Why Wellness Is the New Way to Look, Feel, and Act Rich

Why Wellness Is the New Way to Look, Feel, and Act Rich

There is already much talk of the good fortune in Silicon Beach, which is already flush with affluent entertainment industry elites and tech executives who have been waiting for a major Silicon Valley-scale transaction like the Snap, Inc., IPO to boost LA's glittery, technology hub -- Silicon Beach.

Luxury no longer refers exclusively to expensive bags, shoes and watches. It now includes experiences like farm-to-table dining and “über-luxe” travel. Silicon Beachers prefer experiences to things. Fashion brands are blurring the lines between luxury items and experiences. Luxury shopping is an experience, that’s the whole point. Digital platforms are creating new, interactive experiences every minute.

Wellness is on a similar growth trajectory to the luxury industry. Both saw low single digit growth from 2011 to 2016, but through 2020, luxury goods are projected to rise 16 percent to $450 billion while health-focused spending is expected to increase by 17 percent, reaching $833 billion.

Among affluents earning at least $150,000 a year, millennials are more apt to associate health with eating habits and exercising when compared to baby boomers and Gen X-ers. Euromonitor points out that this younger generation is the driving force behind the trend toward wellness.

As consumers seek an active lifestyle, brands are meeting the demand for attractive sporting apparel and accessories, creating fashion that takes consumers from the gym to other activities such as the office or brunch. Wellness certainly doesn’t come cheap in the modern day world. From $180 a month gym memberships to $10 cold-pressed juices, from $500 personal trainers to $30 weekly classes, the price of natural, organic, and healthy products and services keep increasing with every passing year. Most people find such exorbitant spending to be preposterous, but many nigh net worth individuals also find it to be an integral part of their luxury lifestyle.

Recent Posts