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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.
Golden Shoppers
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.
The new generation under the sign of influence
Today’s society has given rise to new professions, including influencers. The target of this study is part of it and publishes daily on social networks their life, their desires and their wishes. Their social rank is rather affluent and they tend to invest in prestigious experiences by sharing their lifestyle with their followers. This can be a very valuable advertisement for professionals in the luxury real estate industry. A large-scale virtual ad, which on the one hand, can bring them wealthy millennials on the one hand and on the other hand, can interest potential future buyers who were not necessarily their target before.
International
In North America, 62% of luxury buyers looking to invest in property outside their home continent are millennials, or part of Generation Z. 41% of them already own more than one home and 23% own three or more. For future purchases, they are looking for luxury real estate professionals who have the resources and knowledge of local and international markets to meet virtually any of their demands.
Interest rates are accelerating
When it comes to second homes, the most likely buyers are married millennials or Gen Xers with children. One-third of them are looking for a second home in a different region from the country in which they live. An important topical consideration for industry experts is that nearly half of these buyers say interest rates are prompting them to accelerate their second-home purchase process. In addition, they are looking for an agent who can evaluate the pros and cons of different properties.
Key factors
For these future buyers, the key factors in deciding where to buy their first home are the neighborhood, walkability and proximity to restaurants and work. They also value local expertise when choosing a professional, and nearly half prefer to use a real estate agent to help them find an exceptional property.
“For real estate professionals serving the luxury segment, it’s important to understand and adapt to the changing preferences of the new generations that are increasingly taking over the market. Continuing to serve as market experts and trusted sources of information will be essential to providing the personalized service and expertise that today’s consumers expect,” said Anthony Hitt, president and CEO of Engel & Völkers Americas.
Read also > KPMG study: the best customer experiences in fashion and beauty
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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.
Golden Shoppers
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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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.
Golden Shoppers
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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