High net-worth individuals live a grand life that most people can only imagine. If you want to get a glimpse of what it’s like to live like one of the world’s uber-wealthy, you can take a look at the products and services that they consume.
The luxury industry is a growing market that is located on the upper part of the scale in terms of quality and price. Basically, it covers a wide range of goods such as designer bags, precious jewelry, luxury cars, to exclusive activities like yachting adventures, and even private-island holidays.
One of the oldest subsectors of the luxury industry is high-end fashion. In fact, many of the world’s oldest luxury fashion companies go back to 1837. These fashion houses do not only supply luxury clothing for the wealthy, but they specialize In selling exclusive products and services such as perfumery, home furnishings, accessories, leather goods, and luxury watches.
According to 2017 data, the luxury industry grew by 5%, with luxury cars, personal luxury goods, and luxury hospitality contributing for over 80% of the total revenue. In the investing world, high net-worth individuals—who are known for their luxurious lifestyle—are esteemed clients. Discretionary portfolio services have become necessities to help them maintain their luxuries well into the far future.
The Yachting industry is also looking more optimistic than ever. Since the referendum vote on Brexit that took place in 2016, the British luxury boat building sector has seen an unprecedented boom, with a total sale increase of 3.4% from they’re $42 billion sales in 2015.
Currently, the United States remains the largest suppliers of luxury goods, contributing a value of $96 billion for its regional market performance.
Needless to say, the consumption of these products and services are always associated with a specific social status, and the possession of these goods is more of a luxury (and exclusivity) than a necessity.