Men Are Spending More on Health and Anti-Aging Than Ever
Health and wellness isn’t just for women. Although it’s commonly thought that women care more and spend more on their physical health and appearance than their counterparts, men are quickly catching on and catching up. From diet and exercise to supplements, skincare, and healthcare, men are paying more attention. And the health and wellness industry is noticing.
In recent years there’s been an undeniable shift in perceptions… and purchases. According to Market Watch, the men’s health market consisting of medical procedures involving therapeutics, drugs, precautionary measures, and surgical offerings is expected to grow 15% between 2022 and 2029. This transition is happening on a global scale, but especially in North America thanks to the widespread use of medication, rising research, our strong healthcare facilities, and the increasing awareness of maintaining good health. The numbers back it up, with 82% of men surveyed stating they “try to stay healthy to live longer for friends and family who rely on them.”
The Cost of Healthcare
When it comes to healthcare, women are the big spenders during the early years of their lives. This makes sense when you factor in pregnancy and delivery-related care—and the gap quickly closes past the fertility years. According to the Peterson-Kaiser Health System Tracker’s exploration of health spending trends, men between the ages of 45-54 spend an average of $6,262 annually on healthcare. And that number jumps to $10,324 for ages 55 to 64. Note, this is almost equal to women between the ages of 55 and 64 who pay an average of $10,094 on health costs. These costs include everything from prescribed medicines and home health to hospital stays, doctor visits, and dental needs.
And it’s not surprising that the data shows that, “People with a current or prior diagnosis of certain chronic health conditions(s) have much higher spending on average than people without these conditions.” Those with serious or chronic disease can have out-of-pocket expenditure that’s much higher than those without for adults 64 and under. For adults over 65, the average difference is smaller between those with chronic health conditions and those without. This specifically includes asthma, diabetes, high blood pressure, and stroke. “In contrast, out-of-pocket spending is larger for older adults who have been diagnosed with cancer, arthritis, heart disease, and cholesterol than it is for those who have never been diagnosed,” states Peterson-Kaiser.
Paying for Personal Care
Over 20 years ago, healthcare and aesthetics companies started to identify and cater towards the male market, and it’s only gained momentum since then. This means men in their thirties and forties have spent a bulk of their lives seeing themselves targeted in skincare ads, nutrition programs, and other health-related industries. And today even older men are attempting to prevent the effects of agism in the workplace and in their social lives. It seems men of all ages want to look good more than ever before. It’s this shift in concerns among men about their health, wellness, and body image that’s creating a significant growth in spending. In fact, according to Allied Market Research, the market for men’s personal care products was valued globally at $124.8 billion in 2020 and is projected more than double to reach $276.9 billion by 2030.
These personal care products include everything from grooming to body care, with the bulk of purchases going toward shaving and haircare needs. However, men’s skincare is seeing enormous growth, as guys leave behind preconceived notions that only women should be taking care of their skin. The marketing and sales of products geared specifically toward men—like anti-aging creams and daily sunscreen—are proving that it’s not just women that are building healthy skincare routines.
Spending on Healthy Food and Supplements
Every year, American citizens spend $1.5 billion on dietary supplements and vitamins. Although the trend was already rising when it comes to how men view food and nutrition, COVID-19 created an even bigger need. Nearly half (46%) of male consumers have stated they’re eating healthier and 42% are exercising more since the pandemic according to the IFT Foundation. Some of the most important aspects for men include the health claims and nutrient value of foods and supplements to help them ward off illnesses, keep up with their day-to-day lifestyles, and maintain mental sharpness and memory with age.
Buying supplements and vitamins is up 21% year-over-year according to NCS consumer purchase data. The numbers are at an all-time high says the Council for Responsible Nutrition, with 74% of male adults taking supplements. When we split up the age groups, 81% of adults between 35 and 54 use dietary supplements—making it the biggest range for the supplement market. Second to that is ages 55 and above with 79% of adults using supplements.
Where Men Get Left Behind
While this is all great news, remember that survey stating 82% of men try to stay healthy? The same survey reveals that only 50% engage in preventative care. And although this is a higher percentage than previous decades, it means we’re only succeeding in getting half of men into the office for regular checkups and providing means to safeguard their health. This is important because study after study proves that a key factor in living a long, healthy life is being proactive about health.
The top things that men can proactively do to extend their healthspan include:
- Annual preventative screenings for blood pressure, cholesterol, weight, and more.
- Exercising regularly, including both cardiovascular and muscle-strengthening workouts.
- Eating a healthy diet with plenty of whole, natural foods and fewer proceeded ones.
- Limiting stress and using healthy ways to destress, like mediation and counseling.
- Using sunscreen regularly—and not just on vacation or at the pool.
- Taking targeted dietary supplements that can help address their specific needs.
Ultimately, men spending more on their health—even if it starts simply for vanity—is a massive step in the right direction. And there are so many preventative measures they can take, including everything from diet and exercise to daily nutraceuticals and optimizing their hormones. All of these measures can help men age happier and healthier.