The recent pandemic has disrupted lives and redefined the way one will exist in the coming future. Among COVID-19’s far-reaching effects is the way we now view health and consequently, the impact on the health industry.
Earlier, health check-ups, tests and supplements were largely for those who had health issues. Today, no one is immune to the risk of contracting COVID-19. With a potentially life-threatening disease knocking on every door, there is a heightened focus on health. A recent and remarkable trend in these circumstances is consumers’ willingness to spend more money to acquire luxury products in health.
Owing to the change in consumers’ habits, brands and retailers in the health industry are pivoting to meet these new demands for comfort in health. For instance, air travellers now have the convenient option of getting a COVID test at the airport while waiting for their flight. Key Spa brands like XpresSpa have restructured their offerings to include COVID tests, calling it the “XpresTest”.
Hand sanitizers are no longer just pharmaceutical products. Big luxury brands like L’Oreal, Estee Lauder and LVMH are making hand sanitizer gels. Sales and prices of hand sanitizers have shot through the roof in these last few months. With people willing to pay an arm and a leg to acquire a bottle of sanitizer, brands don’t need to worry about unused inventory. As an example, personal care brand, By Humankind launched moisturizing hand sanitizers earlier this year that sold out in 24hrs.
With the Centers for Disease Control and Prevention recommending cloth face masks, this piece of fabric has now become a staple in every wardrobe. Consumers are no longer content with a clinical-looking mask. Social media is replete with images of designer and DIY masks. Fashion brands like Gap, H&M and Disney are distributing their own masks, while consumers are also vying for Kim Kardashian’s special line of face masks.
Along with designer hand sanitizers and fashionable face masks, a new product to hit the market is a luxury quarantine package. As COVID-19 continues to pose a health risk, many countries are enforcing strict local quarantine rules for people who may have been exposed to the virus. Here too, comfort is available for those with disposable cash. Resorts and high-end hotels in Thailand, Switzerland and Australia are advertising lavish isolated retreats as an alternative to state-funded isolation.
These trends in the world of health may phase out as the pandemic scare retreats. It is also entirely possible that these new luxury health offerings people are willing to pay for becoming a regular part of our new normal.