Luxury Portfolio International® recently released a white paper on “The New Rules of Luxury Living,” developed to give its member firms a deeper understanding of the journey of luxury and what it means to the affluent demographic today.
The study was sponsored by Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World® – the largest global network of premier locally branded companies dominated by powerful independent luxury brokerages. Luxury Portfolio has partnered with YouGov to author its latest insights on the luxury consumer.
Several key takeaways are explored in detail in the white paper, available exclusively through LuxuryPortfolio.com centered around the understanding that the desire to possess luxurious things remains important to the affluent, even in the post-recession economy.
The paper looks to the past to understand how historically the leader-class of the past would describe luxury as a birthright, the possession of which was proof of their rank. Today, luxury consumers describe their access to luxury in a very different way. In fact, luxury today is most commonly a result of a lifetime of hard work and strong desire and no longer something that simply divides the affluent from others. Rather, it is a signal to one’s self of being victorious over the challenges of life.
“The research and data gathered in our white paper helps gain insight into luxury consumer’s wants and desires, as it relates to their buying habits and consumption of luxury goods and real estate,” says Stephanie Pfeffer Anton, Luxury Portfolio executive vice president. “A great deal of information is readily available to consumers, and a good sales person should be equipped with the knowledge and a deeper understanding of the consumer to offer a higher level of service throughout the sale, whether it involves a home or another luxury product.”
Further, the research concludes that success and, ultimately, affluence begin with being educated, embracing hard work, seizing opportunity and pursuing passions first and financial gain second. As a result of the Great Recession today’s affluent have learned to be financially responsible, resourceful shoppers who work to secure their families’ happiness and quality of life. For affluent families worldwide the number one goal in life has become fulfillment—at work, at home and in their personal development.
In addition to this and other research on the high-end segment, Luxury Portfolio markets over 50,000 luxury homes to over three million high-net-worth visitors annually on its award-winning websiteLuxuryPortfolio.com and through its magazine, which is distributed twice a year with a total circulation of over 100,000 high-net-worth consumers per issue.
A summary of the white paper is available on LuxuryPortfolio.com/WhitePaper.