The real estate market is in a constant state of flux, but that is even more so in the personal luxury market. The luxury market answers to increasing consumer demands based upon accessibility, personalization and the customization of services. If you’re wondering about luxury trends and how they impact real estate, here’s what today’s consumers are looking for next.
Convenience and connectivity that will compliment exclusivity is on the rise in the luxury real estate industry. The first way we see this is in the area of digital technologies. Digital marketing is already an important part of daily life for the modern, connected consumer. Consumers now expect the same immediate advantages of digital technology to carry over into the luxury market. With this on-demand mindset, real estate agents need to focus on being digitally relevant and immediately responsive to their clients.
Secondly, accessibility for a luxury home buyer might also mean proximity or location. Because we are now in a time where services are on-demand, these luxury consumers are starting to live closer to city centers and their places of work while seeking out specific amenities such as gyms, shopping, parking, and restaurants that are a short distance from home.
Though physical security is a main factor of importance, data security has become equally important as more business and personal interactions are enacted online. Cultivating a sense of safety and authenticity is essential for luxury agents to help build rapport with clients. Peace of mind surrounding data protection is often priceless and employing tools and technologies that ensure their information is safe from breaches is something that is sought after.
Nowadays, it isn’t as important to a modern luxury homebuyer to have affluent things such as the newest sports car, latest handbag, or biggest diamond ring. In recent years, this luxury mindset has shifted where the emerging affluent demographic is trending towards purchases that communicate their identity through who they are and what they care about. Millennials are now focused on quality of life, and how a home suits their personal needs. This means that quality square per foot becomes key as it is associated with things like luxury fixtures, executive amenities, and location.
Today’s shifting idea of what ‘personal luxury’ is defined as creates new challenges for agents who work in affluent markets. Luxury trends and how they impact real estate are now driving consumer demand, and this will only continue to change as technology does.