Luxury Portfolio International recently released a white paper on “The New Rules of Luxury Living,” intended to give its member firms a better grasp on what luxury means to the affluent demographic today.
Several important points are explored in detail, 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. Today, luxury is usually the result of a lifetime of hard work and strong drive and no longer something dividing the affluent from others. It is a signal to one’s self of being victorious over the challenges of life.
New research and data gathered helped Luxury Portfolio gain insight into luxury consumers’ wants and desires as it relates to their buying habits and consumption of luxury goods and real estate. Much 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 better quality of service – whether it involves a home or another luxury product.
Furthermore, the research concludes that success, and ultimately affluence, begins 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 shopper who work hard to secure their family’s quality of life.