According to the Luxury Daily State of Luxury Report 2019, the rising affluent class who used to wear wealth proudly, are retreating into their cocoons, living behind walls and going increasingly inconspicuous to keep private and safe from uprisings similar to Paris. Also referred to as the millennial Henry's, they place a higher value on experiences than tangible luxury goods. Although this makes it harder for luxury brands to connect with them, a growing number are developing innovative cross- industry partnerships to capture their attention and trust!
From the Porsche Signature condo building that brings a car to your living-room condo privately,
Porsche Design Condo Tower, Miami
to the Armani Casa - Luxury Condo building in Miami with exclusive interiors by Armani Casa, a division of the Giorgio Armani Group. Buyers are greeted personally by the fashion icon, Giorgio Armani;
Armani-Casa Luxury Condo Building, Miami
Arlo Skye designing a new version of the Carry-On exclusively for Audi
Audi’s new loyalty program Audi Preferred Benefits and premium luggage company Arlo Skye
to the new limited luxury watch editions created by German camera maker, Leica who recently entered the watch game by partnering with Achim Heine, a German product designer who has developed multiple cameras and other optical devices for Leica and Lehmann Präzision, a company based in the Black Forest that makes both high-precision machinery (used in the watchmaking industry) and its own line of watches under the name Lehmann Schramberg.
Leica camera maker stepping into the world of luxury watches
But are Luxury Brands going far enough in providing a truly unique human experience? Wealthy individuals are no longer impressed by what they view as mundane luxury goods and services even if cross- sector brands partner with each other.
What the Wealthy Consumers are Looking For
Research conducted by The Luxury Institute found that the wealthiest consumers crave far out solutions and experiences and are intrigued by ne