|People are Discovering that They Can Make Money off of Other People's Desire to be Fit|
|Topic||Product Markets ; Supply and Demand|
|Key Words||wellness, industry, competition, price, differentiated products|
|News Story||Surveys document that 25% of Americans want to feel more "in balance" with their lives. And a 35 year-old is more likely to feel this way than a 65 year-old. Can we say, new industry? Yes, we can.
It's not just about physical fitness anymore. People want a more holistic approach to wellness, from the physical to the spiritual to the emotional. And lots of firms are stepping in to help them achieve that. The largest is Canyon Ranch, one of the oldest health spas in the country. Other firms have thrown their hats into the ring: Wellmark, an insurer, has offered lower premiums to take advantage of health programs. Coca-Cola is offering a new "wellness drink." Canyon Ranch, together with the famous Cleveland Clinic, are creating Canyon Ranch Living, a planned development in Florida for those who want round-the-clock wellness efforts.
Is it all good? It seems so: most studies indicate that a more holistic approach to fitness reduces overall health costs. Wellness goes one step further, though, and marries prevention to care. By focusing on nutrition, beauty, natural medicine, behavioral therapy, and fitness, it seems that healthier workers lead to less stressful working environments, increasing productivity, reducing absenteeism and reducing mortality.
And now that there are multiple purveyors of wellness, all you have to do is decide which program is best for you…
|Source||"The Wellness Boom." The Economist. January 4, 2007.|
|Instructor Discussion Notes|| Discussion
These notes are restricted to qualified instructors only. Register for free!
Return to the Product Markets | Supply and Demand Index
©1998-2006 South-Western. All Rights Reserved webmaster | DISCLAIMER