Health Consciousness in the wake of the pandemic

Fear is known as a good motivator, since the beginning of the covid-19 crisis, health and wellness companies have capitalised on the growing awareness of illness and the importance of health. After an endless stream of news reports, advertising and media campaigns focused on health, has it left an impact on us to become more health conscious?

With multiple brands promoting products that boost our immunity, how has our perception towards health and wellness changed? In our latest survey we explored the effects of this among consumers. Our respondents were aged adolescents through to 40 year olds, a demographic that is most unlikely to need additional supplements for chronic health issues. When asked their opinion of how important it was to take additional supplements, a significant majority of 75% surprisingly answered: ‘Very Important’. 

The main motivations behind taking supplements: 

The medical debate for taking additional health supplements has strong arguments on both sides, with expert claims that if you are a healthy individual that eats a good well-balanced diet that includes all your nutritional needs, you don’t need to take anything extra. However, if you’re not getting everything you need from what you eat every day, you can take tablets with concentrated amounts of the nutrition you’re missing. 42% of our respondents recognised that they were not able to get enough nutrition from their diet, another 32% were very physically active at sports or the gym which also creates a need for taking additional supplements. 

A competitive market: 

Hundreds of brands fight for their share in this fiercely competitive and growing demand-driven market. For example, Vitamin C demonstrates this, it’s a basic entry level product both in terms of usage and price, with 83% of our respondents claiming to take it on regular basis. How do brands stand apart in this highly saturated market? 

Seeking help from Health Professionals seems like the way to go for consumers, 71% of our respondents told us that they were advised by either a doctor or pharmacist to take supplements. 

Moreover, we found that Blackmores, Bio-Life and Vita Health were the most popular brands that our respondents were considering to purchase from. 

The changing perception: 

More of us are buying into the health and wellness trend, with growing consciousness and awareness, 59% of our respondents agreed that taking supplements improves their quality of life. 

This supports global data that suggests over the next 5 to 10 years the market is expected to grow another 8%. 

Currently, our findings showed that 83% of our respondents were spending between $10 to over $100 dollars a month purchasing supplements. 

To learn more about consumer behaviour and trends reach out to us. 

Schedule a call with us…

The Hype surrounding the Cryptocurrency Craze

Since its inception in 2008 by an unknown group who called themselves Satoshi Nakamoto, cryptocurrency has taken the world by storm, the excitement over this invention has never really died down. Bitcoin and Ethereum, two of the most popular and well-known cryptocurrencies are dominating the world with a market capitalisation of over 1 trillion dollars. 

So, what are the reasons behind this phenomenon? Well, there are many reasons, since 2008’s financial collapse many people lost trust in regulated, centralised financial systems. With the collapse of some of the biggest banks that were deemed ‘too big to fail’, something decentralised, unregulated and out of government control seemed to make sense to a lot of people. This combined with blockchain technology made peer-to-peer transactions possible without the need of supervision from any financial institution. Suddenly there became much more interest and trust in these digital ledgers than the age-old way of doing things. 

At Insightzclub we recently did a survey to look at consumer perceptions towards cryptocurrency and tried to understand some of the motivations behind why someone would want to own this kind of digital asset.

Scepticism among different age groups.

Some older investors have shown a more reserved and hesitant attitude towards cryptocurrency, listening to the famous and wise Warren Buffet, who focuses on investing in productive assets with intrinsic value. While majority of our respondents (67%) who were aged between 21 and 40 when asked how much trust they had for crypto-assets as a currency showed a neutral outlook with the remaining 33% responding that they were highly trustful. Furthermore 56% of our respondents agreed that cryptocurrencies are a good store of value. 

It appears that many people were fine with overlooking that almost all cryptocurrencies do not have any inherent value, instead their value is measured by how much excitement the next person has for it. Essentially the value of these cryptocurrencies is not determined by how much they are really worth but by how much you or I think they are worth. 

