Since the report’s launch in 2020, Electronics & Technology has reigned consistent as the category consumers are most interested in splurging on until now.
NEW YORK, Feb. 21, 2024 /PRNewswire/ — 5WPR, one of the largest independently owned PR firms in the U.S., reveals electronics and technology no longer hold the majority share of consumer interest to splurge for the first time in five years, now sharing the top spot alongside health & wellness (52%).
This marks the third consecutive year health & wellness falls into the top two categories consumers report interest in splurging on, with a notable 9% increase over last year.
“We have never seen an increase in consumer interest this great in a single year across any category, and no industry has come this close to rivaling electronics and technology for the top spot. These are insights brands in the health and wellness industry should be excited by,” said 5WPR Co-CEO, Dara A. Busch. “Consumers want to invest in themselves, and insights from the complete report reinforce the need for brands to have clear messaging around brand and product value to drive sales. Now is the time for companies in the industry to double down on their communications efforts as consumers are in the market and ready to spend.”
The 2024 Consumer Culture report found that health and wellness is the number one splurge category for individuals aged 45-44 (62%) and for those 65 and above (45%).
Gen Z Redefines Industry Lines
Gen-Z respondents, aged 16-24, not only want to prioritize their health and wellness but how they look and feel, as indicated by respondents’ revealing that health and wellness makes their top two splurge categories (59%) followed by beauty and personal care (57%). When predicting for the upcoming year, both categories are among the top industries they plan to spend a majority of their disposable income (32%).
“These insights underscore the potential of these industries to excel, and indicate a change in consumer perceptions, blurring the traditional line that has previously separated the health and wellness, and beauty and personal care industries,” added Busch. “Further, as Gen Z defines their shopping preferences, they also redefine the expectations of how brands need to market to them. Unlike most consumers, who consider word of mouth to be recommendations from real-life friends and families to be most influential, Gen Z turns to actual influencers when looking for product recommendations. Influencer relations should be a pillar of brand strategy. Their ability to authentically connect with Gen Z coupled with their influence over their followers’ purchasing power makes them among the strongest tools for modern brands.”
The research was conducted by Censuswide, an independent market research consultancy, with a nationally representative sample of 2,005 US consumers between the 28th and 30th of November 2023. Censuswide is a member of the British Polling Council and abides by and employs members of the Market Research Society. All survey panelists are double opted-in, in line with the MRS code of conduct and ESOMAR standards
About 5WPR
5WPR is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues, and ideas. Founded by Ronn Torossian 20 years ago, 5W has been named a top US and NYC PR Agency by leading industry publication O’Dwyer’s, as well as awarded Agency of the Year in the 2023 American Business Awards®, and continuously brings leading businesses a resourceful, bold, and results-driven approach to communication. The agency has more than 300 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and Digital Marketing (Social Media, Influencer, Paid Media, SEO). In addition to its business accolades, 5W was named to the 2024 Digiday WorkLife Employer of the Year list. For more information and to join our team visit 5W Careers.
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SOURCE 5W Public Relations
