This is an interesting report on the Consumer Relationship to Luxury and Status – What does Luxury mean to you?….To find out more about our Global Luxury Real Estate, call us at 214.769.2142.
On September 26, 2017 Luxury Portfolio International® unveiled their 2017 Global Luxury Real Estate Report at the annual LeadingRE Global Symposium in Vienna, Austria. The report highlights the important differences among luxury consumers including attitudes toward luxury living and the thoughts and motivations of the luxury consumer, in four prevalent global regions: North America, Europe, MENA (Middle East/North Africa) and Asia-Pacific.
The motivations of the luxury consumer are effected by global factors that surpass the traditional ideals of the real estate industry. Luxury consumers are no longer solely concerned with the look and feel of a home, but also how it functions. Values and lifestyle are significant factors in how HNWI (High-Net-Worth Individuals) make purchasing decisions. Recently, there has been an increase in interest for housing amenities that focus on elder care. These trend is prevalent on a global basis and effects was recently promoted as one of the top trends at the 2017 Homebuilders show in Bangkok, Thailand.
Luxury consumers in all four regions have one common value related to status — achievement through hard work. This effort is engrained early in life, starting with the pursuit of a career path through higher education. In the Middle East, status supports their own internal validation, while in the Asia-Pacific region, status is a symbol of their good fortune.
The report indicates that the idea that status equates to luxury is strongest in the Middle East and Asia-Pacific regions. In the Middle East, 81% of consumers stated that owning luxury symbolizes status, while 36% expressed the same belief in Europe. The different views on luxury in these two regions is mostly caused by the modest responses from the U.K.
In the last few years, the issue of privacy has become increasingly important to HNWI. Worldwide, 82% of buyers expressed that their privacy has never been more important. Luxury buyers are beginning to seek out security features that allow them to monitor their homes remotely. HNW buyers are also extremely aware of the risk posed by identity theft and their home technology desires match that concern. Luxury consumers value centralized networks to securely control smart-home and internet connections.
See more coverage of the 2017 Global Luxury Real Estate Report by The Real Deal, Robb Report and Inman . For the latest information on the values and motivations of the global luxury consumer, download the complete report here.
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Article from Luxury Portfolio International, a comprehensive marketing program exclusively for companies that are part of Leading Real Estate Companies of the World®. The network is the best locally-branded brokerages and associates in the world, with 550 companies, 4,000 offices and 130,000 associates in over 60 countries, who collectively produce over $351 billion in annual home sales. Membership is with the company rather than with individual associates. Within LeadingRE firms which are dominant in the luxury market may be invited to join Luxury Portfolio.