Amid the ongoing global cost of living crisis and rising inflation, the spending habits of luxury consumers in the health and wellbeing sectors remain steadfast.
According to a report released by the luxury e-commerce platform Saks in July 2022, affluent consumers continue to indulge in luxury, treating themselves to fashion and holidays.
Furthermore, there is a noticeable trend towards prioritising health and wellness, with consumers enriching their lifestyles through luxurious self-care, fitness and home products.
Some 41% of respondents told Saks they placed an emphasis on wellness, particularly in areas such as rest and relaxation, nutrition and overall self-care.
This trend has gained momentum since the pandemic, demonstrating a lasting commitment to wellbeing and a readiness to invest in products and experiences that promote it.
In an exclusive poll conducted in partnership with Censuswide in July 2021 among 252 high-net-worth individuals (HNWIs), Private Client by Bupa – a concierge service providing expertly curated health and wellbeing services – revealed that HNWIs spent an average of £120,000 ($151,460, €140,275) on health treatments and services in the 18 months following the pandemic outbreak.
According to Bupa, this shift signifies that in addition to luxury spending on material possessions, strategic investments in health and wellbeing mark good health as the ultimate status symbol.
