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The Health & Wellness Boom!
The emerging industries of wellness and direct selling are combining to create the next generation of wealth. The Democratization of American Wealth The Wellness Industry Sickness industry: Products and services provided reactively to people after they contract an illness, ranging from a common cold to cancerous tumors. These products and services seek to either treat the symptoms of a disease or eliminate the disease. Wellness industry: Products and services provided proactively to healthy people—that is, those without an existing disease—to make them feel even healthier and look better, to slow the effects of aging, or to prevent diseases from developing in the first place. I stumbled upon the wellness industry in the 1990s, as so many do, through an experience with my own health.
by Paul Zane Pilzer
page 1 of 3
As an economist, I deal with large-scale trends in the economy, often measured in billions or trillions of dollars. But people don’t often grasp the meaning of billions and trillions. We aren’t really concerned about “the economy”—we’re concerned about “Our economy.” We want to know, “What can I do in this new economy to succeed, to take care of myself and my family?” I wrote The Next Millionaires to explain where our economy has been, where it is today, and where it’s going—but even more importantly, to bring all of this down to the level of “your economy.”
Since 1991, U.S. household wealth quadrupled from $13 trillion to about $52 trillion in 2005. Reading such figures, you might say, “That’s interesting… that sounds like good news.” But it becomes very personal when we look at what this actually means to individual entrepreneurs who are involved in the most economically vibrant emerging new industries.
There is something very different about this enormous increase in household wealth—something that has never happened before, and which has significant implications for people’s individual lives:
This growth is occurring not only among an exclusive group of the already-rich, but throughout a broad demographic that includes millions of “ordinary people.” I call this the “democratization of American wealth.”
Let’s take a quick look at how this works, and then see some of the most powerful ways to ensure that you can be part of this exciting trend.
In 1991, there were 3.6 million American families with a net worth of $1 million or more. Today, there are more than 10 million such families and we are adding new millionaire families at the rate of one million per year. While we’ve always had periods where the rich get richer, we’ve never had so many ordinary, working-class people become rich.
You can see dramatic evidence of this at the very top echelon of U.S. wealth, the billionaires on the Forbes Over the next 10 years, as U.S. household wealth doubles to $100 trillion, at least $10 trillion of that new wealth will represent new entrepreneurs coming to the table. That $10 trillion represents another 10 million new millionaires.
A great opportunity lies ahead, not for just a chosen few, but for literally millions of “ordinary people,” individual entrepreneurs who were not born into wealthy families, but who choose to apply themselves in the new and emerging industries where this new wealth is being created. Two of the strongest emerging industries where this growth will occur are wellness andnetwork marketing.
Ironically, of the $2 trillion we spend on health care in this country, which represents one-sixth of the U.S. economy, most has very little to do with health. “Health” is defined in the dictionary as “being sound in
body, mind or spirit,” but what we call “health care” has a very different focus, and would more appropriately be called the sickness industry.
For 10 years (against medical advice), I had put off getting expensive knee surgery. Finally, I started taking a dietary supplement called glucosamine—and within a year, the cartilage was repaired. The surgeon was positively amazed when he examined my X-rays. I no longer needed the operation.
This experience piqued my interest. I wanted to find out what else my surgeon and my other medical providers didn’t know. I also noticed that people were spending more on new things such as exercise programs and fitness coaches, supplements and organic foods, alternative medicine and anti-aging therapies.
I began to research this field and soon arrived at an amazing conclusion: This new and emerging industry, which only a decade earlier had hardly existed, was already a $200 billionbusiness.
This represents an extraordinary economic opportunity. The millions of people spending billions of dollars to further their wellness represent a new and growing economic sector who are eating and living healthier than anyone ever before in history. They are primarily wealthy people who, as they start to have money, start looking for ways they can be healthier outside the medical establishment. Today, for example, this sector spends more than $70 billion annually on vitamins and food supplements.
Who are these people? Mostly baby boomers: prosperous people from the ages of 40 to 60. Baby boomers are the first generation in history who refuse to blindly accept the aging process. They are also a powerful economic force; they represent only 28 percent of our population—yet this group and their spending represent 50 percent of our economy.
Until recently, marketing to baby boomers had been all about how to help them remember what it was like to be young—oldies music, retro clothes and ’50s-styled automobiles. Now, it has gone a step further. Today, boomers are starting to buy things that actually make them younger in terms of having a healthier body, more acute senses and a sharper mind.
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