Engel & Völkers, the global luxury real estate brand has released a report revealing five consumer trends driving the luxury market.
Based on market research of potential buyers in North America, the report published by the world’s leading luxury real estate company highlights various consumer trends. It was written in particular to understand the mindset and intentions of luxury consumers who are considering purchasing a property in the coming years. The first finding is that potential future luxury home purchases are led by Generation Y. This represents a significant shift and transfer of wealth. In addition, this report highlights five trends that will drive every North American buyer group next year.
This market study focuses on consumers looking to purchase luxury goods, valued at over $3 million. Of these, 59 % are millennials. Two-thirds of these buyers have jobs that allow them to work from anywhere, so they can afford to buy a second home in the near future. Professionals in the sector must therefore adapt to this younger generation of customers. They are thus obliged to remain active on social networks, as their potential clients rely on different platforms to do research.
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