Ultra Luxury Consumer Insights

Trend - Designers are creating concepts and prototypes for amphibious vehicles to meet the needs of the luxury market of the future. Created with elegance in mind, these concepts have a slick appearance that suits all terrains, combining functionality and aesthetics.

Insight - Contemporary consumers who are in a higher tax bracket are always looking for ways to enhance their experiences—from retail and entertainment to travel. Aware of advancements in technology and design that enable delivery on both aesthetics and functionality, individuals are looking for innovations that will allow them to enjoy their luxury status, as well as feel more confident and entertained.

Trend - Some luxury fashion brands are exploring marketing tactics in creative and engaging ways, especially through the film. These brands are leveraging their platforms to bring awareness to social issues through creative visual narratives.

Insight - Consumers are exposed to branded content on a daily basis, leading them to have a short attention span when it comes to many marketing tactics. Their attention tends to gravitate towards engaging visuals that tell a story they can relate to. As a result, they are more drawn to advertisements that reflect their reality in ways that provoke thought, conversation, and meaning.

Trend - Many luxury restaurants are pivoting to take-out as measures taken against the COVID-19 outbreak has necessitated their closure. These establishments are offering all kinds of meal options, including five-course experiences, that take advantage of high-end ingredients and specially curated combinations.

Insight - Although consumers are appreciative of the comfort that staying at home grants them, many are beginning to reminisce about more elevated experiences, emphasizing a desire for high-end indulgence. Consumers are finding such experiences to be increasingly accessible to them as costs have gone down due to restrictions to in-person service. As a result, they feel more comfortable partaking in luxury experiences, knowing that they can diversify their day without breaking the bank.

Trend - Traditional luxury car brands are collaborating with new-age cryptocurrency projects through IoT reward programs and supercar-investing platforms. These emerging partnerships reveal the growing collaboration potential in the cryptocurrency industry across a range of industries.

Insight - Growing up with the Internet of Things has allowed Millennials and Get Z to be more open and comfortable with digitally native concepts—like cryptocurrency, for example—than preceding generations. As younger demographics dive deeper and recognize the benefits of such concepts, they form a preference to digitally native methodologies over traditional alternatives on account of various benefits such as accessibility.

Implications - Brands working with gold-infused and gilded food products are creating luxury goods that become part of a unique dining experience. Consumers of luxury goods desire the unique and unusual, and combining precious metals with culinary creations blends luxury and dining into an exceptional experience the consumer is unlikely to forget. Gilded foods and other explicitly opulent goods also boast wealth unabashedly, tying into the consumer need for status.

Implications - As urbanization continues to affect the landscape of mobility, auto manufacturers are focusing on enhancing the connectivity of their vehicles. This means not only delivering streamlined, integrated solutions, but doing so as intelligently as possible. In an age of autonomous technology, vehicles and devices that are as cognizant as possible will have a better chance at reaching consumers on both a functional and emotional level.

Implications - Moving away from the compact "supercar" model, electric vehicle manufacturers are introducing eco-friendly options with more space. These offerings are not only more accessible; they also speak to the growing levels of conscious consumption among families. Consumers today increasingly champion their values through their purchasing decisions, and this tendency extends to parents who "perform" sustainability for their children, using products and services as a way to lead by example.

Implications - Electric car manufacturers are improving their vehicles by offering wider range in mileage. As eco vehicles become mainstream, auto brands seek to offer as many features and performance enhancements as possible to stay competitive, leading to a new benchmark in the industry. Affluent consumers are making sustainability a priority, but not at the expense of performance.

Implications - Luxury auto brands are adapting their vehicles to comply with changing consumer expectations around eco-consciousness. In addition to exploring electric avenues, many automotive brands are opting for alternative sources and methods of harnessing energy while maintaining as light a weight as possible. Beyond sustainability, the premise of such concepts speak to a desire to better and more successfully navigate congested urban environments.

Implications - As the auto market moves closer to making electric vehicles accessible to the average consumer, many manufacturers are pairing ultra-luxurious EV concepts and bold contemporary designs. In addition to being a means of saving on fuel costs, such opulent electric vehicles provide high power while taking on the appearance of supercars. This shift speaks to the mainstream acceptance of fossil fuel scarcity and suggests that opulence is not mutually exclusive with conspicuous consumption.