TriBrand Prosperity 2020 Complete - Page 53



Introduction
The world of affluence and wealth continues its healthy growth
worldwide. Estimates from the Credit Suisse global wealth
report indicate there are more than 45 million individuals
with a net worth exceeding $1 million USD and the total value
of their personal wealth is north of $360 trillion USD. Both
are record highs and exceed benchmark growth rates in
population and wealth creation. In short, there has never been
a larger market of potential luxury home buyers available.
Despite the financial health of the affluent, there are
challenges for the luxury property market to overcome. Buyers
face the possibility of economic or political instability, evolving
tax structures and climate-related purchase considerations.
Beyond these evergreen challenges, novel issues like the
Coronavirus (COVID-19) have impacted market activity in China
and across all luxury sectors including technology, travel,
manufacturing, luxury retail and more.
What is the response to these outsized trends? In a word—
wellness. Of luxury homeowners, 48% are tuning out the noise
of the world, while 72% say wellness is important because
it contributes to their overall happiness. Each year Luxury
Portfolio International® and YouGov Affluent Perspective delve
into the trends, habits and opinions of luxury homeowners
around the world to understand what motivates them today.
This report covers five trends shaping how homeowners
view wellness in their life. Wellness is a growing trend among
affluent consumers overall, and specifically among the next
generation of buyers, and is estimated to be a $4.2 trillion USD
industry worldwide, growing at twice the rate of the global
economy.1
As wellness shapes decisions made on a daily basis, real
estate professionals can expect that these same sensibilities
will be incorporated into one of the most important purchases
someone makes—their home. These trends are impacting
buyers and sellers all over the world:
1. Wellness is central to a life welllived
2. Home wellness is in growing
demand
3. Wellness through intentional
travel is gaining momentum
4. Total wellness includes mind,
body and soul
5. Wellness is key to managing the
stress of success
The Consumer Profile
This report is among global luxury homeowners with a primary
residence valued at $1 million USD or more. A total of 1,565
respondents in the YouGov Affluent Perspective 2019 Global
study met this criterion with 861 in the $1 million to $2 million
range, 536 in the $2 million to $5 million range and 168 in the
$5 million or more range. The margin of error among luxury
homeowners is ±2.5%, at the 95% confidence level.
1 Global Wellness Institute, Global Wellness Economy Monitor, October 2018
PROSPERITY 2020
53

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