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THE BOOMING BUSINESS OF AMERICAN ANXIETY

The restless nation

Americans are grappling with anxiety. Like with many problems, the market capitalizes.

Many Americans seek methods to relax and find mental peace amid the chaos. That quest offers a range of options, but it often comes at the expense of one’s bank account.

Companies introduce novel but expensive solutions to provide relief, turning the pursuit of inner peace into a potentially costly journey — especially if the products fail to deliver, leading one to try new options continuously.

A Google search for “anxiety relief” yields a range of products, from supplements like pills and gummies to patches that smell of lavender and eucalyptus to gadgets that vibrate around your neck, aiming to soothe your vagus nerve.

The list also includes weighted plush toys, stress balls filled with beads, salt lamps for stress release, and coloring books purported to instill calm. Meanwhile, social media platforms are peppered with ads for virtual therapy apps.

Though anxiety isn’t new, the pandemic has provided a lucrative opportunity for the anxiety treatment market.

As people experience unprecedented levels of worry, fear, stress, and depression, this sector has hit its stride like never before and is estimated to be worth over $13 billion by 2027 globally.

The culture of hustle and bustle

The prevalence of anxiety has reached alarming levels, touching the lives of millions. While Americans have long been considered among the most anxious globally, recent data exacerbates the concern.

According to an analysis, 42% of Americans reported experiencing mental health issues in the past year, surpassing many other nations, including Brazil, Russia, and Germany.

Moreover, adults declare at a high rate that they either suffer or struggle in their lives.

While the pandemic and its impact on the job market have intensified mental health challenges nationwide, it’s not the sole reason for the widespread stress and overwhelm. The increase in anxiety levels among Americans is, in part, driven by social and economic factors.

Based on recent statistics, nearly 50% of young adults aged 18-24 in the U.S. report experiencing symptoms of anxiety or depression, making them the most affected age group.

Though it’s human nature to worry, it becomes a more serious issue when it impacts your overall well-being, family relations, career, and financial decisions. While the U.S. is a land of great opportunity, the stark truth is that a “hustle” mindset is increasingly necessary to sustain a modest standard of living.

For many, work overshadows everything else, and thoughts about work linger at home, in the gym, or when spending time with friends and family. At its core, hustle culture enables work to consume our lives, leaving us with little time for anything else.

Understandably, work plays a crucial role in our well-being, as it signals our social standing and helps secure our family’s safety.

But 65% of Americans are anxious about being able to pay bills or other expenses.

Healthcare anxiety

It doesn’t stop there. Despite the popular work-life balance mantra, many U.S. companies often expect employees to work overtime.

This can have a tangible impact on mental and physical well-being, irrespective of the type of work—physical labor, office tasks, or otherwise.

About 66% of Americans report feeling anxious about their health, suggesting concerns either about the high costs of medical care or neglecting their well-being due to the grind of supporting their families and having a career.

Online prisoners

Another factor contributing to widespread anxiety is the rise of technology, particularly the role of social media in daily life. About 45% of Americans express anxiety over how emerging technologies affect their everyday existence.

Transitioning traditional relationships to the online realm, oversharing personal details to impress others or prove you’re keeping up, and the sheer amount of time spent on smartphones or streaming services like Netflix can be overwhelming for many.

A further element influencing stress levels is inflation, contributing to a spike in the consumer price index and increasing prices for various products, like food, gas, or rent.

Many households find themselves digging deeper into their pockets, while over 44% of Americans express concern about inflation and the cost of living.

Anxiety remedies

Regardless of the reasons, individuals looking for solutions to their anxiety will likely go a long way to find the remedy.

During their hunt, they might encounter various products like gummies, oils, and teas that contain cannabidiol, commonly known as CBD. Typically extracted from hemp plants, pure CBD is not intoxicating.

Some research suggests CBD may help with anxiety, but the evidence is limited. A 2017 JAMA study found that many CBD products are mislabeled, potentially containing differing CBD levels or even detectable THC.

Ashwagandha, a plant long utilized in Ayurvedic medicine, has been especially popular for managing anxiety. The past year saw a fourfold increase in sales of ashwagandha products compared to the same period ending in mid-2019.

The influx of devices in recent years has led experts to question whether the products genuinely offer therapeutic benefits or merely serve as profit-makers for companies, functioning only as placebos that might improve your mood but not provide real healing.

To address these concerns, the American Psychiatric Association recently developed a tool to assess the effectiveness of wearable devices and apps claiming to reduce anxiety to address these concerns.

Among these devices, there’s an Apollo Neuro, priced at $325, which uses vibrations to mimic a calming touch. Sensate, a $299 device, claims its humming vibrations help the vagus nerve relax. The $250 Muse headband monitors brain waves to assist in meditation.

Weighted blankets are evolving into products like $25 stuffed animals and $160 hoodies, and an array of fidget toys now offer various sensory experiences.

Someone to talk to

But gadgets and oils may not help or convince many of those who struggle with anxiety because they prefer to talk to someone and be listened to.

Many Americans seeking therapy find that there aren’t enough available and qualified therapists to meet the demand, and the cost of therapy is often too high.

This has led to the expansion of an industry focused on anxiety relief that operates outside of conventional medical and mental health fields, enhancing mental health coaching.

With the Headspace app, you can hold a breathing session each morning and fall asleep to stories about the ocean, which costs about $70 a year, or choose an accredited training program, providing mental health services to its users by over 9,000 certified health coaches.

Other apps, including Calm, Mindfulness, and Relaxing Rhythms, are known for providing meditation sessions and sleep sound programs, helping users with stress relief and improving sleep quality.

Dive deeper

To learn more about the anxiety business and ways to mitigate anxiety, read this article by the Wall Street Journal.

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