and EMILY FLOM
Panelists and keynoters from across the spectrum discussed luxury trends for the coming year and a new force in the market – millennials – at Luxury Portfolio International's Luxury Summit 2022 hosted March 6-9 in Las Vegas.
Per the speakers, throughout the COVID-19 pandemic, there was a reclaiming of the home, with buyers around the world spending more time in their abodes, purchasing larger spaces and focusing on what they put inside.
Despite the seemingly waning disease, its effects are expected to stick around.
Affluent buyers will keep spending and home prices will continue their climb thanks to higher demand, according to the consensus. In the United States, consumers will keep looking towards lower-tax states for their next purchase, and working from home at least part time is likely here to stay.
A major change that began to emerge throughout the last couple of years, and will continue to grow, is the increase in millennials purchasing in the luxury sphere, from homes for their new families to high-end goods and travel.
There has been explosive growth in luxury goods – according to a Mastercard report, high-end jewelry purchases are up 50 percent – and in using excess funds piled up during the pandemic to pay for vacation extras such as flying private.
Thanks to so much recent nesting at home, there has been a shift in the interior décor world as well to a “grand millennial” style.
The days of the white-and-grey farmhouse look may be on the way out, as it is being replaced by browns and brass, wallpaper, texture and, yes, rooms and walls rather than an all-open concept with giant windows. Dining rooms are coming back into use, and even sales of fine china are up.
This generation of millennial consumers, the largest in history and approximately ages 26-41, are keen on sustainability as a major factor in their purchasing decisions. They also look for curation and customer service, whether that be for choosing the perfect diamond or planning a personalized trip itinerary.
In marketing luxury homes to millennial clients, personal branding and building relationships with them is still important for real estate agents, with the addition of taking a customized approach.
Agents should deeply understand their market and anticipate what types of properties their clients are going to want and need, all while adding small touches such as bookmarking listings in Luxury Portfolio magazine, sending custom mailers or personalizing the stories of the homes up for sale.
Showing dedication and passion towards the buyer or seller of a home is key – agents must be “all in.”
Panelists:
Bess Freedman, CEO, Brown Harris Stevens, New York, NY
Lacey Merrick Conwa, president and CEO, Latter & Blum, Inc. Realtors, New Orleans, LA
Ryan Raveis, co-president, William Raveis Real Estate, Mortgage & Insurance, Shelton, CT
Michael Saunders, founder and CEO, Michael Saunders & Company, Sarasota, FL
Timothy Corrigan, principal, Timothy Corrigan, Inc., Los Angeles, CA
Kate Kelly Smith, executive vice president and managing director, Luxe Interiors + Design, New York, NY
Marie-Laure Frère, director of sales, Four Seasons Private Residences Nashville, Nashville, TN
Gene McKenna, chief product officer, Wheels Up, New York, NY
Sally Morrison, director of PR for natural diamonds, De Beers Group, Palisades, NY
Anne Rossley, realtor, Baird & Warner, Chicago, IL
Daniella Stonefield, realtor, Charter One Realty, Bluffton, SC
Corinda Wong, realtor, Locations LLC, Honolulu, HI
Gary Gold, executive Vice President, Hilton & Hyland, Beverly Hills, CA
Billy Nash, founder, Nash Luxury at Illustrated Properties, Palm Beach Gardens, FL
Louise Phillips Forbes, licensed associate real estate broker, Brown Harris Stevens Residential Sales, LLC, New York, NY