Consumers are Continuing to Spend on Self-Care in 2020

POSTED BY Greg Keating ON Feb 12, 2020 10:49:20 AM

Woman smiling and hugging herself.

It’s good to take care of yourself. That statement reflects the latest consumer attitudes showing increased spending for environmentally-friendly, locally-sourced, and sustainable products. Consumers are spending more on self-care related CPG products, and the trend shows no signs of slowing this year. How should CPG branding respond and capitalize on these trends?

CPG Branding Trends for 2020: Self-Care is Hot

SmartBrief reports that self-care is a $9.9 billion industry this year with no signs of slowing. They predict a stronger economy will keep consumers indulging in potentially more expensive CPG brands geared toward self-care. This includes food and beverages touting nutritional benefits; this category will hit $275 billion by 2025.

Essence agrees, calling 2020 “The year of self-care.” They recently published a study highlighting consumer trends around wellness and how CPG branding should flex to meet this growing demand. Their survey found:

  • Experiential wellness in the form of spa visits, fitness festivals, and pop-ups is hot. Consumers are now more willing to pay for experiences that improve their health and wellbeing. This includes 42% of consumers that say they value experiences even over material possessions. CPG branding can capitalize on these trends by creating new experiences featuring specific products over just offering the products themselves.
  • Sleep — and getting more of it, is the new consumer priority this year. As a trend, sleep is now a coveted commodity. Recent studies show that 57% of Americans say sleep is a luxury and a growing priority. CPG branding should take into account designing for more “restful” experiences to make use of this trend.
  • Emotional wellness is now a high priority for stressed-out consumers. Of the consumers surveyed, 75% say that personal wellness, including emotional wellbeing, is a “never-ending” goal. CPG branding must focus on holistic, gratitude-centric, and mindfulness designs incorporating an emphasis on slowing down, eating right, and taking care of yourself.

Plastic spoon filled with vitamins.

Capitalizing on Consumer Demand for Self-Care Products

IRi reports 9 of 10 consumers in the US say they practice some type of self-care. This is a huge market to capitalize on this year. Leading the way in responding to these trends are retailers like CVS, who early on announced they would halt sales of tobacco in their stores. 

Other trends, such as the rising cost of healthcare and concern for the environment are driving consumer demand for more sustainable, natural products to improve their lives and the lives of their families. Watch for CPG brands to respond by creating more in-store wellness kiosks, expanding fresh food offerings and natural in-store products, as well as store remodels to capitalize on these trends.

SmartBrief concludes, “Concerns about the environment have been influencing purchase decisions for many years, but as the problems facing the planet become harder to ignore, shoppers are entering the store with an even more critical eye.” CPG branding that fails to take these trends into account will quickly lose sales and fall behind.

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Topics cpg

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