Gen Zs willing to invest more on healthcare than older generations

ZOOMERS are more willing to invest in health services than the previous generation, according to Bain & Co.  

Their 2024 Asia-Pacific Front Line of Health Care report said that 58% of Gen Zs who participated in the survey plans to spend more on health care, in return for better health, better experience and greater efficiency.  

Bain & Co. surveyed 2,300 consumers born between 1997 to 2012 across nine countries. The survey also found that for this age group, there was a demand for nutrition products like vitamins, supplements, and a desire to spend more on preventive healthcare and services. 

In the Philippines, Bain & Co. said that 48 percent of participants have used telemedicine in the last 12 months.  

Aside from healthcare, Gen Zs also took interest in pharmacies as seen by the numerous clients that underwent COVID-19 related exams and vaccinations in their facilities. Just last year, 74 percent of Zoomers used pharmacies as their main point of care.

The findings support the result that younger customers increasingly favored less-traditional hospital treatment and more flexible health-care options such as healthcare being conducted digitally.

They prefer telemedicine as it offers more convenience unlike face-to-face consultations. Bain & Co. also pointed out that healthcare via telehealth costs less. 

The rise of inexpensive smartwatches that track a range of health-related data, including heart rates and sleep cycles, has also led to an increase in consumer-driven health monitoring in the region. 

To adapt to the evolving expectations of patients, Bain & Co. emphasized that healthcare organizations must “reinvent customer experience” and advised businesses to digitize their operations.