Saturday 28 May 2022

Home is where the heart is for luxury consumers

DUBAI, May 3, 2017

The 'emerging luxury consumers' are confident when it comes to their personal economy and the economy of their respective countries, according to a survey conducted by Sotheby's International Realty Affiliates.

The "Global Affluence: The Emerging Luxury Consumer" report says 85 per cent of emerging luxury consumers are confident in the housing market in their respective countries and are ready to purchase a home within the next three years.

Emerging luxury consumers are defined as those with $250,000 - $1 million in investable assets.

The report, which is based on a survey that focused on luxury consumers in the US, UK, India, UAE and China, found that 93 per cent of emerging luxury consumers are looking to purchase homes with luxury components and most are interested in waterfront, metropolitan and historic homes.

"The luxury residential real estate market is ever evolving," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates.  "As a global leader in this arena, the Sotheby's International Realty brand commissioned this research survey to unveil emerging trends with luxury residential real estate consumers around the world.  We are always looking to the future and our focus is to keep a pulse on the state of the real estate market and the homebuyers of tomorrow."

"The luxury market has been redefined in recent years due in large part to the impact of the new emerging luxury consumer," said Kevin Thompson, chief marketing officer of Sotheby's International Realty Affiliates.  "These individuals have a luxury sensibility and an affinity for exclusive brands, proving that luxury transcends income levels – it is about quality, uniqueness, and ultimately achieving a certain lifestyle.  The Sotheby's International Realty brand has its eye on the future and is perfectly positioned to unite these extraordinary lives with extraordinary lifestyles."

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, the report said.

The survey was conducted by Wakefield Research. - TradeArabia News Service

Tags: luxury | Sothebys | emerging |

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