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UK consumers not thriving despite increased spend on health and wellness

by wrich
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British stiff upper lip reveals optimism in the face of adversity

Brands under short-term pressure are missing opportunities to align more closely with customers’ real life needs and experiences claims The Thrive Paradox, a new report from Interbrand 

20 October 2022 – London, UK – Despite spending more on health, wellness and wellbeing, a market estimated to be worth $1.5 trillion globally and growing, people are increasingly struggling to thrive. The convergence of multiple global political, social, economic and environment crises has created a new era of uncertainty with people increasingly anxious about their financial security, ability to maintain their health and wellness, the quality of their relationships and working life and the impact of climate change. This is hampering the ability of people around the world to thrive. 

This is the finding of a new report, The Thrive Paradox, launched today by Interbrand, the world’s leading brand consultancy, in partnership with C Space, the global customer agency and Hall & Partners, the uncommon insights agency.  

According to the report, the desire to thrive is universal and the process is definable, encompassing five clear stages – intent, know-how, resilience, feeling and belief. It’s a spiritual, physical, and mental journey of personal transformation that is usually non-linear and episodic. The report explores how brands can support their customers to Thrive ahead of the forthcoming ‘winter of discontent’. 

Resolute in the face of adversity

Research conducted by Hall & Partners for The Thrive Paradox found that while nearly a third of people in the UK say they are not thriving, a third are, and 42% are in the middle, neither living their best or worst lives. However, remaining resolute in the face of adversity, Brits are optimistic and committed to the idea of a better future. More than half of people across all generations are optimistic about their future and ability to live a better life; even more so for postgraduates, people with a household income over £60k and the retired. 

Unsurprisingly, the current cost of living crisis and the state of the economy is top of mind, with 69% of people saying that it is negatively impacting them. People are also concerned that access to nutritious food and health concerns will have a negative impact on their ability to make progress in life. Nearly two thirds (61%) of people believe that eating and being healthier will benefit them and over half (57%) said that a better economic situation would help them to live a better life. 

The importance of community to people’s wellbeing is also evident, with 58% of people saying it is friends and family and 55% their relationships that helps them to thrive. 

“Our research shows that health and wellness are key goals that people are aiming for as unprecedented global challenges continue to shift their values about how they live and what’s most important to them,” said Lucy Ireland, Managing Partner, Health at Hall & Partners. “Yet it’s harder than ever for people to access the resources they need to help them achieve their goals such as health, financial security or supportive relationships. By monitoring changing attitudes and finding those uncommon insights, brands can establish exactly how they can support people’s life goals and balance the competing demands of being purposeful and purchased.” 

Brands part of the problem

Research conducted by C Space in a deep, agile and ongoing basis with consumers across seven countries in Europe, Asia and the USA, revealed that some people see corporations as contributing to the problems they face. 

“The gap between consumers’ universal desire to thrive and the reality of their lived experience has never been wider – and this is a huge opportunity for brands both within and outside the traditional health, wellbeing and wellness space,” said Corey Schwartz, Managing Director, C Space Health. “Some consumers feel “the system” is rigged against them and that some brands are complicit in that.  People cited examples such as technology that leeches too much of their attention and the negative impact brands have on the waste and climate change as barriers to thriving. There is increased resistance against brands that are seen to contribute to the problem instead of the solution.” 

Brands can play a role in helping people to make positive and lasting change according to more than half of consumers surveyed (55%). 

Christian Purser, CEO of Interbrand London, claims that “It’s inevitable that Brand Leaders under pressure to drive growth have to focus on winning with consumers in the markets they serve. Our research suggests that there’s a bigger opportunity; to help consumers to go on journeys of personal transformation, to build relationships beyond products and services and to help consumers to feel like they are winning in their own lives: To help them believe that they are getting better at living.” 

Interbrand will host a webinar to discuss the implications of what living a better life means for brands with a cast of industry leaders, customers, academics and experts on 20 October at 10am EST / 3pm GMT / 4CET. SAVE YOUR SEAT: https://lnkd.in/eYq25sGw



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