In January, Bank of America analysts noted that self-care services like salons and gyms were notable economic standouts that have been “solid” for the past two years. Boomers led beauty spending, while Gen Z and millennials aimed for more self-care and gyms, including wellness trends like red light therapy and cold plunges.
Now, Business Insider reports that analysts are noting that the “generational shift” in spending towards “healthy habits is driving growth in wellness-related stocks,” according to a Bank of America note on Tuesday.
Gen Z and millennials are prioritizing movement and fun, spending their money on leisure activities like pickleball and wellness-focused discretionary spending like anti-aging treatments.
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