The new emerging luxury consumer has redefined the luxury market. This group’s influence on modern consumerism is highlighted by their sensibility and affinity for exclusive brands, proving that luxury transcends income levels – it is about quality, uniqueness, and ultimately achieving a certain lifestyle. Sotheby’s International Realty Affiliates LLC has presented this luxury report, “Global Affluence: The Emerging Luxury Consumer,” which examines the confidence, spending habits and purchasing interests of emerging luxury consumers from around the world.The report, which is based on a survey that focused on luxury consumers in the United States, United Kingdom, India, United Arab Emirates and China, found that this emerging luxury consumer demographic is confident when it comes to their personal economy and the economy of their respective countries.
Emerging luxury consumers are defined as those with $250K USD – $1M USD in investable assets; they are on the cusp of attaining traditional wealth status.
Emerging luxury consumers have high confidence in their personal economic situations. Most feel that the current environment allows them to get the jobs they want rather than settling for one to make ends meet.
Emerging luxury consumers are equally confident in the housing market and are ready to buy a home KEY MOTIVATORS driving home purchasing decisions of emerging luxury consumers:
The spending patterns of the emerging luxury consumer illustrates their confidence in the current and future economy. They are traveling regularly and eating at restaurants often and plan to increase the amount they travel and dine out in the next year.
Emerging luxury consumers have their sights set on these property lifestyles for their luxury home purchase:
LIFESTYLE AT A GLANCE
The emerging luxury consumer desires a home to fit their lifestyle interests from waterfront, to metropolitan, to historic. Here is how current consumers around the world are searching for these lifestyles on Sothebysrealty.com
LIFESTYLE AT A GLANCE WATERFRONT
The waterfront location with the HIGHEST YEAR OVER YEAR INCREASE in search:
LIFESTYLE AT A GLANCE METROPOLITAN
The metropolitan location with the HIGHEST YEAR-OVER-YEAR INCREASE in search:
LIFESTYLE AT A GLANCE HISTORIC
The location for historic homes with the HIGHEST YEAR – OVER-YEAR INCREASE in search is the Hudson Valley, located in New York State.
Sotheby’s International Realty
Methodology: The Sotheby’s International Realty Affiliates LLC Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 200 US emerging luxury consumers, and 100 emerging luxury consumers in the UK, China, U.A.E. and India, between November 17th and December 15th, 2016, using an email invitation and an online survey. The margin of error for this study is +/- 6.9% points in the US, and +/- 9.8% points in the UK, China, U.A.E. and India at the 95% confidence level. Data from sothebysrealty.com: Google Website Analytics, sothebysrealty.com, April – December 2015 vs. April – December 2016