Are ‘spiritual’ brands more marketable than ever?
If history teaches us one thing, it’s that spirituality is a surefire way to turn a profit. For many young(ish) consumers, however, organized religion is no longer en vogue. So, instead of loading up on gold-embossed religious insignia, next-gen seekers are pouring their consumer dollars into a different kind of “spiritual” merchandise — anything from lavender scented candles and nag champa incense to Goop’s controversial rose quartz yoni eggs.
MarketWatch reports, “The percentage of people between the ages of 18 and 29 who ‘never doubt existence of God’ fell from 81 percent in 2007 to 67 percent in 2012. Meanwhile, more than half of young adults in the U.S. believe astrology is a science.”
“The psychic services industry,” MarketWatch reports, “which includes astrology, aura reading, mediumship, tarot-card reading and palmistry, among other metaphysical services — grew two percent between 2011 and 2016. It is now worth $2 billion annually.”
The business of selling spiritual inventory is booming, and new-age retail brands are cashing in. Products such as self-care soaps, healing crystals, incense, sage, meditative moment chocolates, astral chart downloads and greeting cards with sacred geometry are just the tip of the iceberg for brands that cater to young consumers. The possibilities are endless, and next-gen consumers can’t seem to get enough.
In a recent study by Vice Magazine and creative agency Virtue, 54 percent of Millennials and Gen Z said they seek to connect with brands that “enhance their spirit and soul.” In the same study, Adweek reports, 77 percent of young consumers said they “want to buy from brands that align with their values.”
Retailers can even combine forces with subscription box brands to capitalize on new age consumers’ spiritual leanings such as Enchanted Crystals, a monthly crystal subscription service, and Goddess Provisions, which puts a variety of spiritual products within clicking distance, according to Vox.
- Why Millennials Are Ditching Religion for Witchcraft and Astrology – MarketWatch
- Want to Win Over Millennials and Gen Z? Vice’s New Study Says Brands Should Get Spiritual – Adweek
- What a ‘Spiritual’ Beauty Subscription Box Says about Religion Today – Vox
DISCUSSION QUESTIONS: Is spirituality-based consumerism just a fad or a trend that mainstream retailers should take seriously? What are the potential consequences of getting on board with or ignoring consumer demand for these products?