Lifestyle management

The notion of lifestyle management has broadened and grown significantly within the last decade due to increased demand for personal concierge services.^[1] Once associated solely with the aspect of health,^[2] the term now constitutes a variety of definitions. The growing focus on, and promotion of, leisure and fitness in conjunction with an increase in average personal income has given way to terms such as "smart living" and "city lifestyle living". Lifestyle management is most frequently employed by persons who lead distinct and demanding lifestyles such as high-net-worth (HNW) or UHNW individuals as well as young professionals. With heightened exclusivity, the idea of "luxury living" has become a fundamental element in the lifestyle management business model.^{[citation needed]}

Companies

A lifestyle management company directly embraces the concept of lifestyle. Lifestyle management companies provide personal assistant and concierge services so as to cater to all areas of an individual's life ranging from family to professional matters.^[3][4] The majority of lifestyle management businesses offer standard services, though some have expanded so as to offer clients a “tailor-made service” accounting for their individual needs and objectives. Catering for a “city lifestyle” for example employs a range of concepts and proposals in different areas including the urban environment, architecture, culture, design, fashion, media, gastronomy, leisure and entertainment, and education, which together create and provide unique and distinctive experiences. Lifestyle management companies are steadily increasing in various parts of the world;^[5][6] many offer service at a corporate level.

Sociology

As we move towards a more service-orientated world, it is more important than ever to understand what the consumer needs and values. People are beginning to value services more than products. In correlation with this rise in the popularity of services, there has been an increase in the amount of social research taking place. Varying sociological factors such as demographics, preferences and environments all need to be analysed when trying to understand the consumer. Lifestyle management now plays an important role with regards to sociology, as analysing lifestyle is an important sociological factor. The growing focus on lifestyle has enabled lifestyle management companies to manage certain aspects of an individual's or family’s lifestyles with the objective of making their lives easier. In order to do this, lifestyle management companies need to understand their customers' values, needs and preferences to offer them a tailored service.

References