The Business of Self-care: Understanding Its Products and Market

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In recent years, the concept of self-care has risen in popularity. More people want to pay better attention to their physical and mental health, especially now that there is an ongoing global crisis.

But, contrary to common belief, self-care is not self-indulgence. It means to take care of yourself so that you can be well enough to accomplish everything that needs to be done or look after others.

According to Google Trends, the term has become so popular that, in 2015, internet searches for “self-care” more than doubled. Look around the web, and you will see several articles providing advice on how to do self-care, brands using self-care to market products and services, and consumers promoting or expressing the need for self-care.

Now more than ever, as the world continues to grapple with the pandemic and its consequences, people need self-care.

Self-care: a Necessity for Young People

The concept of self-care is undoubtedly more popular among young generations compared to older age groups. Filipino Millennials spend their money buying products that have something to do with self-care or their passions — far more than any previous generation.

By taking care of yourself, you can better prepare your body and your mind to deal with everyday stressors, which is something that many young people have right now. In a recent survey, nearly half of all Millennials and members of Generation Z around the world say that they are stressed for most or all of the time. In the United States, financial insecurity is one of the most common causes of stress. Family welfare and career expectations also top the list of factors that lead to high levels of stress among young people.

The Rise of Self-care Products

What encompasses self-care has become very broad. Suppose you search through the millions of #selfcare posts on Instagram. In that case, you will see people enjoying happy hour with coworkers, an adult drinking a glass of wine at the end of the day, a person practicing yoga, reading a book in bed, or eating comfort food.

The term means different things for different people. After all, everyone prefers their own methods of relaxation. Some find it soothing to go to the beach with friends over the weekend. Some may see staying at home alone, drinking beer, and listening to music as a form of self-care.

Skincare, too, is considered self-care. Beauty is often lumped with self-care, and so do meditation and exercise.

Together, beauty and self-care are set to become the 4th biggest e-commerce industry. In 2020, 31.3 percent of all consumers purchased a cosmetic product despite lockdowns and mask mandates. On average, consumers spend up to $3,000 a year on beauty and skincare. By 2025, analysts expect the industry to grow to $716 billion in sales.

It is a great time, therefore, for entrepreneurs to enter the self-care business. Consumers are looking for products that can give them feelings of relaxation and soothing, an escape from their daily stressors.

Marketing Self-care to Young Consumers

woman applying skincare

More consumers value the benefits of having a routine that incorporates so-called mindfulness rituals. Journaling, for example, is rising in popularity once again as people seek to write down their thoughts and hopes first thing in the morning or before they sleep at night. Internet searches for “bullet journaling” have exploded in the past five years.

The skincare market has adopted “beauty rituals,” promoting skincare as a way to pamper and rejuvenate from the outside in. The Jade roller, for example, has moved away from its metaphysical attributes to promote self-care through relaxation.

Products from Harmony and Wellness can be incorporated into beauty rituals. It encourages natural healing through the use of natural ingredients known to protect and improve the skin.

Following a skincare routine every day might seem time-consuming, but it is a reason to slow down. Life nowadays is fast-paced. There are so many things that need to be done. Skincare is an act where you physically take care of yourself and where you follow a routine.

A product can be marketed as self-care if it is part of a mindful ritual. It can be skincare,  journal, book, aromatherapy, or coffee. It should be incorporated into a routine that promotes relaxation and soothing.

Stressors are everywhere. Young people face different challenges every day at work, in their social life, and around the world. Because of this, they are all looking for ways to de-stress and take better care of themselves. Brands can use the demand for self-care to market their own products and services.

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