The Luxury Network International Magazine Issue 19

Beauty
Diaries
THE NEW STATUS SYMBOL:
HEALTH & WELLNESS
When everything is uncertain,
everything that is important
becomes clear. In 2020, the
answer is clear: being well is a prerequisite
to doing well. Ownership does
not equate to success in the minds of
the new luxury clientele anymore, because
the ultimate aspirational product
today is self-improvement.
Spanning across sectors like beauty,
fitness, travel & fashion, is one of
the world’s fastest-growing market
segments, the new megatrend that is
growing exponentially: the wellness
industry. In this article, we will dive
into how the principles of luxury are
changing the focus to self-transformation
& wellness. According to the
Global Wellness Institute, the health
& wellness market reached $4.2 trillion
in 2018, which signifies the remarkable
growth of health-conscious
spenders around the world. Data by
Statista suggests that during that same
time, the market size of Personal care,
beauty, and anti-aging was a whopping
$1,082.9 billion with athleisure fashion
and wellness tourism industries are
expected to grow at an annual growth
rate of 6.5 percent. One of the driving
forces behind this disruptive growth
is Millennials, the changing appetites
of this generation have skewed away
from material goods to experiential and
transformative goods and services.
From sustainable smart homes to
conscious beauty, sustainability, and
healthier lifestyle choices, the millennial
generation is causing a seismic shift
across all industries. A ColdwellBanker
report shows how millennials have
seen a boost in both buying power and
population. In fact, by 2030, research
estimates that millennials will hold
five times as much wealth as they have
today, giving them significant power in
shaping future luxury trends. Driven
by these Millennials, along with social
media and online DTC retail, wellness
brands are seeing unprecedented
growth in their respective industries, as
High Net-Worth Individuals and Ultra
High Net-Worth Individuals across the
world are willing to pay a premium for
perceived wellness solutions.
Daniel Langer from Jing Daily, provides
data-driven insights from China,
where COVID-19 is gradually getting
better. The article shares an important
message on how health and wellbeing
is already a megatrend in China that
touches all aspects of life, from mental
wellbeing to organic cosmetics and
nutrition. Consumers are placing more
value on a holistic approach rather than
a hedonistic one.
In a series on the future of wellness
in luxury, Florine Eppe Beauloye and
Samantha Woodworth from Luxe
Digital, write about the deep desire for
health and wellness that is radically
reshaping what luxury brands need to
offer to their consumers and how they
communicate the value of their goods
and service. Advancements in medicine,
healthier lifestyle choices, and health
trackers are profoundly rebuilding
luxury and redefining consumers’ expectations
from brands and businesses
everywhere. Companies will now have
to prepare safety measures for store
re-openings and provide positive reactions
through fostering the power of
community and loyalty programs. With
experiential retail offerings replacing
traditional formats, it’s clear that health
has now become the new wealth.
Mohsin Anwar
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