The below is an excerpt from an article by contributing author Camilla McLaughlin that appeared in the most recent Luxury Portfolio International Magazine. See the full article here to read more on trends in value and comfort in the new design paradigm.
“Home...comfortable...reassuring...lasting value...uniquely mine” resonate with consumers today. Rather than colors or finishes, values such as these form the wellspring of design this year.
During the downturn, “new normal” became a popular catchphrase to characterize changes, particularly in values, resulting from the recent recession. Dramatic losses in equities, income and net worth stunned even the affluent and left everyone revaluing what was important, particularly regarding house, home, family and friends.
Today, the number of billionaires and millionaires worldwide exceeds pre-recession levels and spending is up. Clearly for the wealthy the much touted new normal has arrived. “Wealthy consumers are very much back into investing in their homes,” but there is more of a focus on price and value than in the past, says Robert Kaner, owner of Robert Kaner Interior Design in New York.
“Rather than buying just to fill a space, people are buying something because it works or there is some sort of intrinsic or artistic value,” observes Matthew Smyth, owner of Matthew Patrick Smyth Interiors in New York.
Read the full article for more insights…