As consumers shift their spending from ‘stuff’ to transformative experiences, the traditional luxury industry is starting to take notice.
OXFORDSHIRE, United Kingdom — “Feeling good is the new looking good.” That was the mantra in the air a few days ago, as entrepreneurs from the fields of health and wellness — including Jason Wachob, Amanda Chantal Bacon, Dr. Nigma Talib and Neil Grimmer — took the stage at VOICES, BoF’s new annual gathering for big thinkers.
From beauty-enhancing supplements to the rapid growth of athleisure, there has never been a better time for fashion companies to tap into the health and wellness sector. In The State of Fashion 2017 — a new report on the global fashion industry by BoF and McKinsey & Company — the transformation economy is described as a rapidly-growing segment, particularly as consumers shift away from purchasing products and move towards spending their money on mind and body-enhancing experiences.
Wachob, the founder and chief executive of mindbodygreen — a media property dedicated to health, wellness and lifestyle — said there was a big opportunity in the health and wellness space for traditional fashion and luxury companies.
“The market is monstrous and there is a shift in consumer habits,” he told BoF before taking the VOICES stage. “I think looking good is important, but feeling good in a lot of ways has become the new looking good and the better you feel, the better you are going to look. There is a big opportunity.”