The Luxury View Wealth-X
Taking off in 2016
As 2015 draws to a close, Wealth-X has been focusing on the New Year and spotlights some key trends that will continue to grow in importance during 2016
collaborations (pictured below) with Wes Anderson, brands can engage with consumers and showcase their brand identity in an appealing manner.
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Mix and match With the increasing sophistication of luxury consumers who are well-educated
and price savvy, we have seen the rise of “mix and match” dressing. No longer are consumers looking to be dressed head-to-toe in designer clothing, nor are they happy to pay exorbitant prices for staple wardrobe items, when high street labels such as Zara and Topshop provide the same item for a fraction of the price. A similar scenario can be found in travel, with the “fly cheap, stay chic” adage, whereby people are happy to forego business class or use low-cost carriers to spend more on the hotel. When faced with consumers who have the
means to buy anything, it becomes increasingly difficult for brands and service providers to create a point of differentiation. But the concept of providing a contrast between luxury and adventure is one that can pique attention. In the yachting sector, there is increasing desire from owners to visit destinations off the beaten path. Traditional yachting destinations such as the Mediterranean and Caribbean remain popular, but many wealthy individuals are looking to break free from the crowds. The rise in the number of Explorer yachts being
built illustrates just this. Consumers get the comfort of a superyacht alongside a sense of adventure. There are an estimated 15 new Explorer vessels expected to hit the market by the end of the year according to Superyacht Intelligence Agency. Vasco Buonpensiere of the Cantiere delle Marche
shipyard also believes the yachting market has veered away from designs based on opulence and luxury towards more utilitarian and efficient vessels, built to access more adventurous destinations such
18
TTGLUXURY.COM WINTER 2015 BUSINESS OF TRAVEL
as the Antarctic and parts of the Pacific. Similarly, many HNWIs are looking for a new type
of holiday where they can be cut-off from the outside world – and it doesn’t matter if they don’t sleep in an opulent branded hotel. One hundred miles from the nearest road, Ultima Thule Lodge (pictured above) offers pan-Alaskan flying safaris and guests have the option to spend nights camping, or in homestays with some of the most remote communities on earth; according to owner Paul Claus, there is an adventure each day. With no fixed itinerary, it offers an ideal contrast for those coming from busy lives.
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Luxury collaborations There is an increasing level of collaboration between artists and luxury
brands, who know they have to appeal to the wide interests of their customers. These collaborations are often a way to subtly showcase products and services to a group of consumers who share interests across the categories. Similar can be said for film. By working with high-profile film directors and artists, such as Prada’s continuous
Need to know
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For more information on Wealth-X, please contact: James Cross (
jcross@wealthx.com) Tel: 020 7078 1900,
wealthx.com
Sustainability and transparency As it should be, sustainability and protecting the environment remains a key concern for many luxury consumers. But in an even deeper move, we see an increasing desire to have access to a transparent supply chain. A growing
number of brands are adopting sustainable practices throughout their manufacturing and distribution processes. The support of local artisans and traditional practices will be an integral part of this; the same is also increasingly being practised by hotels. We are already seeing many younger luxury
brands adopting these principles. Luxury fashion and accessories brand Maiyet is committed to creating partnerships to promote self- sufficiency and entrepreneurship in developing economies. Jewellery brand Monique Pean ensures that environmentally responsible procedures are used to source all of its materials, and uses 18 carat recycled gold and platinum, conflict and devastation-free precious stones, diamonds and fossils gathered without any mining involved.
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