Move over smashed avo and lattes – Australia has a new obsession. The fastest-growing retail sector isn't cafés, restaurants, or even liquor. It's wellness. 

Today, we examine how demographics, particularly the aging Baby Boomer population and the rising Millennial generation, are shaping these trends.

 

The conversation highlights the growing importance of wellness in consumer spending, surpassing traditional leisure activities like dining out and drinking.

 

The discussion also touches on the implications for businesses and property investors looking to capitalise on these trends in the future.

 

Takeaways 

 

·         Australia's fastest growing retail sector is wellness.

·         Australians have spent $36 billion more on health and wellness than on cafes.

·         Baby boomers are increasingly investing in wellness as a form of insurance for their health.

·         The aging population is driving up spending in the wellness sector.

·         Wellness is now viewed as a luxury rather than a necessity.

·         Consumer spending on cafes and liquor is still significant but is being overshadowed by wellness.

·         The millennial generation is entering their highest spending phase, impacting wellness spending.

·         Demographics provide insights into future spending trends and consumer behavior.

·         Businesses should focus on wellness-related products and services to meet consumer demand.

·         The trend towards wellness is expected to continue growing in the coming decade.

 

Chapters 

 

01:08 - Wellness Spending Surpasses Cafes and Restaurants 

03:29 - Pharmaceuticals, Cosmetics and Toiletries Outpace Other Retail 

06:41 - Activewear as a Lifestyle Statement Across Generations 

11:18 - Pools, Saunas and Lifestyle Features in Australian Homes 

18:08 - Generational Spending Patterns and the Rise of Millennials

About Simon Kuestenmacher

 

Simon Kuestenmacher  is co-founder and Director – The Demographics Group

 

Simon is a prolific media commentator on demographic and data matters and a columnist for The New Daily and The Australian newspapers.  

 

He ranks as one of the world's Top 10 influencers in data visualisation. If you can't get enough of the kind o