Luxury is still in high demand but in recent times, there is a shift in the way luxury is experienced and enjoyed. Success is about so much more than luxury purchases. While expensive cars and houses are a symbol of wealth, these days the affluent are shifting their attention from extravagant possessions to elite and unique experiences. Why? Because spending money on an experience involves the same excitement and anticipation as buying a luxury product but the memories made during a luxury experience last a lifetime while a car, a suit or a designer watch has a shelf life.
Experiential luxury is a key trend for 2020 with consumers opting for luxury experiences over luxury goods. This doesn’t mean there isn’t a demand for luxury clothing and accessories. It means that the wealthy are putting more value on making memories and making a connection in a luxury setting than investing in status symbols. Luxury is evolving and it is now about the finest dining experiences, out of this world entertainment and the most exhilarating sports and fashion events.
This shift in consumer attitudes means that there is a focus on luxury travel. Unique once in a lifetime trips to far-flung places are in high demand. Diamond encrusted Rolex watches are being replaced with skiing expeditions in Antarctica and Maserati sports cars are being snubbed for travelling around the world in style with a high-end companion. However, not any old travel experience will do. The wealthiest of people now want to enjoy travel experiences that are only available to the limited few. They want to enjoy elite trips that are tailored to them.
Wellbeing and Mindful Luxury
There is also an increase in popularity for wealthy consumers to spend their hard-earned money on luxury experiences that focus on wellbeing and mindful luxury. For many, the thrill of getting to experience something that few others have is a lot more attractive than walking into a car showroom and leaving with a new set of wheels. The fact is that these high-level consumers work hard to attain their wealth and their free time is limited. It’s no surprise that the wealthy are prioritising luxury ways to relax and recharge.