How to Capitalize on the Growing Wellness Economy

According to the most recent report from the Global Wellness Institute (GWI), the global wellness economy stands at $4.4 trillion despite pandemic disruptions and is forecasted to reach $7 trillion by 2025. The future of the wellness market is bright and is predicted to grow 10% annually through 2025. Aesthetic professionals stand to gain the most from this growth, as Personal Care & Beauty is the largest category in the GWI’s findings, with $1 trillion spent in 2017, $1.1 trillion in 2019, and $955 billion in 2020, demonstrating strong performance despite pandemic restrictions. 

Pandemic Effect on the Wellness Economy

Unsurprisingly, the wellness economy declined slightly during the pandemic, falling 11% from 2019 to 2020, while the pandemic also caused a major shift in values for consumers. The GWI believes that the market will bounce back to pre-pandemic levels of around $5 trillion in the near future. Moreover, it’s very likely that business will return to this sector stronger than ever, as the pandemic has brought about a focus on personal wellbeing, mental health, and self-care, which for many people take the form of improving one’s appearance. Businesses poised to meet the needs of a reawakening clientele will be ideally positioned to succeed during the upswing.

How Your Clinic Can Capitalize on Today’s Wellness Economy

Make a Strong Impression Online

During the pandemic, people became more reliant than ever on their social media and other online channels to find essential services, entertainment, social connection, and more. Accordingly, many businesses had to pivot to find a way to reach their clients virtually. Now that in-person is coming back, it’s still important to market your med spa with a robust online presence, using digital marketing strategies to target your client demographic and entice them into your clinic. Our blog contains a wealth of knowledge for how to market your aesthetic business, or you can take advantage of our Practice Enhancement Program to leverage the marketing expertise at Venus Concept on behalf of your practice.  

Adapt to the New Mindset

The surge in pre-pandemic growth showed that the wellness industry has a lot of momentum. In 2020, despite widespread pandemic restrictions, the areas of nutrition, weight loss, wellness real estate, mental wellness, and public health/prevention/personalized medicine all showed growth. However, it’s undeniable that the pandemic has brought about a shift in values. For many, ‘wellness’ now means more than getting a facial, and there’s a growing focus on mental well-being, social justice, and environmental sustainability. For this reason, your practice should adopt a philosophy of treating patients to improve their lifestyle as opposed to solely their appearance, embracing eco-friendly policies, and perhaps consider doing some community outreach in order to demonstrate that your values, and that of your clients, aligns.

Upgrade Your Technology

Clients have never been so well-versed about the treatments available to them and the technology that makes those treatments effective. With celebrities and influencers—like our own Venus Bliss™ ambassador, Venus Williams—being open about what treatments they get to achieve their ideal look, clients are seeking not only the treatment they want, but also the specific technology that worked for the public figures they follow online. That’s why it’s essential to offer the most sought-after treatments from the most trusted devices in the aesthetic industry, such as those made by Venus Concept. Upgrading to top-of-the-line tech is the best way to ensure that patients keep coming back to your clinic, and that they’re satisfied with their treatment results every time they do.

The Most Popular Aesthetic Treatments to Offer at Your Clinic or Med Spa

Venus Bliss™ is a non-invasive lipolysis machine that reduces fat in target areas comfortably and effectively. The device comes equipped with an (MP)² applicator that combines Multi-Polar Radio Frequency and Pulsed Electro Magnetic Fields with advanced VariPulse™ technology to tighten skin, further reduce circumference, and reduce cellulite for a smoother, more contoured appearance. Already popular, our Venus Bliss™ treatments now have an incredible ambassador in Venus Williams, whose down-to-earth approach to beauty appeals to a broad spectrum of clients.

Venus Glow™ facial renewal treatments deep-clean and treat pores, delivering hydration to the subcutaneous layers where it’s most needed. The device removes the buildup of dirt, oils, makeup, and dead skin cells that can accumulate, refreshing the skin from deep down for a more hydrated, glowing complexion. Enhanced with Venus Glow™ Serums, our innovative line of serums formulated with naturally-derived marine and botanical extracts, you can tailor each treatment to your patient’s individual needs for anti-aging, brightening, acne reduction, and more.

Venus Legacy™ skin tightening and wrinkle treatments address the most common aesthetic concern today—signs of aging. Weight loss and other lifestyle changes can also result in loose, sagging skin in areas like the abdomen, flanks, upper arms, and even the lower back. Skin tightening treatments encourage the loosened skin to bounce back, and can also address sagging skin around the cheeks, jowls, and neck to give patients a firmer, more youthful appearance. Venus Concept’s skin tightening treatments are powered by radio frequency, the leading technology for anti-aging treatments.

Venus Versa™ performs the most in-demand aesthetic procedures popular with patients today from one versatile, multi-treatment platform. Non-invasive treatments such as photorejuvenation/photofacial, acne treatment, hair removal, skin resurfacing, body contouring, cellulite reduction, skin tightening, and wrinkle reduction can all be delivered via one compact workstation, and the device can be customized and expanded according to your clinic needs—with Venus Versa™, it’s possible to start with a few offerings and upgrade as your business continues to grow.

Venus Velocity™ and Venus Epileve™ hair removal treatments continue to be among the most popular aesthetic treatments, and the market continues to grow every year. For maximum efficacy, a laser hair removal plan requires 5-7 sessions, making them an ideal source of regular income for your clinic. Venus Concept’s diode laser hair removal technology is safe to use on darker and tanned skin, so your clinic can cater to all skin types. With a real-time cooling system and no downtime, Venus Concept’s hair removal solutions are an asset to the productivity of your clinic.

If you would like to speak to one of our experts about our cutting-edge technology and how Venus Concept can help your practice succeed, give us a call today.