So many cryptocurrencies to choose from: 

As of February 2022, there are more than 10,000 cryptocurrencies in existence. Many of which I’m sure you and I have never even heard of before. 

But the big names like Bitcoin, Ethereum, USDT and Dogecoin seemed to be most popular among our respondents with 88% claiming to have purchased or owning one of these coins. 

It’s not just cryptocurrencies that come with plenty of choices, but the platforms or exchanges used to buy and sell cryptocurrencies are also plenty to choose from. Binance was the preferred choice for our respondents with 44% reported using it, followed by Coinbase (22%). 

Is it just a gimmick? 

While it’s easy to believe that some of these cryptocurrencies are just a gimmick, even well-known cryptocurrencies like Dogecoin began as an internet meme in late 2013, but even then, it has somehow remained relevant and still has a large community following and market capitalisation. 

For most of our respondents, our findings suggested that to them it may just be a gimmick, with 67% reporting to have only invested less than $10 dollars into cryptocurrency and just 11% seemed to be serious about it, investing over $1000 dollars. 

The reasons behind what motivated them to get into cryptocurrencies varied with 44% reporting that they saw its rising popularity and trend, while 33% were interested in its high profitability. 

But this also contrasted with 80% agreeing that their main purpose for buying cryptocurrency was for investment purposes which strongly suggests that cryptocurrency may be more than just a gimmick to many consumers. 

To learn more about consumer behaviour and trends reach out to us. 

Schedule a call with us…

The Metaverse: a new frontier expanding human consciousness.

“A virtual environment where you can be present with people in digital spaces” – as it was firstly described by Neal Stephenson in his 1992 Sci-Fi novel Snow Crash.

Augmented reality vs virtual reality

Often there is confusion over these 2 technologies and while both are capable of extending the boundaries of our reality, they do so in very different ways. Augmented reality layers additional visuals over the existing environment, whereas in virtual reality you transport yourself to a totally new and different environment. Both technologies are being developed and used for entering and enjoying the Metaverse. 

Gaming and Social:

In the Metaverse, Avatars become virtual representations of ourselves and can be customized to express and portray us in virtual spaces. 

Many game companies and designers developing the Metaverse are focused on extending reality with realistic virtual world building technology that create a rich and immersive experience. Notable gaming companies at the forefront of developing the Metaverse include Fortnite, Roblox and Pokémon. 

Games are becoming more social with more interaction among users with gamers often wanting to stay connected even after the game is over. 

Ecommerce & Business:

Big brands like Coca-Cola, Gucci and Louis Vuitton are also embracing the Metaverse, buying up virtual real-estate in the new emerging ecommerce avenue. 

There is massive shopping in the Metaverse, but surprisingly a lot of the goods are virtual and meant for your avatar. IMVU, the online world hosted a virtual fashion show in collaboration with real world designers. Virtual economies like this exist with thousands of creators there’s little you can’t buy. The idea behind this new consumer trend is just as you want to dress to impress in real life you also want to the same in the Metaverse. With clubs and other exciting virtual locations to meet up with others it motivates users to spend real money to look their best. 

Businesses could also see the usage of these Avatars to connect and conduct their meetings in virtual reality spaces. 

Consumer Awareness and Acceptability: 

In a recent study we conducted at Insightzclub we discovered that not many people were aware of the new metaverse and among those who had heard about it, there was a mixed understanding of what it really was. Between a virtual reality, gaming platform and ecommerce platform, people were often confused at the multiplexity of the metaverse. 

While the majority (90%) agreed the metaverse would revolutionise the internet with a divide among users over how they would use the metaverse; just under half saying that they would use it for gaming/social and the other half for business/work. 

Consumer confidence to spend in the metaverse seems hesitant as a majority of respondents (60%) had their reservations and only 20% were either likely or very likely to be onboard with spending. Moreover, the amount that respondents were willing to spend varied with 50% saying they would only be willing to spend less than $10, while only 10% were willing to spend over a $1000. 

To learn more about consumer behaviour and trends reach out to us.  

Schedule a call with us…