Taking The Pulse: HENRYs (High Earner, Not Rich Yet) Are Focused On Finding Ways To Prioritize Health And Wellness.
By Vik Sood, Senior Vice President, & Patrick Tillman, Senior Research Manager, Consumer Goods and Services | May 18, 2021
For our last topic in the 3-part series on HENRYs (High Earners who are Not Rich Yet), we dive into health and wellness.
Using our proprietary software, Maru ran a three-day discussion with this niche group in the US. Maru’s Instant Qualitative platform allowed us to efficiently moderate a discussion and engage with HENRYs on areas related to financial sentiment, travel, and wellness. We have been exploring what we learned with this group in a series of releases – all aimed at taking a pulse on how HENRYs are feeling, behaving, and thinking during these unprecedented times.
In Part 1 of our series on HENRYs, we uncovered that recent pandemic-driven financial responsibility is expected to be short-lived as high discretionary spending returns in the post-COVID lives of these consumers.
In Part 2, we uncovered perspectives pertaining to travel, from both a pre-pandemic and forward-looking lens. We discovered that for HENRYs, travel is top-of-mind when it comes to discretionary spending, regardless of life stage. Where the opportunity to travel is seen as a return to “before” times, there is also a clear feeling of nerves and anxiety. Additionally, a fair bit of reluctance to travel without widespread vaccination and the removal of quarantine requirements remains.
HENRYs care about their health and wellness. Let’s examine how this manifests in different ways.
HENRYs are more sensitive to the risk of mental health issues and have significantly changed their approach towards physical health.
While HENRYs have always prioritized their overall health, the emphasis placed on mental health has increased during the pandemic, perhaps even becoming more important to them than physical health. “I am giving myself leniency, making sure my mental health takes priority.”
Embracing stress relieving habits (like yoga and mindfulness) and finding creative outlets (such as reading and art) have become regular parts of HENRYs’ lifestyles. Additionally, many HENRYs referenced their efforts to hold themselves accountable to managing their mental health, so much so that they are tracking activities that benefit them in this way. They’re tracking their water consumption and monitoring their sleep habits, in part because they also recognize the challenges that work from home and the pandemic more broadly have presented. Expect some stickiness in these activities as we move into a new normal.
Going to the gym pre-pandemic was very common amongst HENRYs, with many indicating they frequented the gym multiple times a week, if not daily. Although some HENRYs, especially those with children, note that maintaining their physical fitness has become challenging as they pivoted to work from home, many have reflected on ways they have carved out dedicated workout spaces in their homes. “I used to go to the gym almost every day. Since COVID I shifted a lot of that working out to home.”
Some have created home gyms (complete with new equipment), attended virtual fitness classes or discovered a love for running. HENRYs are taking advantage of app-based workouts, whether it be in conjunction with a piece of gym equipment (spin bikes, treadmills) or following instruction led strength/cardio exercises, making use of resources like YouTube. As a return to normal commences, it is likely that at-home-fitness is here to stay for some, with many citing its convenience. Opportunity will likely exist for sports brands, be it niche players like Peloton or broader athletic apparel and equipment manufacturers, to continue innovating as consumers’ at-home fitness needs continue to evolve.
Convenience, simplicity and affordability are the keys to capitalizing on HENRYs focus on health and wellness.
HENRYs express a desire for simplicity in meeting their health and wellness goals. With this is mind, we asked about HENRYs perspectives on home meal delivery kits (e.g., Blue Apron, Chef’s Plate). While awareness and the perceived convenience of such options is high, usage remains relatively low. Interestingly, even though HENRYs notoriously have high discretionary spending, price is the largest barrier to consumption. “I just can’t justify the price for the subscription versus spending less and making food my own way.”
Being locked into a subscription model isn’t appealing as this group wants to have much more flexibility in their day-to-day eating. Other barriers highlighted include lack of adequate selection for their specific diet (e.g., KETO, Paleo, Gluten Free), fear that portion sizes won’t be large enough, and being locked into foods that do not satisfy their craving on a given day. Home delivery meal kit companies would be wise to offer the ability to customize further on meal selection (especially with options that cater to current dietary trends) and delivery options to attract this group.
As we wrap up this exciting exploration on HENRYs (High Earners who are Not Rich Yet), we’d like to remind you that Maru’s Instant Qualitative platform allowed our team to efficiently gain meaningful detailed qualitative insights on this very important demographic. The Instant Qualitative platform is particularly effective in engaging with hard-to-reach audiences in a cost-effective manner. Please keep this unique and dynamic tool in mind and reach out as you consider specific audiences that you’d like to engage.
Stay tuned for upcoming articles, exploring unique business cases and highlighting Maru’s toolkit!
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