The wellness recession

STATUS: WHY GEN Z, MILLENNIALS ARE REWRITING THE RULEBOOK

- Hein Kaiser

Wellness has become the new status symbol. In fact, it's always been a braggable lifestyle choice, but research has shown that, as the 21st century ticks on, so too does the appeal of wellness as a status symbol. It's the Hermes bag of the daily grind.

For Gen Z's and even other generations, it is about kombucha over cocktails, matcha, mindfulness apps and meditations.

The Global Wellness Institute reported last year that the wellness industry is worth more than R118 trillion globally and could reach R169 trillion within the next three years.

The growth is being fuelled by millennials and Gen Z, who have made health and well-being part of their everyday identity rather than a luxury or occasional indulgence.

McKinsey research has shown that millennials spend three times more on fitness than Gen Z households, and Gen Z in turn spend almost three times more than baby boomers.

It’s goodbye binge drinking, hangovers, clubbing till dawn and hello workouts, gym memberships and matcha and kombucha brews instead of cocktails. This generational realignment is highly visible.