In a recent report, Bank of America highlighted a notable generational shift towards self-care, noting increased spending on wellness services like gyms and beauty treatments. This trend is primarily driven by millennials and Gen Z, who prioritize health and leisure activities linked to wellness, resulting in a 7% year-over-year increase in fitness spending. As a result, wellness-related stocks are thriving, potentially creating a recession-resistant market segment, with overall industry growth reaching a record-high of $6.32 trillion in 2023.
Bank of America noted that self-care services like salons and gyms have shown solid economic performance for the past two years, particularly among Boomers and younger generations.
Analysts indicate a robust generational shift toward wellness spending, particularly among milennials and Gen Z, resulting in significant growth in wellness-related stocks.
Data shows that fitness spending, especially among younger generations, has surged by 7% year-over-year—a major bump reflecting a preference for healthy habits over night outs.
Younger generations are increasingly favoring spending on fitness over traditional leisure activities like going to bars, reflecting a significant shift in budget allocation.
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