Wellness is a huge opportunity in the luxury sector and Asia is uniquely positioned to benefit, according to one of the world’s largest consumer-oriented investment groups.
“Looking after yourself is the new luxury … and Asia has a lot to contribute on that front,” Ravi Thakran, managing partner and chairman of L Catterton, told CNBC on the sidelines of the Milken Institute Asia Summit.
Indeed, more middle-class consumers are increasingly splurging more on wellness than expensive items in a sharp spending shift, with market research firm Euromonitor anticipating health-focused purchases to eclipse traditional luxury goods in a short time.
“Asians across the spectrum, whether it’s TCM [traditional Chinese medicine], Ayurveda or ginseng, boast a deep relationship with wellness and nature,” Thakran continued. “We can teach the world a lot from Asia.”
The region’s centuries-old obsession with health has produced some of the longest life expectancies, particularly in Japan, Singapore, and South Korea, according to the United Nations’ latest World Happiness Report.