Ultra-high net-worth individuals are increasingly choosing experiential luxury – impactful, immersive experiences that enable the creation of lasting memories and the hosting of meaningful celebrations. Let’s explore the inspiration and motivations behind this emerging luxury consumer trend and how it is evolving after the pandemic, considering the constraints faced in terms of mobility, events and travel.
If you refer to the latest edition of ‘The Wealth Report‘, published by Knight Frank in April 2023, the number of Ultra-High Net-Worth Individuals (UHNWI) around the world, defined as those with $30M or more, is predicted to grow by 27% in the coming years until 2025, reaching a staggering number of 663,483 individuals. Simultaneously, the number of millionaires globally is set to rise by 41% during the same time frame.
In the wake of the COVID-19 pandemic, attitudes and behaviours towards consumerism have shifted radically. Our UHNWI are now looking for a greater sense of purpose and fulfilment. While not everyone shares the same goals, i.e., sustainability, quality time in their lives or expectations, one common thread emerges: a clear preference for personalised planning of their trips and events!
They are also looking for fresh ways of expressing and sharing love, wealth, status, and generosity, fuelling the demand for unforgettable immersive experiences. As such, the pursuit of experiential luxury is swiftly redefining luxury sectors, including travel, retail, hospitality and events.
UHNWI are an exclusive clientele; they are not just regular customers but rather a complex profile to understand, very demanding and who highly value the time they spend when contacting service providers. Therefore, concierge services emerge as the preferred service among UHNWI who are accustomed to having their every desire tended to by concierges in their daily lives. Naturally they seek the same calibre of service when planning luxury events to celebrate life’s important milestones, be it a 50th anniversary party or an opulent wedding celebration.
Not only does this discerning group of consumers cherish the experience, but they also prioritise time efficiency and stress reduction and are willing to pay whatever it takes to get the job done to their exacting specifications. Creating a highly personalised event experience is key to meeting the expectations of today’s ultra-high-net-worth individuals. Every aspect, including the venue, theme and décor, as well as the food, drink and entertainment, must be meticulously tailored to meet the client’s exclusive requirements.
As I said before, personalisation is the key to meeting the expectations of today’s exclusive clientele. A job done well in personalisation has the potential to revolutionise the way in which people experience delight, transforming ordinary moments into monumental occasions or leaving a lasting positive impression. It should evoke a profound and meaningful emotional connection, leaving no doubt that the product, service, or experience was exclusively crafted with them in mind. In this way, luxury events and experiences are evolving to be more thoughtful and imaginative than ever.
Nevertheless, organising special celebrations for this highly select group is not for the faint of heart. It requires a deep understanding of the client, their story, and their motivation as well as the means to be able to flawlessly fulfil each request. Many of our private clientele are ultra-high-net-worth individuals who seek us out for our premium concierge services, having previously experienced the very best in hospitality and entertainment. Consequently, their expectations are very high, and rightfully so.
Moreover, as we have seen, ultra-high-net-worth individuals place a huge value on their time and are looking for companies they can rely on to oversee the entire process from start to finish – much like their very own personal concierges.
Our exclusive clientele is accustomed to the most exquisite experiences that money can buy. Given their busy schedules, they’re looking to reclaim their time by entrusting personal concierges to take care of everything, ranging from highly personalised exclusive luxury experiences to managing their day-to-day affairs. As such, concierge services are gaining heightened significance for this sophisticated group of consumers who value time and convenience as much as they do luxury experiences. Are you ready to come aboard and challenge yourself by curating these remarkable events with us?
