American Express conducted a consumer survey, "Amex Trendex," to distinguish how consumers are prioritizing their health with their financial, wellness and travel plans. The consumers surveyed were from the US, UK, Australia, Japan, Mexico, India and Canada, and they confirmed that they are investing more time and money in their physical and mental health to combat the toll of the pandemic.
Roughly 69% of those surveyed indicated that their mental health had been impacted by the pandemic, and 66% agree that the pandemic encouraged them to spend more money on items or experiences that help with their overall mental well-being. Here some more key takeaways.
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Consumer Spending Habits
In the survey, 60% of consumers agreed that they spent more money on wellness products than they did one year ago. These purchases include diet and exercise products such as:
- Natural vitamins and supplements (39%)
- In-home fitness equipment (31%)
- Organic food (30%)
Also, 76% of the consumers stated that they are spending more money on travel.
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The Many Faces of Wellness
While it is apparent that wellness is a priority for everyone, it looks different around the world. The majority of adults surveyed agree that they are working on more goals tied to health and wellness than in previous years (78%), and 70% reported that they plan to try a new wellness or fitness activity to improve their well-being. Some other major highlights include:
- 76% agreed that they would choose stronger mental health over a new car
- 69% would give up their favorite TV show for stronger mental health
- 51% and 40% said exercise and getting a good night's sleep have the greatest positive impact on their mental health, respectively
- 30%, 29% and 27% ranked managing news consumption, changing their diet and managing social media consumption as having the greatest positive impact in supporting their mental health, respectively
- 6 in 10 indicated that their social media feeds have filled up with more wellness content over the past year
- 28% have spent more time exercising with social media videos or classes
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Traveling Well
The desire and appreciation for travel is very strong among consumers, with 81% agreeing they value the freedom to travel more now than they did prior to the pandemic. Meanwhile, 88% report that traveling helps them improve their mental health and 85% feel more restored after traveling. With the pandemic keeping everyone cooped up, consumers are regaining that itch to go on vacation and get away. Roughly, 62% stated that they want to go on vacation to relax and unwind, and 55% stated that they would be willing to pay extra for wellness activities.
In terms of traveling, consumers had an array of wellness interests that they wanted to partake in with the majority (53%) saying that they would want to explore the outdoors; this was particularly strong in Mexico, the US, Australia, Canada and the UK.
