{"id":9516,"date":"2024-06-10T15:12:47","date_gmt":"2024-06-10T15:12:47","guid":{"rendered":"https:\/\/wslstrategicretail.com\/?p=9516"},"modified":"2024-06-17T18:58:38","modified_gmt":"2024-06-17T18:58:38","slug":"9-takeaways-from-wsls-health-symposium","status":"publish","type":"post","link":"https:\/\/wslstrategicretail.com\/blog\/9-takeaways-from-wsls-health-symposium\/","title":{"rendered":"9 Takeaways From WSL Strategic Retail\u2019s Annual Health Symposium"},"content":{"rendered":"

[vc_row full_width=”stretch_row_content_no_spaces” el_class=”single-post-content”][vc_column width=”2\/3″ el_class=”aside”][vc_column_text]By Emily Burns<\/a>, JUNE 06, 2024 || BeautyInc \u2013 A Publication of WWD<\/em><\/p>\n

Speakers hailed from key wellness companies including The Vitamin Shoppe, CVS Health, Kroger Health, HerMD and more.<\/em><\/p>\n

On Thursday, WSL Strategic Retail hosted its annual health symposium, this year titled \u201cBeyond Wellness: The Future of Health. What Shoppers Really Want.\u201d Hosted in New York City, this year\u2019s symposium marked the first in-person iteration of the event since December 2019.<\/p>\n

Throughout the day, speakers from companies like CVS Health, Kroger Health, The Vitamin Shoppe, HerMD and Nielsen IQ discussed top wellness trends, shifting demographics and the future of the category.<\/p>\n

Here, a look at the top nine takeaways from the day\u2019s events.<\/p>\n

1. We\u2019ve entered an era of well-washing.<\/h2>\n

The wellness category is experiencing a similar phenomenon to greenwashing. With that, consumers are smarter and expecting more.<\/p>\n

\u201cWe\u2019ve started to hear this sort of uncertainty [and] concern from shoppers around this country about this notion of wellness,\u201d said Wendy Liebmann, chief executive officer of WSL Strategic Retail. \u201cSix out of 10 told us recently they don\u2019t think that wellness is quite clearly defined anymore\u2026 We as industries have put wellness on so many things that they\u2019re now saying, \u2018What does this mean?\u2019\u201d<\/p>\n

This sentiment drove WSL\u2019s event in defining key areas of wellness that consumers actually want.<\/p>\n

2. From menopause to sexual wellness, women\u2019s health should be top of mind.<\/h2>\n

\u201cOpen conversations around female sexuality and addressing issues like low libido and overall sexual wellness will continue to increase,\u201d said Shelby Newell, senior brand manager at E.l.f. Beauty and cosmetic and fragrance, marketing and management master\u2019s degree program student at FIT, identifying key trends like postpartum care and sexual wellness.<\/p>\n

Menopause and sexual health in particular will continue to be areas of growth.<\/p>\n

\u201cLess than 30 percent of our current OB-GYNs are trained in menopause,\u201d said Dr. Somi Javaid, founder and chief medical officer of HerMD, which provides gynecological, menopausal and sexual health care. \u201cLess than 20 percent are trained in sexual health beyond the topics of fertility, contraception and treating STIs.\u201d<\/p>\n

She added: \u201cWomen are so hungry for this information, and they want accurate information.\u201d<\/p>\n

HerMD cofounder and chief operating officer Komel Caruso added that education, trust, access and community are the keys to approaching this category and customer.<\/p>\n

3. The future of health and wellness relies on technology.<\/h2>\n

Whether it\u2019s a cold plunge at a local gym or a hyperbaric chamber at a longevity studio, innovative healing modalities are on the rise. With this, customers are more interested in the category and are seeking accessible versions.<\/p>\n

\u201cWe\u2019re seeing a major shift towards democratized care,\u201d said Shivani Banerji, director, Redken Marketing at L\u2019Or\u00e9al USA and cosmetic and fragrance, marketing and management master\u2019s degree program student at FIT. \u201cConsumers are intrigued by new innovations across industries. They\u2019re also laser focused on accessible ways to attain them.\u201d<\/p>\n

In addition, artificial intelligence will also play an important role in drug discovery, personalized medicine and predicting health outcomes going forward.<\/p>\n

\u201cWe are facing a tectonic shift. We are on the brink of another revolution where digital technology is becoming the new determinant of health,\u201d said Alissa Hsu Lynch, entrepreneur in residence at DigitalDX Ventures.<\/p>\n

4. Community and engagement are at the core of wellness.<\/h2>\n

\u201cPeople are hungry for more than just food,\u201d said Andrea Brookhart, director of population health and wellness at Kroger Health. \u201cThey\u2019re hungry for connection, for a smile, for a greeting when they walk through the door and for wellness products and services and health care, sure, but they\u2019re also hungry for a reassuring smile.\u201d<\/p>\n

