Health and vitality are all the more in focus among today’s well-heeled consumers—not only indicative of living well, but of living life to the fullest.
This increasingly transformative trend, which continues to bustle across a myriad of global industries—from hospitality and retail to real estate—is the crux of a just-released study, “The Great Wellness Surge: Bringing the Best Life Home,” by Luxury Portfolio International® (LPI), in collaboration with YouGov Affluent Perspective. The universally revered brand, which comprises more than 200 leading high-end real estate brokerages, is the luxury marketing division of Leading Real Estate Companies of the World®.
The report also reveals that the growing field of personal wellness will undoubtedly be impacted by the compelling increase in international wealth, which has reached record highs. Since 2010, the number of individuals reporting a net worth of more than $1 million USD is now approaching 47 million (24.5 million individuals in 2010 versus 46.8 million individuals in 2019, a 91 percent increase). The report notes that the total value of personal wealth globally is now surpassing $360 trillion USD.
Just as financial assets have increased among the global elite, so, too, has the interest in more wellness-oriented services, amenities and features aimed at helping both body and mind operate at peak levels for the long haul. As the study notes, wellness is estimated to be a $4.2 trillion USD industry for the next generation of high-end homebuyers—forecast to grow at nearly twice the rate of the global economy.
“Each year, our researchers drill down to the most significant trends driving the purchasing patterns of high-net worth consumers,” says Stephanie Anton, president of Luxury Portfolio International. “The results from this latest study are extremely compelling, showing a seismic shift in how consumers view their properties: not just home-sites adorned with designer finishes and furnishings, but havens that cater to mental and physical wellbeing. The subsequent ripple effect as it relates to holistic amenities and technology is far-reaching.”
The report breaks down five key wellness-oriented trends that are predicted to impact the purchasing decisions of homebuyers in the time ahead, including the rising demand of residential wellness amenities, the pursuit of wellness through travel, and day-to-day stress management. How these factors influence affluent consumers will be pivotal in their home-buying decisions. Additional highlights from the whitepaper include:
- More than 90 percent of luxury homeowners say their overall personal wellness is of utmost importance and are therefore committing free time to wellness activities, transformational experiences, social bonding and leisurely travel. This is particularly true with the rapidly growing number of millennial luxury homeowners. Of the 19 percent of individuals surveyed—noting that they had taken a wellness-themed vacation in the past year—32 percent were millennials, compared with 14 percent of Gen X and 10 percent of baby boomers.
- A change in work styles—from in-office to remote—has prompted an increased need for self-care at home.
- “Wellness Real Estate”—such as the build-out of in-home meditation spaces, home spas and gyms, kitchen elements and appliances for managing dietary preferences, etc. —is growing faster than other aspects of wellness investment (for example workplace wellness, spa facilities, etc.). The trend extends to commercial and institutional developments, such as multi-family housing, urban districts and mixed-use projects. Wellness elements are being incorporated into the designs of these developments, from materials and amenities to services and activities.
- Luxury homeowners are increasingly opting for multiple, smaller residences instead of one large estate and, because convenience is key, their preference is for “lock and leave” properties versus homes requiring substantial upkeep.
- Personal time at home is a priority; therefore, consumers are focused on residential offerings that help them unwind and disconnect, such as spa-like baths and amenity-rich indoor-outdoor living areas.
“The experiential component of the wellness phenomenon cannot be overstated,” concludes Anton. “With the growing number of millennials at the tip of the arrow of this evolution—those who have a more experiential perspective as it relates to their lives, and homes—the wellness trend will continue to evolve, forever impacting the prime property market.”
Download the complete report at luxuryportfolio.com/whitepaper.
