How Wellness Is Becoming A New Luxury Industry
People are valuing health and wellness more than any other materialistic objects currently. The ever-changing expectations of people could be the reason behind the evolvement of the wellness and health definition.
Wellness, nowadays, can be well referred to a more holistic state of being, where one’s mental, physical, and emotional health is synchronized. And in the era of digital media, appearing great and feeling good are various new wellness luxuries that people want to enjoy and flaunt.
Eating healthy, exercising regularly and monitoring one’s health has become a lifestyle choice. According to Euro-monitor International, the global market for health and wellness offerings reached $686 billion in 2016 and it is expected to grow at a 3.5% CAGR, to $815 billion, by 2021.
Increase in staying healthy trend
Summing up this growing trend, the rise of health-conscious people have transformed this industry. Franchisors need to understand that people today want to stay healthy and happy, no matter who they are. Leaving behind the need for owning expensive materials for looking good, people are now looking for experiences and activities, promoting well-being. Industry people should focus on this new expectation, offering varieties of experiences at their ventures, promoting wellness by attracting such audiences, beneficial for their business growth.
The driving force
Millennials are considered as the driving force, behind the booming of this industry. Franchisors need to study them properly, as their demands and expectations keep changing with time. According to a study, 72.3% of millennial would prefer spending on experience rather than on material goods.
Franchisors could be seen offering experiences through their various brands, satisfying this increasing demand of experience. We can expect many industries like restaurants, gyms, spas… and many more evolving, working upon the latest trend happening in the overall industry.