Consumers spend more on wellness now than before – Eyo
By Felicia Nwosu
Ekeno Eyo, Chief Operating Officer of Noah’s Ark communications, has said that consumers now spend more on wellness than they had ever done before. Eyo made this revelation on his LinkedIn handle, while supporting his position with a Mckinsey research.
According to the research, wellness is now $1.5 trillion market globally and still growing, which Eyo noted that its prevalence across other parts of the globe is yet to be noticed here in Nigeria. He envisaged that the new bug might soon catch up with Nigeria’s consumer ecosystem like every other phenomenon, just as the country has witnessed in the telco, fintech, entertainment, social media and other sectors.
“Read it again, $1.5 trillion! It might also not be so obvious, but a cursory look at the downstream wellness space shows that a lot is happening as seen in the explosion of spa and wellness centres, tech dental services, invasive and cosmetic surgeries, gyms and gym franchises, retail health insurance, and the democratisation of smart watches by Asian brands just to mention a few,” he said.
The creative guru added that vast opportunities abound in the wellness space if managed with robust and accurate data that will translate it into intrinsic monetary values.
“The real opportunity is in data, as the Airtel mantra goes, ‘Data is life’. The businesses that aggregate and are able to monetize wellness data points will be kings. Did I hear you say we are underdeveloped? Do some research on cryptocurrency adoption, music streaming, and social media revenues ecosystem in Nigeria, then try to answer the question of underdevelopment. You will realize that it’s a matter of time before the upstream sector of wellness catches up,” he added.
Ekeno Eyo is a leadership executive who has amassed over two decades of experience in Marketing, Advertising, Product Management, Public Relations, and Sales as well as brand management on both client-side and Agency side.
He is passionate about building and growing businesses. He has built competencies in Business development, consumer psychology and insights, segmentation and go-to-market strategies, digital marketing strategies for many local and global brands.
Eyo has managed and driven relationship with award-winning brands including Friesland Campina WAMCO, Cowbell, Airtel, Peak Milk, Nokia, Maltina, Diamond Bank, Access Bank, UBA, BAT, MTN, MoneyGram, amongst many other brands.
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