Women lead the self-help movement, reconnecting with themselves and the world.
By Monica Godinez, Illustrations by Jessica Wetterer
The IBM Institute for Business Value conducted a survey in 2020 to track consumer changes. The institute noted that 46% of all consumers search for brands that provide products that have both health and wellness benefits.
In 2018, Brandon Gaille, CEO of RankIQ.com and professional small-business and marketing advocate, reported that women make up 70% of the self-help market.
As a part of the 12th edition of its “The U.S. Market for Self-improvement Products & Services” report, Marketdata Enterprises states that as of 2018, market research data estimates that the U.S. self-improvement markets are worth approximately $11 billion, about an 18% increase from the $9.38 billion it was worth in 2016.
In November 2020, the Global Wellness Institute (GWI) released its report “Defining the Mental Wellness Economy,” which explored varying business endeavors “that drive the mental wellness economy.” In 2020, it was reported that this was a $121 billion global market. Because of the increasingly lucrative nature of the global market, more countries are placing a heightened emphasis on the quality of life of their citizens.
In a report published by Grand View Research, Inc., in 2020, the global personal development market size value was reported to be worth approximately $40 billion. This has become a large global market in a short amount of time and is only predicted to have a compound annual growth rate (CAGR) of 5.1% from 2020 through 2027.