Luxury Trends and how they influence Real Estate
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| Luxury Trends |
The personal luxury market is in a constant state of flux. From
art to watches to wine, the luxury market responds to increasing consumer
demands for accessibility, personalization and secure service.
Accessibility
In the past, luxury
was often associated with objects — the must-have handbag, the sports car. But
in recent years, this focus has shifted: the emerging affluent demographic
looks to luxury purchases to communicate their identity — who they are, what
they care about, how their choices indicate taste and creativity and ethics—
that elusive blend of convenience and connectivity that doesn’t undermine
exclusivity — is surfacing in the luxury real estate industry in two
significant ways.
The first is in the
realm of digital technologies, which are already an intrinsic component of
daily life for the busy, connected consumer. Affluent customers expect the
advantages of digital to carry over into the luxury market. McKinsey &
Company predicts that by 2025, nearly one-fifth of personal luxury sales will happen
online.
Eileen Kedersha, Broker Associate One Sotheby’s International
Realty – Kedersha Group 954-561-4100 EKedersha@OneSothebysRealty.com
Security
Physical security has always been a luxury of sorts, but as more
business and personal interactions are enacted online, total data security is more important than ever. Data safety is of particular
concern for affluent consumers, who are risk-averse and vigilant about how and
where their money is invested.
Fostering a sense of
safety and authenticity is imperative for luxury agents, who already know the
importance of building rapport and connection with clients. By also supplying
expertise and discretion, agents can help clients feel secure in their
decisions. To offer peace of mind about data protection, employ tools and
practices to ensure processes are safe from breaches: vet vendors, protect devices
and enforce strong password policies.
This spotlight on
personalization has bled over into how the modern affluent buyer chooses a
home. Many affluent millennials are now focused on quality per square foot, and
how a home suits their lifestyle. This means that the finer details of a home
become paramount — better-quality fixtures, peak amenities, and location can
sometimes trump square footage.
Eileen Kedersha Associate
Broker 954-462-3600
William Kedersha Estate Realtor 954-817-2900
William Kedersha Estate Realtor 954-817-2900
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