A WORRYING TREND - The ‘Anxiety Economy’

The ‘Anxiety Economy’ is one of the fastest growing areas, with no signs of anything but continued growth.

Over the last few decades, we have seen a worldwide recognition of mental health and related illnesses with a growing concern for wellbeing.

There is now a growing acceptance that people, especially those in the workspace, can all suffer mental health issue. Everyone is vulnerable, including those that appear strong and bulletproof. “Even Superman has bad days,” was a graphic comic strip doing the rounds recently.

It’s easy for us to picture the overworked employee in a city office but spare a thought for the millions working in near poverty in sweatshops, global farming and numerous industries that supply us with cheap goods. Ironically, some bought to alleviate stress.

But while depression is the condition most associated with mental health issues, it is not the only one mental health concern we face globally.

Slightly ahead of depression is anxiety. It may not be as dramatic as depression or have the same more tangible outcomes but anxiety disorders affect an estimated 275 million people – around 4% of all people (up to 18.1% in America). Slightly more suffers are female (62%).

The American College Health Association found in its annual survey that in 2017, 61% of students reported they felt “overwhelming anxiety” compared to 50% in 2011.

There is also growing concern that a numeric based educational system is creating undue stress upon school kids due to performance targets – all to keep politicians happy.

Add to all this, people who have a mild condition and the number dramatically rises.

Looking at the broader picture some would argue that the majority of people worry. We are actually hard-wired to see fear over opportunity – it’s a natural survival instinct in all animals. Curiosity killed the cat when he decided to see if the lion was friendly.

As consumers, we worry about the future, our safety and that of our family. About what we eat, drive, where we live and even breath.

We worry about economics, education, politics and the environment. Even more so when we have kids.

Most of all we worry about our jobs, our image, our personal finances, getting old and our health.

Which has resulted in a growth of products, services, technology, politics and even beliefs that makes us feel less worried, less stressed and more comfortable.

Sometimes playing off our fears, sometimes appealing to our desire for security and comfort. As adult as we all seem, below we are as vulnerable as a child and we all need a hug when things get bad.

Research in America showed that anxiety was less in groups of church goers - why? Was this due to faith? It's suspected it is actually due to community, offering support to each other. Certainly the increasing growth of real world communities (not just social media groups) provides an opportunity for organisations (and maybe brands) to engage consumers and create social change.

A good example of a brand adopting a social marketing and community engagement strategy over traditional marketing of a product is Dove. They have run many campaigns around self-image and self-esteem, targeting both adults and teenagers. Dove say they are passionate about creating a world where beauty inspires confidence, not anxiety. Probably one of the best Corporate Purpose statements about and one they have delivered on.

#SpeakBeautiful, is one of the more recent campaigns, and is designed to boost self-esteem on social media and encourage women to realize the role their online words play in impacting their confidence and self-esteem.

According to research commissioned by Dove:

? 80% of women encounter negative comments on social media that critique women’s looks.

? 82% of women feel the beauty standards set by social media are unrealistic

? 80% of negative Tweets about beauty and body image are written by women critiquing themselves.

Many psychologists believe that social media is actually a major source of stress, not just around beauty, creating more anxiety through FOMO, YOLO envy and the sense that everyone else is having a great time, “Smile, say #cheese.”

'Fakebook', as some prefer to call Facebook typifies the unreal world that we feel a need to compete with and aspire to. Plus the needs for likes. The outcome is that we often feel failures.

Add to that, trolls, bullying and the general toxic nature of most comments, you can see why it's offsetting any sense of positive community. "You can't post 'what a nice day' without someone slaming you down."

Further research by Dove:

• The number of girls who say social networks make them feel worse about their appearance doubles between the age of 13yrs to 18yrs - 30% agree at 13yrs vs 60% at 18yrs.
• Girls aged 18-23yrs desire three times more ‘likes’ on social media than girls aged 13-17yrs.

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Two Kickstarter campaigns between 2016 and 2017 set out with relatively modest aims to raise around $20,000 to create products to relieve stress, but what happened next surprised everyone.

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The Fidget Cube, created by brothers Mark and Matthew McLachlan, instead raised over $6m, after the fundraising video went viral. It’s been watch over 5,232,700 times.

The Gravity Blanket, an old concept reimagined by a design agency, Futurism, after noticing a peak in searches for stress related sleep disorders, raised nearly $5m for a product that promised a good night’s sleep.

70% of Americans have problems sleeping at least one night a week.

This is just two products that are part of the rapidly growing ‘Anxiety Economy’, selling us everything from yin yoga to aromatherapy vapes, whale music, electronic machines that fire electric pulses through our bodies, relaxation apps. meditation colouring books, holistic diets and adult toys, to name a few.

“Stress is growing in society and as a market, stress-related product and services are a massive and growing business.”

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“We’re not understanding how to deal with mental health issues. Instead, we’re throwing products at it,” to quote Beautiful Voyager’s founder Meredith Arthur.

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On the negative side, alcohol, drugs and computer games offer an alternative way to decompress from the pressurised life we live. And some would add social media, as it allows us to create a false life where we spend every hour having a great time.

Looking at it from a different angle, we have seen a dramatic rise in people trying to live healthier, longer lives with many products, services and lifestyle beliefs, selling like organic vegan hot-cakes. We just can’t get enough, and there are so many fads about it’s hard to know what is good and what is plain hype. Just look at the term ‘superfoods’, a complete nonsenses invented by a PR person.

Our worries also apply to others, and Fairtrade still remains the number one labelling that consumers will pay extra for. The idea that by paying a little more means people who farm your tea or coffee have a better life is worth the few pence to make us feel more comfortable about what we buy.

For companies selling products and services within the anxiety economy, they need to tread carefully.

Marketing and sales are often too quick to take the faster, cheaper route for better profits and exploit people’s fears.

It is better to understand and market with empathy, not promote fear. To offer genuine peace of mind, not false hopes. And actually be honest and ethical.

As I said to one very dubious potential client, who was trying to market a supplement to reduce stress, isn’t it better to make a product that delivers what it promises rather that one that doesn’t? You can only con people once, but if you sell them something that works, they’ll buy it forever and you’ll be very rich.

I never saw or heard from him again.

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Chris Arnold is Dr of Business and author of Ethical Marketing & The New Consumer and shortly to be published, FLIP (Unthink everything you know).

He is founder of ethical agency Creative Orchestra, The Garage Innovation Lab and co-founder of CONNECT2 (UK's leading community engagement specialist).

Feedback to [email protected]

Links

Dove: https://selfesteem.dove.com/CountrySelector/default.aspx

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