By Larry and Adam Mogelonsky
Behind stagflation, crypto collapses and Ukraine, this news story may not have reached your ears, but it represents one of the most lucrative opportunities to expand your business. Without getting into the science of it, let’s just say that there is a multitude of humble and supremely intelligent doctors around the globe who are working on various life-extension procedures, many of which can find a suitable place in your hotel to offer guests a profound reason to visit as well as a veritable profit center.
This has already started with the traditional spa evolving into a wellness center. As these advanced treatments reach scale, though, we’re talking about a trillion-dollar industry in the making. Still, you may be hesitant as you have bigger fish to fry right now, like labor shortages. Here are three trends to change your mind as to why you should start to build wellness and longevity programs at your hotel.
1. The wealthy are wealthier. All the lockdown stimulus in 2020 and 2021 has led to severe inflation, compelling investors to move deposits into assets and making asset owners disproportionally richer. Those of means now have more cash to spend on luxury goods, including expensive healthcare treatments. With time as the limiting factor, this is what people will want more of, and longevity clinics are what will give them this. The rich only have two wrists, so there are only so many expensive watches they’ll buy. But doling out a hundred grand for a weeklong wellness retreat with lifespan-enhancing protocols may be in high demand.
2. A glut of COVID-19 retirements. In light of risking getting the disease by returning to the office, a large cohort of high-salaried executives, already laden with a stockpile of cash from years in cushy jobs, have consequently accelerated their retirement timetables. This oversupply of wealthy, older individuals with nothing but time on their hands are yearning to travel and spend on experiences. Combined with the heightened awareness for longevity, these boomers will seek treatments – and travel destinations that loop in said treatments – that will extend their health years so they have more time to enjoy the innumerous beauties of this world.
3. Lockdown-born wellbeing awareness. As we’re seeing with the ‘great resignation’, the 20th-century idea of work-life balance is open for debate. This is largely due to all the sheltering in place and forced reflections on one’s life purpose. People learned to cook and eat healthier or started working out from home. Others preoccupied their minds with books and new skills. Taken together, there’s been a widespread awakening where we now reconsider what’s truly of value and how to achieve a work-life balance where ‘life’ is the heavier weight on that scale. With more awareness for healthy living, travelers will increasingly demand hotels that offer wellbeing programs attuned to this 21st-century antiaging lifestyle.
Rest assured, this is not a quick fix. Wellness will continue to evolve, but our hope is that from those three macro-trends above, you can see the value in adding, or deepening, a wellness component to your operations. A first step that any brand can take is to assign an officer or a committee to develop plans for a continuous rollout of new cross-departmental programs and cross-selling opportunities that will progressively enrich the guest experience towards this long-term goal. There isn’t a one-size-fits-all approach to wellness and longevity, but hopefully, the word ‘trillions’ sparked your curiosity.
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Editor’s note: To discuss business challenges or speaking engagements please contact Larry or Adam directly.