improving patient care and preventing illness. (Perry. J., 2017) AI Technology Companies globally, are using AI technology to achieve healthcare of greater value and cost efficient methods to lead to better healthcare at lower prices and improved doctor-patient relationships. (Perry. J., 2016) Hitachi in Japan, uses AI to analyse medical data from employees to predict an individual’s five year chance of developing a lifestyle-related disease. (Perry. J., 2016) AICure in the US uses mobile technology and facial recognition to ensure patients are taking medication at the correct times. (Perry. J., 2016) Quantified Self-Care An increasing number of consumers are collecting information about their healthcare to understand their physical make-up better. The rise of at-home blood testing is bringing a new level of hyper- personalisation and prevention. (The Innovation Group: The Future 100, 2016) With diagnostic testing set to reach $63 billion by 2024 globally, there is rapid growth in at-home kits. (The Innovation Group: The Future 100, 2016) InsideTracker analyses up to 30 different biomarkers in a user including vitamin and cholesterol levels from a vial of blood. The platform offers uses recommendations on 40

sleep and diet to address deficiencies. With an accessible price of $199 for home kits, the user base is expanding. (The Innovation Group: The Future 100, 2016) Healthcare technology in Israel Israel is a leading pioneer in technological advancements in healthcare: “ There is virtually no area of medicine to which Israeli devices have not made significant contributions - cardiology, genetics, neurology and ophthalmology are but a few of the sciences benefiting from advanced Israeli technology. Israeli scientists, universities and companies are working to benefit the global health system - from physician to patient to medical administrators and insurers.” - (Dr. Fishman, 2016) There are now 400 companies in the digital healthcare sector (Eldan. A., 2017). Life sciences alone represents 50% of the country’s research and has attracted attention from multinational medical leaders . Companies such as Philips, Johnson & Johnson have also set up R&D hubs in the country. (Mitzner. D., 2015). An example of the multifunctional and fully integrated health IT systems in Israel is the use of a magnetic membership card which every Israeli resident holds and presents at every point of service enabling data capture of all transactions within the healthcare delivery system. (Department of Commerce, Israel Country Commercial Guide, 2017)

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Fig 14.

Digital Pharmacies

New Opportunities

As health-care becomes more consumer-facing, vitamin and supplement brands are taking influence from lifestyle technology to offer on-demand services and a new level of personalisation to improve the pharmaceutical experience.

Social Re-skilling Through Healthcare Providers

Capsule, a start up in New York, serves as a digital-only pharmacy providing prescription on demand. Another start up, Care/of (Fig 14) draws inspiration from e-commerce and direct-to-consumer marketing to enhance consumer experience. The brand offers a service similar to subscriptions where consumers will receive personalised vitamin packs with ingredients based on data from an algorithm for approx. $30 per month. (The Innovation Group: The Well Economy, 2017)

As trips to the doctor will be supplemented by interactions through technologies, consumers will become less used to face-to-face interactions. This raises concern as to whether there will be an increasing desire for social re-skilling and engagement in conversation or whether technology will continue to overtake the social aspects in a consumerâ&#x20AC;&#x2122;s life. (LSN Global: The Sharded Shelf, 2014)

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Chapter 4: Opportunities

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Future Opportunities The SWOT analysis highlights the potential opportunities going forward within health and well-being. (Refer to Appendix 2 for full SWOT analysis).

1. Healthcare and beauty to further experiment with technology

2. Beauty’s relationship to the brain Opportunity for the beauty sector to shift their focus from the outward appearance to the connection between the brain and how it perceives beauty.

Healthcare and beauty have been slow to adapt to technological changes; brands and service providers in both sectors should experiment further, taking cues from lifestyle brands for a more personalised approach.

3. Beauty and mental health As mental health and self-image issues continue to rise, beauty brands are presented with the opportunity to explore whether beauty can help address the issues in mental health.

4. Future of Wellness Real Estate

Opportunities

Could the future see all consumers desiring to live in wellness communities? As wellness real estate is predicted for growth, this raises a discussion as to whether wellness real estate will integrate into mainstream and overtake the real estate sector.

6. Innovative sustainability As sustainability will remain a high priority for consumers, organic, natural products will become a norm- brands can look to innovative in new areas such as “waterless products”.

5. Brands can target new demographics With an ageing population redesigning the ageing lifestyle and an increase in younger consumers’ level of decision-making, there is an opportunity for brands to offer products/ services meeting these consumer needs.

Fig 15.

