Those who are in the retail business, no matter what the product is, need to follow consumer trends continually. This applies to the housing market and especially when it comes to the luxury consumer. This is a consumer market which is undergoing some significant changes. The luxury consumer market is comprised of the millennials and the boomers. This has created the need for an entirely different approach for each of these groups when it comes to luxury home buying.
The Boomers
Some may think because of the age group of the boomers that their interest in luxury homes has passed. Just as the Boomers are still very high on fashion luxury living is still a priority. As long as the boomers have the lead in spending, then they should not be considered insignificant in the luxury home industry.
The Millennials
Where millennials take the lead for attention is their focus on trends. This is most evident when it comes to fashion. They often set the tone for changes in fashions for the seasons. Millennials tend to buy luxury purchases based on trends, whereas this is not the case with boomers.
The Expectations of Both
Although these two target markets have their differences, they also have their similarities. They both expect:
- A luxury buying experience
- Convenience
- Gifts
- Personalisation
- Enhanced customer service
- The latest in fashion
The Personal Preferences
Those who can qualify to be listed as luxury shoppers are going to pay attention to fashion trends. They are still going to rely heavily on resources which can help them spend their money. These are resources such as the internet and magazines.
Most considerations will be how expensive the item is, and how is it trending. Many of the rich have the mindset that if it is popular, then it becomes a must-have.
Money for those who can afford luxury living is never a problem.