Wellness Is The New Luxury: Is Healthy And Happy The Future Of Retail?

source : Alibaba
Consumers are placing more value on health and health than on fabric objects these days, and the definition of health and health has evolved. The phrase no longer refers merely to a miss of illness and disease, but to a more holistic department of state of being, where one ’ s genial, physical and emotional health are in synchronize. And in an era in which so many catalog their lives on social media, looking great, feeling effective and sleeping well are the new luxuries that consumers want to enjoy and flaunt .

last week, I heard Jack Ma, Chairman and Founder of Alibaba, speak at Alibaba ’ s Gateway ’ 17 acme in Detroit, and I think he by rights summed up this growing vogue : today ’ s customers want to be healthy and happy, no matter who they are. Owning the most expensive or the latest goods has taken a back seat to looking good and feeling good, and consumers are showing an increasing preference for participating in activities and indulging in experiences that promote their well-being—and sharing those experiences with their friends .
People are spending on a holistic overture to health and health that includes closely every aspect of liveliness, even sleep. Consumers are increasingly participating in fitness classes and activities that improve wellbeing ; using products, devices and apps that care sleep ; and eating organic and natural foods, taking health supplements, and following extra diets .

The popularity of the health and health swerve is visible across consumer groups, and it differs significantly from the assorted food and exercise trends that took prevail in previous decades. Eating healthily, exercising regularly and monitoring one ’ randomness health have become a life style choice. According to Euromonitor International, the global market for health and health offerings reached $ 686 billion in 2016 and it is expected to grow at a 3.5 % CAGR, to $ 815 billion, by 2021 .
Millennials: The Driving Force Behind the Wellness Trend
While this drift is visible across old age groups, millennials are driving its increase. Millennials, who were born between 1980 and 1999, have grown up in a fourth dimension of rapid change, so their priorities and expectations are sharply different from those of previous generations. According to the Harris Group, 72 % of millennials would rather spend money on experiences than on material goods, and that preference is forcing retailers to adapt as more millennials ascend into adulthood and increase their spend power. For millennials, health is a casual, active pursuit, and one they are willing to spend on. Many of them bring fitness into everyday life visibly by wearing athleisure dress for all kinds of activities early than working out. They besides enthusiastically track their seaworthiness prepare and sleep data through apps : inquiry fast Forrester found that millennials and Gen Zers combined explanation for 69 % of all fitness wearable owners .
In terms of shop, millennials tend to prefer an experiential retail environment that goes beyond the transactional. Anjee Solanki of Colliers International, a leading global commercial real estate of the realm company, says that “ any successful brick-and-mortar retail business knows that it ’ second authoritative to give customers a memorable experience in an immersive, dynamic environment by changing the physical spaces constantly to give customers something fresh and modern. ”

Wellness Meets Retail
The concept of health as a lavishness is about more than just being fit—it is besides about feeling happy and indulging in experiences that promote wellbeing, and sharing those experiences with friends. Nordstrom is one retailer that appears to be focused on providing customers with that kind of memorable experience. The company ’ south store in Torrance, California, offers shoppers classifiable amenities such as a roomy “ girlfriend ” meet board where friends can try on clothes together and a lounge outside the fitting rooms called The apartment that has comfy couches and flat-screen TVs so people can be entertained while they wait for friends or family to try on clothes. Nordstrom has made simple changes to its brick-and-mortar spaces to make customers feel comfortable and coddled in stores, which entices them to return.

other retailers are besides reacting to the health and health course in club to stay relevant. In early on May, Saks Fifth Avenue unveiled a first-of-its-kind retail quad dedicated to health, beauty and fitness in its New York City flagship placement. The distance, called the Wellery, is located on the second gear floor of the memory, which has been transformed into an indoor marketplace with offerings from 20 individual retailers. The Wellery combines traditional brick-and-mortar shops with alone in-store experiences to drive traffic to the storehouse. Out of the 20 retailers operating in the quad, 16 offer an experiential retail experience. Customers can visit the quad to purchase fitness equipment and luxury exercise gearing, take fitness classes, and get health and beauty treatments such as manicures, facials and makeovers. The retailers that operate within the Wellery stay for only for a few months, acting as pop-up book shops, which ensures that the space remains fresh and relevant .

source : Fung Global Retail & Technology
Dr. Nigma Talib, a naturopathic doctor of the church to a-list clients, believes that, in addition to wanting experiences, “ people want to feel transformed. ” Saks Fifth Avenue has addressed that desire by introducing one of the few salt rooms in New York at the Wellery. A strategic arms limitation talks room is a watering place treatment where clients relax in a room made or filled with salt, breathing in misty piquant vapors to purify the body. Visitors can schedule a 20-minute “ Breathe ” treatment session to rejuvenate and detox themselves for healthier bark, sound rest and well-defined sinuses .
Down the hall in the Wellery, Parsons Xtreme Golf ( PXG ) has opened its foremost brick-and-mortar placement, where visitors can demo custom-fitted, lavishness clubs on a golf simulator. PXG was launched only two years ago by GoDaddy collapse Bob Parsons, who is committed to creating the finest golf clubs, careless of cost .
Another way that retailers are accommodating customers ’ concentrate on health is by changing their loyalty programs, so that they offer unique benefits preferably than being entirely frequency-based. Companies are now seeking to elicit a incontrovertible, emotional chemical reaction ( such as rejoice or excitation ) through their commitment programs and are offering rewards that customers feel are truly valuable. Amazon ’ randomness Prime program is an exercise of this, as it offers a across-the-board variety of exclusive services, including free ship and many stream options, to Prime members .
Brick-and-Mortar Retail Capitalizes on the Home Fitness Market
demand for home fitness equipment is rising ascribable to increased health awareness, and consumers are willing to pay extra for lavishness home plate fitness offerings. ball-shaped Market Insights estimates that the home fitness equipment market will grow by 4.7 % per year from 2016 to 2022, to $ 12.8 billion. many brands are developing singular offerings to meet consumer demand for at-home seaworthiness options. Founded in 2012, Peloton is a newly concept in home fitness. The product combines the motivation and have riders would find in an indoor cycle studio apartment with the convenience of an at-home exercise. Peloton sells a home cycle system equipped with a big sieve that lets users join live spin classes or choose from prerecorded sessions. The company is developing a cult following by capitalizing on consumers ’ hope to connect with others they have something in common with. Peloton has created a high level of sword loyalty by establishing a residential district in which members jokingly agree they have a “ cultlike ” interest. The sword epitomizes health as a luxury, as the at-home Peloton system costs $ 1,995, making it an exclusive and, for many, an indulgent, investment in their own wellbeing. The Wellery at Saks Fifth Avenue features a Peloton shop where consumers can learn about the program and equipment .

beginning : Fung Global Retail & Technology

Conclusion
Consumers are shifting away from purchasing luxury goods in favor of splurging on health as a luxury, and traditional brick-and-mortar retail stores are responding by changing their offerings. go are the days of unconstipated patronize sprees as a shape of retail therapy. experiential retail offerings are replacing traditional formats, and those retailers that evolve with consumers ’ changing demands are the most likely to be successful .

source : https://nutritionline.net
Category : Healthy