A Look at the $450 Billion Self-Care Market

Eating organic food, using natural home remedies, taking vitamins and disinfecting homes are just a few ways in which consumers are taking control of their own health and getting a handle on rising health care costs. With 88% of Americans actively practicing self-care and 34% increasing their self-care activities in the past year, these new purchasing and consumption habits are creating big opportunities for brands and retailers alike, according to IRI, which has released its latest IRI Point of View, “Taking Charge: Consumers Grabbing Hold of Their Health and Wellness Drives $450 Billion Opportunity.”

The report shares how consumer trends are currently impacting the CPG industry and what retailers and manufacturers must do to win in this market. To bring much-needed clarity to this very complex environment, IRI is introducing an updated self-care segmentation to help marketers develop personalized products and marketing campaigns.

“Self-care is not one large action or behavior, but a series of small, incremental actions and behaviors that accumulate to result in better health and wellness,” said Amruta Gupta, principal and health care leader for the IRI Consumer and Shopper Marketing practice. “To truly maximize the self-care opportunity, brands and retailers must think outside of traditional and narrowly defined categories and redefine their competitive sets to better understand where and how each product fits in their stores and strategy.”

According to IRI, self-care is virtually everywhere; however, different shopper groups practice self-care differently, and brands and retailers must understand the dynamics of each and tailor product benefits and marketing programs to engage and activate different shopper groups, noted IRI.

IRI’s self-care segmentation also features eight distinct consumer profiles:

• Proactive Naturalists: Motivated by keeping fit and preventing illness;
• Active Health Managers: Focused on limiting health care expenses and avoiding doctor visits;
• Awakened and Dedicated: Seeking a balanced life and more energy;
• Unconcerned Realists: No distinctive health and wellness motivation—simply taking life as it comes;
• Healthy Passives: No motivation to adopt self-care behaviors—healthy and haven’t had to deal with anything too serious;
• Preventive Moderates: No distinctive self-care motivation; simply want to prevent illness and stay fit and healthy, and are open to vitamins or supplements and prescription medications, as needed;
• Advice Seekers: Managing a health condition and seeking constant reassurance from health professionals; and
• Doctor, Doctor: Dealing with health conditions, but trying to stay healthy while aging, through medications and guidance from health professionals.