News 10.11.2023

Need to Know

Global Wellness Summit 2023 Event Recap, Dan Hastings’ Foresight Friday and why e-commerce will soon account for nearly half of global retail sales.

Global Wellness Summit 2023 welcomes an era of transformation

Susie Ellis, chairman and CEO of the Global Wellness Institute, introducing Global Wellness Summit 2023, Miami, US
Simone Biles at Global Wellness Summit 2023, Miami, US
Timbaland at Global Wellness Summit 2023, Miami, US

US – The 17th Global Wellness Summit relocated at the last minute from Qatar to Miami amid the ongoing Israel-Hamas conflict. The switch perfectly embodied the 2023 edition’s theme: transformation.

As anticipated by The Future Laboratory, the 2020s are poised to be a transformative decade as organisations, institutions and individuals directed their attention towards adapting, refocusing and innovating following a tumultuous period known as the Turbulent Teens. The latest statistics released by the event’s parent organisation, Global Wellness Institute, affirm the accuracy of this foresight.

The wellness economy – and industry – have recovered quickly from the massive economic shock of 2020 thanks to the rising consumer interest in, and need for, wellness. Some sectors have even experienced rapid growth, including Wellness Real Estate, which grew from $184bn ($225.2bn, €210.9bn) in 2019 to £325bn ($397.7bn, 372.5bn) in 2022, and Mental Wellness from £106.4bn ($130.2bn, 122bn) in 2019 to £147.6bn ($180.5bn, 169bn) in 2022.

The prominence of mental wellbeing, and its influence on diverse industries, was evident throughout the event. Notably, two special guests – American record producer Timbaland and Olympic gymnast Simone Biles – underlined its impact on non-traditional sectors such as music and sports. Timbaland shared insights into his challenging life and explored the potential synergy between music and wellbeing, culminating in a forthcoming partnership with Myndstream, the world’s first music streaming service for spas. Meanwhile, Biles delved into the challenges she faced during the 2020 Tokyo Olympics, which prompted a focus on her mental wellbeing. She was later honoured with the Debra Simon Award for Leader in Furthering Mental Wellness.

A full debrief of the Global Wellness Summit 2023 will be available in our Events section soon.

Strategic opportunity

The growth of the wellness real estate market stands as evidence of our ability to improve the lives of individuals on a large scale. Companies engaged in the design and development of buildings and spaces should prioritise wellbeing as a fundamental consideration. Our Equilibrium Cities macrotrend offers a framework for achieving this goal

Doritos invents crunch-cancellation tech to mute gamers’ chewing sounds

Silent Chip by Doritos Silent Chip by Doritos
Silent Chip by Doritos Silent Chip by Doritos

Global – Crisp brand Doritos has launched Doritos Silent, a ‘crunch-cancellation’ technology that lets PC gamers enjoy a packet of crisps without distracting other players.

Powered by AI and designed in partnership with electronic and interactive design company Smooth Technology, more than 5,000 crunch sounds were analysed to create the technology.

According to new research by Doritos, 85% of gamers consistently choose Doritos as their snack of choice, but 46% of UK gamers dislike the sound of other people eating and 64% of Spanish gamers rank crisps first for creating the worst sound while gaming. For gamers in need of crunch cancellation, Doritos Silent can be downloaded for free on Windows PCs.

As explored in our Gastro Gaming Market report, snacking and gaming brands are increasingly collaborating to enhance the gaming experience. From virtual foods stepping into real life to crisp crunching cancellation technologies, the creative opportunities are endless.

Strategic opportunity

Given gamers’ loyalty to their go-to snacks, food and drink brands should consider how to grow the engagement further with this group. Could you launch a snack subscription service, for instance, that delivers gaming-focused snacks on a weekly or monthly basis?

Foresight Friday: Dan Hastings, deputy foresight editor

Community Commerce visuals by Pitch Studios for The Future Laboratory Community Commerce visuals by Pitch Studios for The Future Laboratory

Every Friday, we offer an end-of-week wrap-up of the topics, issues, ideas and virals we’re all talking about. This week, deputy foresight editor Dan Hastings dives into new business models for lifestyle magazines, the future of tampons and Megan Thee Stallion.

: After reducing its print circulation, setting up an online paywall, opening a creative studio division and hosting a yearly festival, Stylist magazine has now launched an insights agency called Think Stylist. The objective is to share in-depth insights and data on Stylist’s readership with advertisers. To survive, magazines like this one have no choice but to become Elastic Brands

: ‘Too old for TikTok, too young for Facebook, too weird for LinkedIn, not weird enough for Reddit, too ugly for Instagram, where will I go now?’ wonder Millennials. According to Wired, the generation of first-gen social media users have nowhere to go. Even emerging Anti-provocation Platforms or substitutes for Twitter like Bluesky haven’t captured mass culture the way Facebook or Instagram did

: In other news, British femtech brand Daye has launched an STI diagnostic tampon, Dior is selling a £187 ($230, €215) fragrance for babies, French start-up Nūmi raised £2.6m ($3.2m, €3m) to research cultivated breast milk, and chiengora, a textile made from dog hair, could soon replace your fine cashmere – think Cruella de Vil’s vision sans animal slaughter

Quote of the week

‘Yes, I’m very depressed. How can somebody so blessed wanna slit they wrist?’

Rapper Megan Thee Stallion in her new single, Cobra

Stat: E-commerce set to account for nearly half of global retail sales

Virtual try on service, Browns Fashion Virtual try on service, Browns Fashion

Global – Physical stores are recovering after the pandemic, but the e-commerce surge continues, with online sales projected to constitute 41% of global retail sales by 2027, according to an October 2023 report by Boston Consulting Group (BCG). In 2017, e-commerce accounted for only 18% of total sales, highlighting the significant shift towards online shopping.

The research, Winning Formulas for E-Commerce Growth, is based on a global survey that examined e-commerce trends from the pandemic’s onset to the present. The study included responses from 410 retail and 415 consumer packaged goods companies worldwide, spanning a range of revenues from £40.7m ($50m, €46.7m) to over £8.1bn ($10bn, €9.3bn).

BCG’s study reveals that e-commerce sales grew by 3% in Europe and 7% in both the US and Asia in 2022. Global growth for online sales is expected to maintain a 9% compound annual growth rate (CAGR) until 2027. While this doesn’t fully return to the pre-Covid growth levels of 12–14%, it still exceeds the projected growth rate of physical stores, which stands at 4%.

In our EQ-Commerce macrotrend report, we delved into what the future of e-tailers could look like as artificial intelligence, hyper-personalised recommendations and UX take centre stage.

Strategic opportunity

Given that almost 70% of digital shopping carts and baskets were abandoned without completing the purchase in 2021, according to Statista, e-tailers must invest in AI-driven personalisation to provide tailored shopping experiences that keep customers engaged and returning for more

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