I recently came upon this quote from Justin Welch, a consultant that “helps Solopreneurs own their work and life.” His work places an emphasis on what he believes should be the ultimate focus of any individual– to create a purposeful vision for one’s life and to live that out well. His focus tends to be on how to create balanced and meaningful work time in each day for solopreneurs, with the goal of allowing more time to experience the modern luxury he has described above. His quote caught my attention as I think this applies to more than just the solopreneur crowd but can speak to the core of every individual.
In the often fast paced and hectic routine of life, we can become accustomed to things always being “on-the go” and moving from one moment to the next without being fully present in each. From the overnight Amazon delivery, scrolling through our favorite social media platforms, processed, packaged, fast food, and the streaming on-demand of our favorite show, we have everything truly at our fingertips.
First, I believe we should have immense gratitude for living in this country at this point in history. Second, I’m left questioning that with the ease of procuring almost anything we desire, has there been something deeper that’s been left out?
After speaking with friends and family and taking general observations of our culture through various podcasts and media outlets, I have noticed a shift in what the average person may be seeking. Sure, the desire to live life with ease and comfort is still there, but there is also something that’s growing in popularity that takes work and discipline: wellness, in all forms, spiritual, emotional, physical, and financial to name a few. I find the desire for wellness is more than just a trendy platitude but is a choice to exert real effort and grit to cultivate a more fulsome life experience. Of course, we cover the financial wellness dimension at Howe & Rusling and happily partner with clients to achieve their goals, but what else are individuals doing to move from living for convenience here and now to “choosing their hard” to better other areas of their lives?
Global Trends on Wellness
Many global surveys have found that wellness matters more to people each year since the Covid pandemic. In the Global Wellness Economy Monitor 2024, research finds that the wellness market grew from $4.6 trillion in 2020 to $5.8 trillion in 2022 and reached a record $6.3 trillion by the end of 2023 (9% annual growth). Wellness continues to expand its share of the overall economy, now representing over 6% of global GDP, up from 5.75% in 2019.
McKinsey & Company estimates that in the U.S. alone, the wellness market has reached $480 billion, growing at 5 to 10 percent per year. Eighty-two percent of US consumers now consider wellness a top or important priority in their everyday lives, which is similar to what consumers in the United Kingdom and China report (73 percent and 87 percent, respectively).
This is especially true among Gen Z and millennial consumers, who are now purchasing more wellness products and services than older generations, across the dimensions of health, sleep, nutrition, fitness, appearance, and mindfulness.
Global Trends in the Organic Food Market
There are a number of categories to consider in the quest for wellness. An intentional focus on diet, specifically certified organic food, has seen a significant increase. According to Spherical Insights, the global organic food and beverages market size was valued at $227.45 billion in 2023 and Statista estimates in three years by 2026 this market should almost double to $437.4 billion.
Forecast market value of organic food markets globally (2021, 2022, 2026), Source: Forbes, Spherical Insights
According to the Organic trade association, U.S. sales of certified organic products approached $70 billion in 2023, a new record for the sector. Dollar sales for the American organic marketplace hit $69.7 billion last year, up 3.4 percent. The association explained that “despite stubborn price inflation seen throughout retail aisles, consumers remained clear-eyed about their priorities in the products they chose for themselves and their families, valuing health and sustainability, and seeking out the USDA Organic label.”
Global Wellness Tourism
A recent Forbes article reports that global wellness tourism is surging as well. According to the Global Wellness Institute, wellness tourism is defined as “travel associated with the pursuit of maintaining or enhancing one’s personal wellbeing.” Citing the Forbes article, “The global wellness tourism industry continues to grow at a very rapid pace and is predicted to be worth around $1.35 trillion in 2028, according to Statista. This marks an increase of more than 100% on the market size from 2022, at which time global wellness tourism stood at just over $637 billion.”
Wellness Tourism can incorporate almost any type of travel from exotic international adventures to more local travel to a retreat house, gym, or spa. One specific physical wellness trend that has been seeing increased growth is an infrared sauna and cold plunge studio. In fact, our new office has one of these contrast therapy studios next door. Contrast therapy is an ancient recovery technique of alternating between hot and cold temperatures.
Andrew Huberman, Ph.D., is a neuroscientist and tenured professor in the department of neurobiology, and by courtesy, psychiatry and behavioral sciences at Stanford School of Medicine. He is a leading voice in the overall wellness benefits of contrast therapy, appearing on many prominent podcasts and hosting conversations on his own platform.
Dr Huberman explains “subjecting the body to cold temperatures activates the sympathetic nervous system, triggering specific physiological responses including the release of neurotransmitters like norepinephrine and dopamine. There are both mental and physical benefits of cold exposure — research has shown that deliberate cold exposure can have positive effects on blood flow and brown fat activation, influence insulin sensitivity, reduce post-exercise muscle soreness, and improve mental health.” He continues, “heat exposure can be equally impactful on health and well-being. It’s often achieved through sauna use which induces thermogenesis and mild hyperthermia. Much like with cold exposure, the body reacts to these elevated temperatures by regulating core temperature to return to homeostasis — many of the benefits of heat exposure derive from this process of temperature regulation.”
Diving In
Intentionally choosing wellness has also been a focus for me and my family. I surprised my wife when I asked for a cold plunge tub for my birthday in December. I enjoyed cold tub treatment as a recovery technique during my division 1 collegiate soccer days, but I was curious if I would experience the overall health benefits that have been published in recent years. While 40-degree cold water is not necessarily as inviting as the Caribbean in the middle of a New York winter, the impact on my overall physical well-being has been great. As a family we’re striving to eat healthier, be more active, prioritize sleep, spend time in prayer/meditation each morning to start the day, and when possible, choose a challenge over comfort – it’s not always easy but it’s provided a unique zest to life.
As mentioned, there are several different categories of wellness. Choosing “your hard” and continually focusing on wellness can take a lot of effort. However, I encourage you in the right moments to choose an adventure over convenience, a challenge over what would be easy. I have found that it leads to a deeper, more meaningful experience, which in itself can be considered a modern-day luxury. Let 2025 be a year in which you strive for financial wellness that helps lead to success in other areas of wellness, too.
Disclosures: Howe & Rusling is registered with the SEC as an investment advisor. Registration does not imply any level of skill or training. The information contained in this communication is for informational and educational purposes only and should not be considered investment, tax, or legal advice. This material does not constitute an offer, recommendation, or solicitation to buy or sell any securities or investment strategies. Any views expressed are those of the author and do not necessarily reflect the views of Howe & Rusling, Inc. or its affiliates. References to third-party sources, including but not limited to McKinsey & Company, Statista, the Global Wellness Institute, and Forbes, are provided for informational purposes only. Howe & Rusling, Inc. does not endorse, guarantee, or assume responsibility for the accuracy or completeness of the information provided by these sources. Investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. Clients should carefully consider their investment objectives and risk tolerance before making any financial decisions. Howe & Rusling, Inc. encourages individuals to seek personalized financial advice from a qualified professional before implementing any investment strategies.