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Conclusion In conclusion, the report has provided a concise and thorough overview into some of the effects of health and well-being on society and consumer behaviour, highlighting how brands have responded to this growing momentum. Wellness is a key priority in consumers livesâ&#x20AC;&#x2122;which is impacting all industry sectors. Progressive consumers are leading the way towards a holistic healthy lifestyle creating demand in new areas such as Wellness Tourism and Wellness Real Estate as well as drawing attention to consumer needs that have may been overlooked in the past (e.g. mental well-being). With the on-growing increase in technological innovation, consumers will desire a hyperpersonalised approach to health and well-being. Going forward, the following areas have been identified as potential research areas for Stage 1: Technology within Beauty As stated in the report, beauty has been slow to adapt to technological changes. However the industry sector has seen a new wave of innovation from brands. Stage 1 will explore how further experimenting with new technological advancements such as DNA analysis could revolutionise the beauty industry. Beautyâ&#x20AC;&#x2122;s relationship to the brain Traditionally, the beauty industry has focused on the outward appearance of products and services. However as a growing number of consumers seek a holistic lifestyle, brands will need to shift their focus more towards mental well-being. Stage 1 will explore the connection between the brain and how it perceives beauty. The Future of Wellness Real Estate As an increasing number of consumers desire to live in a community that will enhance their health and wellbeing holistically, Stage 1 will explore how wellness real estate may impact the global landscape and whether it will overtake the real estate sector.

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Appendicies References Bibliography Figure References

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Appendix 1: PESTLE Analysis

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Appendix 2: SWOT Analysis

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Appendix 3: Gantt Charts

* Please note these are estimated timeframes and may change throughout the year.

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Figure References •

Fig 1: Advantages and Disadvantages of Secondary Data. Hair. J., and others, 2007. Research Methods for Business. Chichester: John Wiley & Sons.

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Fig 2: Types of secondary data sources. Saunders. M., Lewis. P., and Thornhill. A., 2016. Research Methods for Business Students. London: Pitman Publishing

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Fig 3: Advantages and disadvantage of secondary sources used. Own work

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Fig 4: Global Wellness Institute.2017.The Evolution of Wellness. [online].Available at: https://www.globalwellnessinstitute. org/history-of-wellness/. Accessed 8th November 2017.

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Fig 5: Anon. 2016. Are You Depressed. [online]. Available at: http://www.playbuzz.com/clareturner10/are-youdepressed?utm_source=pinterest.com&utm_medium=smff&utm_campaign=are-you-depressed#seventieth. Accessed 8th November 2017.

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Fig 6: Glen Luchford, 2016. IvyPark For Topshop. [online]. Available at: http://www.luxurybull.com/wp-content/ uploads/2017/03/ivypark.jpg. Accessed 8th November 2017

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Fig 7: My Candi Shoppe, 2017. Care of Vitamins. [online blog]. Available at: http://www.mycandishoppe.com/2017/05/ day-6-mothers-day-gift-guide-giveaway.html. Accessed 8th November 2017.

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Fig 8. Westin, 2017. Let’s Rise Campaign. [online]. Available at: http://news.marriott.com/2017/01/lets-rise-westinhotels-resorts-reveals-powerful-rally-cry-travelers-regain-control-well-road/. Accessed 8th November 2017.

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Fig 9. Sephora, 2015. Sephora Flash Concept Store. [online]. Available at: https://www.lvmh.com/news-documents/ news/sephora-flash-the-connected-beauty-store/. Accessed 8th November 2017.

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Fig 10. Chrissabella, 2016. Geneu U+. [online blog]. Available at: http://www.chrissabella.co.uk/2016/11/geneubeauty-personalised-skincare.html. Accessed 8th November 2017.

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Fig 11. Cosmetic Proof, 2017. Nannette De Gaspe Face Youth Revealed Dry Sheet Mask. [online blog]. Available at: http://www.cosmeticproof.com/2017/08/skincare-nanette-de-gaspe-dry-sheet-mask-review.html. Accessed 8th November 2017.

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Fig 12. Skin and Tonic, 2017. Skin & Tonic Content. [online]. Available at: https://www.contentbeautywellbeing.com/ collections/skin-tonic. Accessed 8th November 2017

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Fig 13. Westin, 2017. Let’s Rise Campaign. [online]. Available at: http://news.marriott.com/2017/01/lets-rise-westinhotels-resorts-reveals-powerful-rally-cry-travelers-regain-control-well-road/. Accessed 8th November 2017.

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Fig 14. Fig 7: My Candi Shoppe, 2017. Care of Vitamins. [online blog]. Available at: http://www.mycandishoppe. com/2017/05/day-6-mothers-day-gift-guide-giveaway.html. Accessed 8th November 2017.

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Fig 15. Opportunities from SWOT Analysis. Own work.

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