3 in 5 aspiring entrepreneurs in Asia Pacific plan to start a small business in the next 18 months

Untapped opportunities in health and wellness for budding entrepreneurs

HONG KONG, September 4, 2024 /PRNewswire/ — Herbalife, a leading health and wellness company and community, today released the results of its Asia Pacific Survey on the business of wellness, which revealed that despite concerns about the current state of the economy, more than three in five (63%) aspiring entrepreneurs in Asia Pacific Respondents plan to start a small business within the next 18 months. There is also a positive sentiment regarding entrepreneurship: 59% of respondents are optimistic about the business activities they will undertake in the coming months.

The survey also revealed opportunities in the health and wellness sector, viewed from both a consumer spending and business potential perspective:

• More than half (51%) of respondents say they plan to increase spending on health and wellness this year.
• Aspiring entrepreneurs ranked health and wellness as the fourth most attractive industry (20%) to start a business in, after food and beverage (44%), retail (30%) and technology (25%) industries.

Commissioned by Herbalife and conducted by Talker Research in June 2024The survey analyzed business ambitions and opportunities, as well as spending trends on health and wellness in Asia Pacific (APAC). 8,000 people were surveyed in 11 countries. and markets– Australia, Hong Kong, Indonesia, JapanKorea, Malaysia, Philippines, Singapore, Taiwan, Thailandand Vietnam.

“We see an underlying optimism 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 minimize their risks, aspiring entrepreneurs can consider business models with lower start-up costs that have a supportive community that provides them with the right knowledge and experience,” he said. Thomas HarmsSenior Vice President and General Manager, Asia PacificHerbalife.

“We continue to see strong consumer interest in prioritizing their health and wellness. For aspiring small business owners, increased spending in the health and wellness sector presents opportunities to capitalize on. As a health and wellness company rooted in entrepreneurship, we remain committed to supporting current and potential entrepreneurs by creating an environment that helps them reach their full potential,” Harms added.

Business environment 2024

While the economy has impacted businesses’ ability to pay their debts and led to increased costs and a shift in products and services offered, 81% of entrepreneurs surveyed in APAC expect their business to be stronger in 2024 compared to the previous year. The top three challenges facing current business owners are the ability to make money with rising inflation (32%), retaining customers (26%) and staying afloat requires more hours than they can work (25%).

Opportunity for health and wellness

Across the APAC region, spending on health and wellness products and services is increasing. According to survey results, more than 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%) of them planning to increase their spending by 25% or more.

Among respondents who plan to increase spending on health and wellness, the top two categories they intend to spend on are supplements (72%) and fitness classes (31%).

Strong entrepreneurial ambition among generation Z and millennials

Gen Z and millennials stood out for their strong inclination toward entrepreneurship compared to Gen X and baby boomers. Eighty-seven percent of Gen Z and millennials said they already own a small business or aspire to own one in the future, higher than Gen X (83%) and baby boomers (59%).

With a diversity of business models and engagement channels available to aspiring entrepreneurs today, the survey revealed that openness to direct selling was highest among the Gen Z (70%) and Millennial (65%) age groups. Direct selling was also viewed positively by aspiring business owners in Indonesia (91%), Philippines (86%), Vietnam (87%), Thailand (77%) and Malaysia (62%).

Gen Z and Millennials cited earning more, being able to call something their own, and having an outlet to pursue their passion that their job couldn’t offer as top reasons for starting their own business.

About Herbalife Ltd.

Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people’s lives with great nutrition products and an entrepreneurial business opportunity for its independent distributors since 1980. The Company delivers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide personalized advice and a supportive community that inspires their customers to embrace healthier, more active lifestyles and live their best life.

For more information, please contact:

Susan Tan
Director of Corporate Communications, Asia Pacific
Herbalife
Email: [email protected]