New Year Resolutions

The new year is upon us. A clean slate, fresh start, and the time of year some challenge themselves with resolutions to carry on through the year. Whether it’s a point to save more, change/improve your diet, increasing exercise regimen, or pulling back on things like sugar and alcohol intake, it’s a personal goal based on what you believe your life needs more or less of. Setting a New Year’s resolution is an incredibly common practice, especially in the U.S. A poll by YouGov indicated that 37% of Americans said they had a goal or resolution they wanted to achieve in 2023, with 87% saying they were very, or somewhat likely to keep it through the year.1 A recent Forbes poll for 2024 resolutions identified key goals Americans are focusing on, including improving fitness, finances, mental health, and diets. 2

Fitness 2024

While the type of resolutions haven’t changed much from year to year, the prioritization has. In a recent survey, improving fitness ranked at the top of the list of importance. Of the individuals surveyed, nearly half (48%) indicated they had goals around improving their fitness regimen. This trend has been buoyed in part by the effects (during vs post) of the pandemic.  With early gym closures throughout the pandemic, people wanting to avoid surrounding gym-mates and more people working from home, there was a boom in home gyms throughout 2020/2021. In 2020, the global home fitness equipment market was $10.18B, up 25.1% from 2019.3

Three years after the start of the pandemic, the global home fitness equipment market is expected to grow to $16.5 billion in 2023, at a compound annual growth rate of more than 9%. Future projections have the global home fitness equipment market expected to grow to $24.2 billion in 2027, at a CAGR of more than 10%.4 Similar growth in gym memberships is also being seen in the fitness industry. Increased membership is driving facilities to improve gym offerings, create better member experience, and develop best in class wellness programs. Increased membership is also set to create job posting for fitness trainers and instructors. The Bureau of Labor Statistics expects the job outlook of fitness trainers and instructors to grow by 19 percent from 2021 to 2031. It considers this level of growth much faster than the average.5

Performance Nutrition

The increased focus on fitness, weight management and diet control is also boosting sales of Performance Nutrition offerings. In total, cross-channel growth for the Performance Nutrition category had double-digit increases for both dollars (+33%) and units (+33%). Subcategory dollar growth was widespread across most segments.  Hydration & Electrolyte (+57%), Pre-workout (+22%), and Creatine (+101%), were the fastest growing within the Performance Nutrition Category. Hydration & Electrolyte and Creatine, accounting for 52% of total Performance Nutrition sales, contributed more than their fair share towards overall growth.

Beyond the Performance Nutrition, Protein & Meal replacement performance was up for the year. In total, this segment grew organically, with sales (+15%) and units (+8%) seeing strong increases for the year. These increases were driven by both Liquid and Powder offerings.

Strengthening Mental Health and Mood Support

In addition to wanting to improve one’s fitness, there is also a want/need to improve mental health leading into 2024. Experts often identify the interconnectedness of mental and physical health, as there is a profound relationship between maintaining physical fitness and its direct impact on mental well-being.

One in three Americans are headed into 2024 making a mental health resolution. This goal, in tandem with increased fitness routines, could prove to be a ‘two birds, one stone’ approach. A recent article highlights the connection between physical fitness and mental well-being, emphasizing that exercise significantly impacts various facets of mental health. Regular physical activity triggers the release of endorphins and dopamine, uplifting mood and fostering a sense of well-being. Beyond mood enhancement, exercise aids in stress management by providing an outlet for tension, regulates emotions, and contributes to improved sleep quality, crucial for mental equilibrium. Moreover, it enhances cognitive functions such as focus, attention, and self-esteem, while research suggests it reduces the risk of conditions like depression and panic disorder. This interconnectedness showcases how maintaining physical fitness plays a pivotal role in nurturing overall mental health, promoting resilience, and preventing certain mental health challenges.6

Consumers are also turning to retailers’ shelves, in search of products that provide mood support. This is particularly the case for Refrigerated offerings, which saw strong increases in sales (+36%) and units (27%) for products touting a health focus of mood support. These increases were primarily driven by Kombucha & Other Functional Beverage Wellness Shots. This subcategory saw incremental growth of $2.7M (+98%) and 1.7M units (+96%) versus the previous year.

Cheers to the New Year

If exercise, performance supplements, or improving mental health isn’t in your wheelhouse, you may be challenging yourself by reducing alcohol intake, either by trading for a non-alcoholic alternative, or eliminating alcohol all together. With one in four Americans aware of the sober curious movement, and 34% say they planned to try and drink less in 2023this trend is resonating with consumers leading into 2024.

Total US, SPINS Natural Enhanced Channel + SPINS Conventional Channel (powered by Circana) | Trended aggregate weeks ending 12.03.2023 | Alcohol Department | Alcohol by Volume

Driving this movement includes a significant portion of Americans, particularly Gen Z, that are increasingly interested in reducing alcohol consumption or exploring sobriety. Changes in social dynamics, and growing interest in environments where alcohol isn’t a focus, along with cultural shifts in attitudes towards alcohol are strengthening non-alcohol beverage sales. 

Staying on track

Regardless of your 2024 goals/resolutions, a few ways to stay on track and increase the likelihood of success include making sure your goals are…

1. Specific

2. Measurable

3. Achievable

4. Relevant

5. Time-bound

Sources:
https://www.forbes.com/health/mind/new-years-resolutions-statistics/#:~:text=Setting%20a%20New%20Year’s%20resolution,keep%20it%20through%20the%20year. 1

https://www.forbes.com/health/mind/new-year-resolutions-survey-2024/ 2

https://www.fortunebusinessinsights.com/home-fitness-equipment-market-105118 3

https://finance.yahoo.com/news/home-fitness-equipment-industry-forecast-143100341.html#:~:text=LONDON%2C%20July%2013%2C%202023%20%2F,)%20of%20more%20than%209%25  4

https://paramountacceptance.com/2023-predictions-for-the-gym-fitness-industry/  5

https://www.psychiatry.org/News-room/News-Releases/Making-a-Mental-Health-New-Year%92s-Resolution-One-i#:~:text=WASHINGTON%2C%20D.C.%20%E2%80%94Three%2Dquarters,steady%2C%20at%20around%2028%25 6

https://ncsolutions.com/the-goods/sober-curious-nation-alcohol-survey/#:~:text=Drinking%20Decisions%20in%202023,to%20it%20via%20social%20media. 7

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Looking for more information?

Please contact the SPINS Account Manager for PRESENCE, Mike Murphy at mmurphy@spins.com