This is critical for Gen Z consumers, who are increasingly value-driven.<\/p>\n

\u201cBelonging, community and self-esteem played a huge role and have emerged as key values for Gen Z as they prioritize what products from manufacturers and retailers they want to pursue,\u201d said Jacqueline Flam, senior vice president of beauty, drug and OTC retail at Nielsen IQ.<\/p>\n

With this focus on community, there has also been an increased demand for engaging, wellness-centric experiences in retail.<\/p>\n

\u201cHealthier retail environments has become a significant trend,\u201d said Cynthia Ortiz, international president at the Retail Design Institute and business development manager at MBH Architect, pointing to in-store activations like yoga and meditation classes and nutrition workshops. \u201cThese experiences enhance customer engagement and promote healthy living.\u201d<\/p>\n

5. Demographics are shifting.<\/h2>\n

According to WSL Strategic Retail, there are four growing and changing consumer segments to watch, including the 65-plus market, single-person households, multigenerational households and Hispanic consumers.<\/p>\n

Concurrently, Nielsen IQ has coined Gen Z as Spend Z.<\/p>\n

\u201cAt almost 25 percent of the population today, Gen Z is a global force projected to be the largest generation ever,\u201d said Flam of Nielsen IQ. \u201cThey\u2019re living at home longer\u2026 [and are] very strong influencers of household purchasing behavior at a disproportionate rate.\u201d<\/p>\n

With this in mind, Flam said: \u201cYou should definitely be looking at attributes from wellness that are resonating outside of your specific product category to help inform new product innovation or reformulations in your category to quickly outpace your competition.\u201d<\/p>\n

6. The 50-plus consumer is here and they want more.<\/h2>\n

\u201cWe believe in ambitious aging,\u201d said Michael Clinton, founder and chief executive officer of Roar Forward, an insights and content platform focused on the shifting demographic of 50-plus consumers.<\/p>\n

Clinton emphasized that brands and companies need to champion this consumer by using contemporary images and messaging and avoiding stereotypes.<\/p>\n

\u201cThey\u2019re on a sort of proverbial warpath in terms of where they\u2019re going to spend their money and how they\u2019re going to spend their money if they don\u2019t see themselves represented in ways that are authentic and real and contemporary,\u201d he said.<\/p>\n

\u201cWe\u2019re not a monolith. We\u2019re not this group of older people to be forgotten,\u201d added Reema Jweied Guegel, enterprise strategic relationships director at AARP.<\/p>\n

7. We\u2019re in a mental health pandemic.<\/h2>\n

According to WSL Strategic Retail\u2019s recent studies, 43 percent of respondents identify stress as a top obstacle to staying healthy. With this, brands that are built around well-being, whether it be through product or philanthropic mission, are the future.<\/p>\n

\u201cIf anxiety and depression and a lack of mental well-being were an airborne contagion\u2026 the number of people that are really suffering would be [at] pandemic kind of levels,\u201d said Craig Dubitsky, founder and CEO of Happy Coffee, emphasizing the importance of prioritizing people\u2019s well-being when developing a brand or product. \u201cMental health, to say it\u2019s important, is an understatement\u2026 This impacts everybody.\u201d<\/p>\n

8. Healthspan over lifespan.<\/h2>\n

With aging populations and the ever-growing emphasis on wellness, healthspan is the key. It\u2019s not just about living longer but living healthier for longer.<\/p>\n

\u201cThe population is aging, and as they\u2019re aging they\u2019re saying, \u2018I don\u2019t just want to be here and prevent sickness. I want to live well,\u2019\u201d said Erin Condon, chief marketing officer, pharmacy and consumer wellness at CVS Health. \u201cThe definition of health is now living well.\u201d<\/p>\n

Muriel Gonzalez, The Vitamin Shoppe president, added: \u201cThe number-one trend that we see\u2026is longevity supplements. Everybody wants to live not only a longer life but a healthy life, so the term healthspan has almost replaced longevity.\u201d<\/p>\n

9. Ozempic represents a cultural shift and a significant business opportunity.<\/h2>\n

\u201cThere is a cultural change in the conversations happening around obesity. When you have folks like WeightWatchers who are saying, \u2018We got it wrong. It\u2019s not about willpower,\u2019 we\u2019re really seeing this transition,\u201d said Sherry Frey, vice president of total wellness at Nielsen IQ.<\/p>\n

While Ozempic is shifting the conversation around weight loss, it is also posing new business opportunities across wellness categories, most notably in supplements.<\/p>\n

\u201cOzempic is probably the biggest trend in the world right now, and it\u2019s growing exponentially,\u201d Gonzalez said, adding that products that are complementary to GLP-1s have become an area of focus \u2014 think probiotics for digestive issues or protein powders to address muscle loss.<\/p>\n

Frey added: \u201cThere will continue to be opportunities [in the] short term and long term because of the nutritional challenges.\u201d<\/p>\n

Visit WWD<\/a> for the full article.<\/em>[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ el_class=”sidebar”][vc_column_text]\n\t\n\t

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