The Rise of Self-Care Among Gen Z and Millennials

Self-care has become a cornerstone of the spending habits of Gen Z and millennials, who invest more than twice as much in it as Baby Boomers do. This trend encompasses a wide range of habits, products, and services aimed at improving overall well-being, both mentally and physically.

Meditation Apps

Meditation apps are a key player in this self-care movement. For instance, Calm, the startup behind the popular meditation app of the same name, was valued at $1 billion in early 2024 with many other apps also experiencing rapid growth.

Skincare

Skincare is another category within the self-care landscape that has become extremely important. Brands have exploded onto the market looking to target this  savey generation wanting to not only look their best but keep up with the latest trends.

CBD Products

The openness of consumers to experiment with new self-care products has also fueled the rise of CBD. Although not yet easily accessible in Australasia, in the US this category is expected to reach $20 billion in sales by 2024, with nearly a third of all Americans incorporating CBD into their self-care routines.

Sleep Hygiene

Sleep has become a significant focus in the realm of self-care. With 35% of adults not getting enough sleep, and sleep deprivation linked to issues like depression, obesity, and diabetes, many are turning to sleep hygiene practices to optimize their rest. Tools like the Oura Ring help users track their sleep cycles and improve their habits, while apps like SleepTown, which tracks and coaches users towards better sleep, have gained popularity.

Balancing Work and Life

The focus on work-life balance, another aspect of self-care, is supported by apps like Forest. This helps users reduce smartphone usage and boost productivity through gamification. The app's unique approach involves growing a virtual tree that dies if the user interrupts the process by using their phone for other tasks before the timer ends.

As self-care continues to evolve for all of us, it's clear that the younger generations are not only embracing it but also driving innovation in products and services that cater to their well-being. This is a space to keep an eye on!