Herbalife, a premier health and wellness company and community, released findings from its Asia Pacific Business of Wellness Survey, which revealed that despite concerns about the current state of the economy, more than three-in-five (63%) aspiring entrepreneurs in Asia Pacific plan to start a small business in the next 18 months. In addition, there is positive sentiment for entrepreneurship with 59% of respondents expressing optimism about entrepreneurial pursuits in the coming months.
The survey also revealed opportunities in the health and wellness sector as seen from both a consumer spend and business potential perspective:
- Over half (51%) of respondents say they plan to increase spending in the health and wellness sector this year
- Aspiring entrepreneurs ranked health and wellness as the fourth (20%) most attractive industry to start a business in, after the food and beverage (44%), retail (30%) and technology (25%) industries.
Commissioned by Herbalife and conducted by Talker Research in June 2024, the survey looked at entrepreneurial ambitions and opportunities as well as health and wellness spending trends in Asia Pacific (APAC). It polled 8,000 respondents in 11 countries and markets- Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.
“We see an underlying positivity around entrepreneurship in the region. In the survey, many small business owners in APAC expect 2024 to be a better year for business than the last but starting a new business can be daunting. To minimise their risks, aspiring entrepreneurs can consider business models with lower start-up costs that have a supportive community to lend the right knowledge and expertise,” said Thomas Harms, senior vice president and managing director, Asia Pacific, Herbalife.
“We continue to see strong consumer interest in prioritising their health and wellness. For aspiring small business owners, the rising spending in the health and wellness sector presents opportunities for them to tap into. As a health and wellness company rooted in entrepreneurship, we remain committed to nurturing existing and aspiring entrepreneurs, creating an environment that helps them realise their full potential,” added Harms.
2024 business environment
While the economy has affected businesses’ ability to pay off debts and led to increased costs and a change in products and services offered, 81% of entrepreneurs surveyed in APAC expect their business to be stronger in 2024 compared to the year before. The top three challenges faced by current business owners are the ability to make money with inflation rising (32%), retaining customers (26%), and staying afloat requires more hours than they can work (25%).
Health and Wellness Opportunity
All across APAC, spending on health and wellness products and services is on the rise. According to the survey findings, over half (51%) of APAC respondents who spend on health and wellness products plan to increase spending on health and wellness in 2024, with two in three (64%) among them planning to raise their expenditure by 25% or more.
Among respondents who plan to increase spending in health and wellness, the top two categories they intend to spend on are supplements (72%) and fitness classes (31%).
Strong entrepreneurial ambition among Gen Zs and Millennials
Gen Zs and Millennials stood out with their strong entrepreneurship inclinations compared to Gen X and Boomers. Eighty-seven per cent of Gen Zs and Millennials shared that they either own a small business already or aspire to own one in the future, higher than the Gen X (83%) and the Boomer (59%) generations.
With a diversity of business models and engagement channels available for aspiring entrepreneurs today, the survey revealed that openness towards direct selling was highest among Gen Zs (70%) and Millennials (65%) age groups. Direct selling was also viewed positively by aspiring business owners in Indonesia (91%), the Philippines (86%), Vietnam (87%), Thailand (77%) and Malaysia (62%).
Gen Zs and Millennials listed the top reasons to start their own business as the potential to earn more, being able to call something their own and having a channel to pursue their passion that their job could not offer.
