The Emerging Luxury Consumer

The definition of luxury constantly changes. With younger generation’s increased involvement in the world of luxury consumption, organic changes occur in the luxury scene. The more vigorously new players enter the scene, the greater is their influence upon it – influence that reflects a specific character and agenda of their generation. According to the report produced by Sotheby’s International Realty group on the Global Affluence, emerging luxury consumers are those individuals whose wealth in investable assets measures at the bracket of $250K USD - $1M USD. It is clear that emerging consumer does not necessarily mean a young consumer - representatives of all generations can be included in the list. Yet, millennials are often seen as the most influential group that are currently affect the global luxury scene. This is largely explained by the increased level of wealth among a large number of the group’s representatives. According to Unity Marketing, millennials are expected to become the largest generational segment within luxury consumer market by 2020. It is therefore clear that millennials do play a strong role in the luxury field and it is their attitude to the field that is likely to be reshaping luxury more prominently than any other generation.   There are certain trends, however, that seems to find a common ground among emerging luxury consumers of all generation. According to Sotheby’s Global Affluence report, emerging luxury consumers around the world express a shared interest in certain luxury lifestyle changes. Astonishingly high number of 87% of emerging luxury consumers plan to make more international trip for leisure, on top of their average 5.56 international trips for leisure in 2016.  This statistic is supported by an increased emphasis that millennials place upon the notion of experience. According to the statement by the Luxury Institute, millennials spend a large percent of their disposable income on travel and entertainment that gives that a sense of experience they crave so much. International travel for leisure largely satisfies desire for new experience and entertainment. To travel internationally for leisure means seeing a new country, understating new cultures, sensing new smells, tastes, and feelings – it means experiencing the unknown. To make a luxury international travel for leisure means exactly the same, but experiencing more and better. The global network of Sotheby’s International Realty offers an opportunity to explore the world and collect new experience in luxury and style. With a network of 22,500 associates, spreading across 990 offices and 72 countries, one looking for a unique leisure trip to an exciting destination can rest assured that Sotheby’s International Realty can provide with the most luxurious, prestigious, and unique property on the market. Our global network offers outstanding properties of all types, from exquisite contemporary penthouses of Dubai to historic villas of Sicily. At SIR, those in search for a new luxury will find the rarest gem on the property market for their visit or purchasing a new home at the place where they grow to feel at home. Millennials and those looking for unique luxury experience can trust Sotheby’s International Realty to offer an outstanding luxury experience – from offering the highest level of quality and confidentiality to understanding individual wishes and make them come true.   To learn more about emerging luxury consumers and market trends, contact us: https://www.maltasothebysrealty.com/contact-us/