SKU’d Thoughts
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SKU’d Thoughts

SKU’d Thoughts 47: How is CPG helping with self-care?

As healthcare costs in the U.S. continue to rise, people are taking matters into their own hands to help limit doctor visits. Americans are fully embracing self-care activities that not only promote a healthy life but bring them joy and comfort. This shift has transformed the self-care space from a $10 billion industry into a $450 billion market over the last six years. And the industry shows no signs of slowing down as data reveals 88% of U.S consumers actively practice self-care.

Self-care is everything people intentionally do for their mental, physical, and emotional well-being. This all-encompassing approach means consumers need a range of products, from meditation apps to personal care products, to truly achieve self-care. What drives self-care enthusiasts varies across generations. Baby boomers generally engage in self-care to prevent future illness, Gen Xers want to manage stress and lessen the effects of aging, and Millennials & Gen Zers want to look good while staying fit and healthy. It’s now up to the consumer industry to develop products that meet these varying motivators.

In the consumer packaged goods (CPG) industry, some categories like food & beverage and personal care have made strides with “better for you” products for consumers. As far as self-care, the skin-care category has been the quickest to capitalize on the boom. The category embraced trends that appeal to health-conscious consumers like Ayurvedic herbs, adaptogens, and CBD. Some skin-care brands have also shrewdly created products that require consumers to engage through routines and regimens; research shows a daily routine boosts mental health. Of course, the argument could be made that consumers who are able to follow strict and regular routines are generally more health-conscious and aware, to begin with. Whatever the case, brands that can activate routines with consumers see higher retention and lifetime value from those consumers.

Self-care is not a replacement for healthcare but individuals making informed healthy decisions on a regular basis ensures the need for the latter is minimized. This is why I was excited to invest in Golde, a superfood-infused self-care brand that has managed to bring the pamper and calm of a luxury spa to people’s homes. The brand has built a loyal Millennial and Gen Z customer base who are passionate about their daily routines which include a variety of latte blends and a detoxing face mask.

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