Forbes.com suggests a shift in consumer perception, with health and wellness now more important than material possessions

Looking great, feeling good and sleeping well are the new luxuries that consumers want to enjoy and flaunt according to a recent report by global retail analyst and top retail influencer Deborah Weinswig.

Writing on Forbes.com, Weinswig says that the definition of health and wellness has evolved and something the spa industry can help clients. The phrase no longer refers simply to a lack of illness and disease, but to a more holistic state of being, where mental, physical and emotional health are all in sync.

Owning the most expensive goods has taken a back seat to looking and feeling good, and consumers are showing an increasing preference for participating in activities and indulging in experiences that promote their wellbeing.’

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The global market for health and wellness offerings reached is growing and people are increasingly participating in yoga and activities that improve wellbeing; frequenting spas and using spa products, eating organic and natural foods, taking health supplements and following special diets.

Millennials are driving its growth. Born between 1980 and 1999, they’ve grown up in a time of rapid change, so their priorities are different from previous generations. According to the Harris Group, 72% of millennials would rather purchase experiences than material goods. Wellness is a daily pursuit they’re willing to spend on.

For spas wishing to harness this trend, diversification is key. Weinswig highlights changes made at Saks Fifth Avenue New York City flagship store – a first-of-its-kind retail space dedicated to health, beauty, wellness – as an example. Called the Wellery, it combines traditional shops with unique in-store experiences; customers can purchase beauty products or luxury workout gear, take fitness classes, get spa treatments such as manicures, facials and makeovers. The store has even introduced a salt room where shoppers can schedule a 20-minute ‘Breathe’ treatment session.

‘Consumers are shifting away from purchasing luxury goods in favor of splurging on wellness as a luxury,’ she says. Now is the time to evolve.

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