Sustainability and environmental awareness have been edging closer to the top of wealthy consumers’ priority lists in recent years. Based on data from Altiant – an organisation that provides insight from experts, marketers and agencies working in luxury and wealth management industries – this new preference to choose green has extended to all corners of luxury consumerism.
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As political instability is increasing in Hong Kong because of China’s recent crackdowns, many affluent consumers in the region are looking for a more stable environment to live, leaving countries and real estate sellers trying to lure these desirable residents.
Read moreILTM GLOBAL HEATMAP: GREEN GOES MAINSTREAM
The factor currently at the heart of every decision, of course, is COVID-19. This unprecedented crisis led to equally unprecedented responses including some key demographic shifts, one of which being the acceleration and adoption of green travel.
Based on our data, this new desire to ‘go green’ has extended to all corners of luxury consumerism, from fashion and luxury goods to travel, suggesting that many people will now take these factors into consideration when purchasing, either amplifying their burgeoning desires or creating ones that didn’t previously exist…
Read moreTHE FASHION NETWORK: Rich consumers globally question reliance on luxury
Affluent consumers in some markets are beginning to question their consumption of luxury goods in the wake of the coronavirus crisis and this could have huge implications for the luxury fashion and beauty sectors.
Read moreCONNECTIONS: California well placed to recover in the post-Coronavirus landscape
"California will remain a prime luxury destination when the market rebounds." Following on from Connections’ networking event in March 2020, Chris Wisson of Altiant explains why the Golden State will remain a key luxury travel destination after Covid-19.
Read moreLUXURY DAILY: Affluents in China, US, UK and France Shift to Sustainability in Intention to Purchase: Study
More than one-third of the wealthy consumers have questioned their level of luxury consumption as a result of the COVID-19 pandemic, suggesting that this highly attractive demographic is doing some soul-searching about how to live their lives after the health crisis.
Read moreLUXURY DAILY: Rental, subscription, resale offer opportunities for luxury brands
NEW YORK – Luxury brands have an opportunity to own more of the circular economy either through partnerships or directly operated services, as consumers open up to secondhand goods and alternative ownership.
Read moreLUXURY SOCIETY: Louis Vuitton and Gucci Are The Most Searched Luxury Brands
Generations Y and Z will account for 130 percent of luxury market growth through 2025, but brands need to stay cognisant that these consumers have evolving views of ownership.
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