Millennials: The Face of the Healthcare Revolution
Deep Focus, a full-service digitally-led creative agency, today announced the findings of its Spring/Summer 2015 Cassandra Report: Body, Mind, Soul. The research reveals Millennial’s distrust of the U.S. healthcare system, while providing new insights about spending and “health hacking” habits.
Findings conclude that 72% of individuals 18-34 years of age worry the current healthcare system will not be able to support them as they age. As a result, they are seeking alternative ways to support a healthy lifestyle, with more than 80% of Gen Ys investing nearly one-fourth of their disposable income in health products/services. In fact, this concern impacts all spending habits/behaviors – 35% are cutting back on spending in other areas to be able to afford health-related purchases.
“Millennials are concerned about their health and financial well-being and believe they are saving on future medical bills by paying a premium for wellness products and services today,” said Deep Focus CMO Jamie Gutfreund. “Gen Ys are resourceful. They are creating unique solutions to ensure they stay healthy and financially sound for the long term.”
This spending shift impacts multiple categories. 36% of Gen Ys stating they spend more on healthy foods and drinks; 41% splurge on classes that improve their body, mind and soul; and 23% splurge on fitness apparel and shoes.
Wellness focus has a significant impact on consumers’ brand preferences; 69% of Gen Ys make it a point to buy from brands whose values align with their own. In addition, 74% say it’s important for brands to embrace wellness as part of their core mission, and 62% believe all brands in the future will need to have a wellness component in order to survive.
Millennials continue to embrace technology that allows them to curate and “hack” their own self-directed health regime. 74% of Gen Ys actively track their fitness as part of their efforts to create a customized health plan. Out of those that track, 20% do so via wearables and 29% use mobile apps, such as Apple Health, Google Fit and WebMD.
Through their unprecedented access to these types of services and applications, 79% of Millennials think the digital world has made it easier to track, learn about and manage their health. Technology has also provided greater access to doctors and medical knowledge with the use of digital apps like Doctor on Demand, Heal and Hula that connect patients directly to doctors.
“This massive generation is influencing changes to both healthcare and marketing that will ultimately impact everyone, regardless of age,” added Gutfreund. “To succeed, brands will need to actively demonstrate that they really care about consumers’ health and well-being.”
To learn more about the Spring/Summer 2015 Cassandra Report: Body, Mind, Soul, visit www.cassandra.co.
Category: Corporate and social , Health