While most venture capital firms chase after technological advances or product-led innovation, Bullish continues to take a different path. We ground our investment strategy in cultural understanding, consumer behavior, and anticipating future demands.

As consumer-only investors, we fixate on identifying businesses with product-culture fit. We like to invest in deals that are preloaded with demand and closer to revenue. And we believe Cultural Themes drive an outside to inside approach. This perspective shapes how we view opportunities across America's diverse population of 347 million people. We believe that to win over today's consumers, B2C businesses need a keen understanding of underlying consumer desires.

That's why we closely study the intersection of three key elements: Cultural Themes that reflect shifting consumer values, Technological Momentum that enables new possibilities, and Industry Calcification that creates opportunities for disruption. We believe the most compelling opportunities emerge where these forces converge.

Since 2022, when we first published our paper called Bullish on Consumer: Operationalizing Demand-Side Themes for Better Outcomes, we've maintained our focus on three foundational Cultural Themes: Ubiquitous Wellness, Uncompromising Self, and Individuals > Institutions. These themes have proven to be enduring frameworks for understanding consumer behavior through periods of significant social, economic, and technological change.

As we enter 2025, we're observing fascinating evolutions in how these themes manifest in consumer behavior. The nine sub-themes we're tracking reflect both subtle shifts and dramatic transformations in how people approach wellness, express themselves, and engage with institutions. We invite you to explore further here or keep reading for a summary of our discoveries.

Ubiquitous Wellness

Worth $7.3 trillion, Ubiquitous Wellness represents the growing integration of health and wellbeing practices into all aspects of consumers’ daily lives. One in every 20 dollars spent by consumers worldwide is on wellness, per the Global Wellness Institute, which makes this theme ripe for opportunity. The three sub-themes we’ve identified within this theme include Presently Offline (The Light Phone, Strava), Healthy Hedonism (True Food Kitchen, Poppi), and Long Live Longevity (Dirty Labs, Prenuvo).

Uncompromising Self

Valued at $2.7 trillion, Uncompromising Self reflects consumers’ increasing expectation for personalized experiences that acknowledge their individuality and unique preferences. Per McKinsey & Company, 72% of consumers say they expect the businesses they buy from to recognize them as individuals and know their interests. The three sub-themes for Uncompromising Self are Visible Values (Bubble, Rhode), Technically Natural (Honeylove, FACEGYM), and Boldly Intimate (Cake, Hims & Hers).

Individuals > Institutions

At the size of $3.5 trillion, Individuals over Institutions encompasses the cultural shift of consumers redirecting their trust from traditional institutions to more personal and local operations. As faith in established organizations such as the government, corporations, and banks falters, people are recentering their confidence to connections closer to home.

“When traditional communities weaken, people increasingly look to brands to provide meaning, identity, and a sense of place in the world,” wrote Naomi Klein, Author (No Logo, Doppelganger). The three sub-themes we observe within Individuals over Institutions include Communal Crafting (Bandit Running, Reddit), Micro Moguls (Daisy, Chili’s), and Creator Legitimacy (BloxSnacks, ShopMy).

To better contextualize how these cultural shifts are reshaping the consumer landscape, we've compiled an analysis of how companies across the spectrum - from our early-stage portfolio companies to established public enterprises - are responding to and capitalizing on these themes.

Whether you're a consumer founder building a new brand or an industry leader navigating change, we invite you to explore our findings. And if you're building a company in any of the nine sub-themes, send a note to us at hey@bullish.co

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