Wellness Happens in Person
jackie luo@jackie
+4.0%
since Sep 29
The idea
I think people are shifting spending from owning things to experiences that make them feel better, and wellness (edging into spirituality) is the fastest-growing slice of that. Since the purest plays are mostly private, I built the closest public version: gyms turning into longevity clubs, hotel and retreat brands, the landlords and equipment makers who collect from everyone, plus recovery clinics and spas. It's spread across five layers rather than one bet, weighted toward steadier operators, with some cash on the side to add if consumer spending gets shaky.
What it owns
- Destination retreats offer immersive wellness experiences that combine accommodation, activities, and services in settings designed to support physical and mental health. · Hyatt HotelsIt owns Miraval, a retreat brand focused on wellness and spirituality, capturing spending on destination wellness experiences., InterContinental Hotels GroupIt owns Six Senses, a retreat brand built around spas and longevity programs, capturing high-end wellness travel spending., Marriott InternationalIt operates hotels and resorts with spa and wellness programming across multiple brands, collecting spending on leisure travel focused on feeling better., Viking HoldingsIt builds cruise ships around spas, thermal suites, and quiet spaces, positioning wellness as a core travel experience people pay premiums for.23%
- Major gym chains are adding recovery, spa, and longevity services on top of fitness, betting that people will pay more to feel better in person. · Life Time Group HoldingsIt operates wellness clubs offering recovery and spa services alongside fitness, collecting higher revenue per member as people seek places to feel better., Planet FitnessIt operates affordable gym memberships, showing that people consistently choose to show up in person for fitness rather than staying home., Xponential FitnessIt franchises boutique studio brands like Club Pilates and yoga studios, collecting from people who pay for in-person classes over home workouts.22%
- Property owners and equipment makers collect revenue from the wellness shift regardless of which operator succeeds. · EPR PropertiesIt owns and rents properties to fitness and wellness venues, earning from the shift to in-person experiences without backing any single operator., VICI PropertiesIt financed Canyon Ranch, a leading wellness resort brand, and owns properties leased to experience venues, gaining from the retreat and recovery shift., InModeIt sells machines to med-spas and clinics for body and skin treatments, earning from the buildout of in-person wellness facilities.18%
- In-person chiropractic, physical therapy, and mental health care require showing up somewhere and are often partially covered by insurance. · U.S. Physical TherapyIt operates physical therapy clinics where hands-on recovery care must happen in person, growing through expanding visit volumes and new locations., The Joint CorpIt operates walk-in chiropractic clinics on membership, turning bodywork into a routine in-person habit people visit regularly., LifeStance Health GroupIt delivers therapy and psychiatry through a national office network, capturing spending on in-person and hybrid mental health visits.17%
- Spa visits and routine self-care are everyday repeat purchases where people pay to feel better in person. · OneSpaWorld HoldingsIt runs spas on cruise ships and at resorts, directly collecting spending on massages, facials, and body care from travelers.10%
- Cash10%