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.
