Latest News

Back to Latest News back

 

Fashion connects with wellness, experiences and ‘athleisure’

December 12, 2016

‘Feeling good is the new looking good’ is the key message to emerge from The State of Fashion 2017 - a new report on the global fashion industry by BoF (Business of Fashion) and McKinsey & Company - which shows the transformation economy as a rapidly-growing segment, as consumers shift away from purchasing products and move towards spending their money on mind and body-enhancing experiences.

Discussed at VOICES, BoF’s annual symposium in the United Kingdom, wellness entrepreneurs including Jason Wachob, Amanda Chantal Bacon, Dr. Nigma Talib and Neil Grimmer considered beauty-enhancing supplements to the rapid growth of ‘athleisure’ (the fashion that sees clothing designed for workouts and other athletic activities is worn in other settings, such as during work, casual or social occasions – as typified by active wear), concluding that there has never been a better time for fashion companies to tap into the activity and wellness industry.

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.

Wachob told BoF “the market is monstrous and there is a shift in consumer habits

“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.”

It was a view shared by fellow panellist Dr Nigma Talib, a naturopathic doctor to a number of celebrity clients.

Dr Talib explained “what I find is that the new fashion is now health and wellness.

“People want experiences, they want to feel transformed - not to continue to collect more clutter or more things.”

Fflur Roberts, luxury goods analyst at Euromonitor believes the shift can be attributed to younger consumers, who see more value in transformational experiences than material goods.

Roberts stated “people care more about what they do, eat and wear, but it's also become a fashion trend as well. Now, it’s a very normal thing to go to the gym and look after yourself.

“Looking at the luxury aspects of it, it's very much a status thing as well, people want to show that they care about their bodies and self-preservation.”

Commercial opportunity is what is driving the fashion industry’s investment in activity and wellness.

The investment arm of LVMH, L Catterton Europe, has signed a deal to acquire a majority stake in Italian bicycle maker Pinarello. The private equity company is also reported to be in talks with British cycling apparel maker Rapha about a potential acquisition.

The Pinarello acquisition is just one example of how the luxury sector’s demand for activity and wellness is growing.

According to data from Euromonitor, last year, the overall global market for wellness reached US$701 billion in value and it is expected to grow by 17% over the next five years to $833 billion by 2021.

This significantly outpaces the sluggish growth in the personal luxury goods market, which grew by just 1% in 2015 on the previous year in real growth terms, according to a report by Bain & Company.

Joseph Pine, the author of The Experience Economy, which explores the next phase of consumerism after the service economy, suggests luxury companies should take note.

Pine explains “if you’re in the luxury business, not only is it not growing as fast as it used to, but the slices of the pie are shifting towards experiences and away from goods.

“It’s a part of a whole set of stuff where research shows that purchasing experiences makes us happier than purchasing goods. Experiences that actually make us fitter and help us achieve our aspirations for health and wellness is where things are shifting.”.

Roberts concludes “the more global wealth grows, the more people will look for experiences.

“People’s mindsets might be changing a bit. They might want experiences, so I imagine lots of brands will be looking into this area and we'll see more of this in the future.”

Click here to visit the Business of Fashion website

29th July 2016 - LUXPERIENCE INCREASES FLOOR SPACE DUE TO DEMAND

29th June 2016 - NEW RESEARCH SHOWS WOMEN WANT FASHION AND FUNCTION IN ACTIVE WEAR

7th April 2016 - COMEDY GROUP PARODIES THE ACTIVE WEAR TREND

28th Apirl 2015 - AMADEUS STUDY REVEALS THE FUTURE TRAVELLER

7th August 2014 - POLYNESIAN SPA LUXURY EXPERIENCE WIDENS WITH NEW MINERAL POOL

7th September 2011 - PALAZZO VERSACE CHOOSES TECHNOGYM FOR THE ULTIMATE WELLBEING LIFESTYLE

19th November 2010 - FORGET LEISURE: FOCUS ON THE EXPERIENCE INDUSTRY

12th June 2008 - SKILLS SHORTAGES HIT SPORT AND RECREATION

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

 

WOW Wipes

With poor hygiene identified as a deterrent to member satisfaction in aquatic, fitness, recreation and sport facilities, Wow Wipes anti-bacterial/disinfectant wipes offer a simple, low-cost way for…

read more

Aquatics / Fitness / Recreation / Safety / Sport

 
 

OHS&HR Management Systems Pty Ltd

OHS Act 2004 - 21 (2) e “Duties of employers to employees … (e)provide such information, instruction, training or supervision to employees of the employer as is necessary to enable those…

read more

Consultants / Legal / Safety / Venues

 
 

GUNNEBO

Gunnebo is a global provider of security and access control solutions and services with sales companies in 31 countries in Europe, the Middle East, Africa, Asia, the Americas and Australia.…

read more

Access / Attractions / Entertainment / Ticketing / Venues

 
 

TJS Services

TJS Services is a leading national facility services provider. We deliver quality cleaning, maintenance, construction and facility management services to over 1,500 sites Australia wide.  Our…

read more

Hospitality / Retail / Venues

 
 

MYRTHA POOLS

Founded in 1961, Myrtha Pools® quickly became Italy’s première swimming pool company, and has since grown into one of the world's leading swimming pool construction…

read more

Aquatics / Design / Play / Waterparks / Wellness

 
 

Ecoline

Ecoline is a highly experienced and skilled company that offers world-first technology in safety, protects the environment and provides a unique and challenging custom-made adventure and educational…

read more

Attractions / Environment / Safety / Tourism

 
 

Queenax Australasia

Queenax is a leader in functional innovation with its Italian designed and manufactured Queenax functional frames and exercise equipment bring a wealth of different training options to any fitness…

read more

Fitness / Technology / Wellness

 
 

SLE WORLDWIDE AUSTRALIA PTY LTD

SLE Worldwide Australia is a Managing General Underwriter specialising in insuring risks in the world of Sports, Leisure and Entertainment. Be it relaxing, playing, organising or watching sports,…

read more

Insurance / Venues

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business