Bentley, Louis XIII, LVMH and British hospitality gems such as Cliveden House and The Lygon Arms are just a handful of the luxury organisations who have stepped up to the plate when it comes to helping deal with the repercussions of the Covid-19 crises.
Now, it would seem, karma is set to pay dividends: the ‘Ultra Affluent Consumer Survey’ carried out by London-based LUUX Media has shown huge positivity amongst luxury consumers, according to the company’s Director Chris Wilson. “Nothing will ever be quite the same again for the luxury consumer,” he says. “It’s a regularly repeated comment on what the post-COVID-19 future looks like – and in a world where so much has been turned upside down, certainty seems a rare and precious commodity.
“But knowledge is power, which is why we launched our Ultra Affluent Consumer Survey. We invited a select group of ultra-high net worth (UHNW) individuals from the LUUX network – close contacts we know through our event experiences or as readers of our luxury magazine print portfolio – to complete a detailed questionnaire about their future plans: for activities, travel and luxury purchases.”
Amongst the survey’s key findings were: 80 per cent of UHNWIs intending to travel in the three months after lockdown eases; 79 per cent feeling more disposed to travel via private jet than before; 74 per cent intending to spend the same amount or more on luxury purchases like jewellery, watches, fashion and cars as they did before the crises; and 71 per cent considering improvements to their homes.
Elsewhere, as well as an intention to continuing investing in luxury lifestyles, the survey revealed the finer brushstrokes of how UHNW consumer behaviour will alter post-Covid-19. “We now know that there’s increased interest in private homes, private islands and private aircraft to support social distancing during vacations,” explains Wilson. “So here is a significant marketing priority for luxury travel brands to show how they can offer that seamless experience.
“And while the luxury consumer is often on the move, with lockdown hitting the pause button, they have been spending much more time at home and anticipating that they might be increasingly entertaining there as we living alongside COVID-19 reshapes our lives. So they want their homes to look their best, inspiring the interest in renovation and enhancement.”
Wilson’s advice for leaders of luxury brands, meanwhile, is that they simultaneously subscribe to, and enhance, this consumer positivity. “Starting with their current clients, they should be showcasing to them how they are prioritising customer safety, proactively communicating new health and safety protocols, crisis-response activities and the steps they’re taking to keep the customer experience the same as before – or even enhanced to a new level,” he says.
The full results of the survey can be accessed here.