Sir Elton John recently held a private concert for the grand opening of a concert hall in Moscow. Russian businessman, Vadim Varshavsky, bankrolled the entire thing - to the tune of $3 million! Elton even managed to plug his new collection of Chopard luxury watches. This trend in inviting insanely famous entertainers to private parties is increasing along with Russia's growing wealth.
Implications - Exclusivity is a desirable trait in the eyes of many people who seek differentiation from a slew of similar like-minded consumers. When businesses incorporate private events into their routines, this shows that they are inclusive to a select group of people, who will then feel more obligated to buy high-end goods.
$3 Million Private Concerts
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$1.8 Million Private Party at the Burj Al Arab
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