The Wall Street Journal reports a record number of billionaires in the U.S. and says that there are many gift ideas for the “Gilded Age.†Among the most luxurious is a $1.4 million submarine, a $1.6 million private concert by the Kirov Orchestra, yacht charters, jewelry, expensive estates, and get this, even something I can do – a commissioned biography!
Have notebook, will travel!
Implications - As the world climbs its way out of the recent recession, it would appear the rich are only getting richer and the products they are purchasing are getting more extravagant. As a result, the market for these extravagant gifts is growing.
Key Themes Behind This Trend
- Luxury Gifting
- The trend for luxurious gifting for the ultra-rich continues to grow year on year, with ever-more outrageous options now available.
- Experiential Gift Giving
- There is an increasing trend for billionaires and the ultra-rich to give experiences as gifts rather than physical items.
- Personalized Gift Giving
- There is a growing trend for bespoke, one-of-a-kind gift options that offer a truly personalized experience for the recipient.
Where This Applies
- Luxury Goods
- Manufacturers of luxury goods and high-end retailers could capitalize on this trend by creating ever-more exclusive and extravagant gift options for the super-rich.
- Experience Economy
- Companies that specialize in creating one-of-a-kind experiences, such as travel agencies and event planners, could create exclusive, high-priced gift packages tailored for billionaires and the ultra-rich.
- Publishing and Biography
- There is a growing sub-industry of bespoke publishing for personalized biographies and memoirs that could cater to billionaires who want to gift a truly unique item to a loved one.
