Here are the preferences of the emerging luxury consumers who have $1 million in investable assets

Akanksha JainMay 9, 2017, 14:56 IST

World over, the luxury real estate market is ever evolving and consumers are constantly looking out for luxurious residential spaces and consumer brands. With increase in pay packages and more accessibility to properties, consumers want to own something luxurious and different.

As per a report ‘Global Affluence: The Emerging Luxury Consumer’ by Sotheby’s International Realty, which surveyed high-earning individuals from five different countries, the luxury market has been redefined in recent years due to the impact of the new emerging luxury consumer.

“It is about quality, uniqueness and ultimately achieving a certain lifestyle,” said Kevin Thompson, Chief Marketing Officer, Sotheby’s International Realty Affiliates LLC.

The emerging luxury consumers are defined as those with $250k-$1million in investable assets.

Here’s how their preferences are changing in the ever-evolving luxury market

See Here are the preferences of the emerging luxury consumers who have $1 million in investable assets >>

1. Consumer Confidence:

The Emerging Luxury Consumer report surveyed this select group of people in the United States (U.S.), United Kingdom (U.K.), India, United Arab Emirates (U.A.E.) and China and found that the majority in all five countries expressed confidence in their country’s current economy, their personal economic status, and in the housing market.

2. Confidence in personal economic conditions

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.

3. Ready to buy a home

Emerging luxury consumers are equally confident in the housing market and are ready to buy a home.

4. Key Motivators:

These are driving home purchasing decisions of emerging luxury consumers

5. Luxury Lifestyle

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.

6. DID YOU KNOW?

These are the top brands for emerging luxury consumers

7. Luxury Lifestyle preferences

Emerging luxury consumers have their sights set on these property lifestyles for their luxury home purchase:

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Here are the preferences of the emerging luxury consumers who have $1 million in investable assets

1. ​Consumer Confidence:

2. ​Confidence in personal economic conditions

3. ​Ready to buy a home

4. ​Key Motivators:

5. ​Luxury Lifestyle

6. ​DID YOU KNOW?

7. ​Luxury Lifestyle preferences