A report called “Beverly Hills The Future of Luxury” looked at ultra high net worth individuals around the world, and found that the future of the way people are consuming luxury goods is changing. The report examined the current landscape of the global luxury sector, with an in-depth analysis of the high-net-worth market, and forecasted the newest luxury trends. It studied who is consuming luxury goods and services today.
Millennials are now influencing future trends due to their love of smartphones and social media. They like luxury but care about having a social conscious and are not going to flaunt it as much as past generations.
The report was issued by the Beverly Hills Conference & Visitor’s Bureau and examined the spending habits of ultra-high net worth Generation Xer’s, Baby Boomers and Millennials around the world.
Julie Wagner, Chief Executive Officer of the Beverly Hills Conference & Visitors Bureau says, the report means millennial's are not showing off their LV's (Louis Vuitton) lettering or Gucci belt buckles"
High net worth individuals living in London, the number one market, Tokyo, Singapore, New York City, Hong Kong, Frankfurt, Paris, Osaka, Beijing and Zurich, with London. Los Angeles and Beverly Hills are number 20 on that list.
The report found many new rising trends:
Millennials in 60 countries are the ones who will be shaping luxury into the future and are willing to pay more for goods and services produced by positive social and environmental impact companies. They do not want instant gratification of throwaway goods.
According to the report some of the trends will include:
Social Fashion - where the next generation of UHNWIs use social media to evaluate what’s “new and next" in luxury.
Rise of E-Commerce - online shopping is projected to triple to $75 billion by 2025 with online taking an 18% share of total luxury sales.
NoGo/The Fashion of Anti-Fashion - rebellion against logos on luxury goods where the next generation does not feel the need to show off its wealth.
The Rise of Localtarian - new diet lifestyle for food conscious that only eat local.
Wired Wellness and Sati-faction - as mindfulness becomes more popular as a wellbeing trend, the report predicts an emergence of luxury consumers looking for Sati-faction, which helps you switch-off where luxury returns to a purer, more subtle era.
MARTYR/Millennial ART Yielding Revenue - new generation of younger art collectors investing their wealth in art, then often showcasing publicly to make art social by bringing it to the people.
Prime-Grade Sourcing – designers, chefs and food entrepreneurs are rediscovering old techniques to give an extra layer of narrative to luxury goods. Rediscovery of old techniques and materials feed into the customer’s desire for exclusivity
MensWear Revenge - with women’s fashion usually the driver of innovation, menswear retail stores will be offering more than ever before in goods and unique services.
Old-School Hideaways and Bespoke Buzz - the elite will continue to be on the lookout for heritage, bespoke creations, limited edition luxury, curated crafts and exclusive hideaways.
Luxury Hotels Develop Smart Services and a New Remodeling Focus - Hotels are remodeling for the super rich. As luxury hotels become more accessible, consumers are looking towards more traditional hotels to upgrade with multi-million dollar penthouses, special suites and memorable rooftop pools, as the elite are constantly on the lookout for luxury hideouts and places allowing for extraordinary and unique experiences.