Experiential is the new material luxury

Wealthy individuals are beginning to search for value in new ways. In the past, vast sums of money would be spent on material luxuries such as jewellery, watches and handbags. However, there’s now a growing trend to spend money on transient experiential luxuries instead. Essentially, these are memories and experiences that provide fleeting physical value. 

Luxury travel

For a start, luxury travel is now one of the premier ways wealthy individuals like to spend their money now. This is usually through hiring a private jet to avoid the queues and hassle at an airport. You’ll get to fly discretely, enabling yourself to focus on your work or relaxation instead. What’s more, you’ll be able to schedule a flight on any day and time to a plethora of exotic destinations. This epitomises the wider trend of looking to spend money on beautiful experiences rather than possessions. Indeed, the memories you make while travelling can be truly unforgettable. 

Dining

Wealthy consumers are now also looking toward fine dining to build luxurious experiences. And there are plenty of establishments across the world that cater for experiential luxury. Under, in Norway, combines the world-class architecture of a building sitting at a 45-degree angle, with lavish 18-course menus. Meanwhile, The Goring Dining Room, London celebrates British haute cuisine set in an extravagant glass conservatory. And then there’s Wolfgat in South Africa: a previous winner at the World Restaurant Awards, this 20-seat establishment provides gorgeous sea views with your dinner. 

Health and fitness

In terms of health and fitness, wealthy consumers are now looking toward luxury wellness retreats for experiences. These retreats are often combined with meditation and mindfulness to achieve a heightened state of physical and mental wellbeing. With wellness becoming an increasingly important lifestyle statement, these retreats are set to grow ever more popular. 

Beauty and pampering

Finally, consumers are also becoming more interested in luxury beauty and pampering experiences. The attraction of spa days and retreats comes from the tranquil and relaxing atmosphere that refreshes visitors from their daily lives. Consumers also want bespoke activities that boost their sense of wellness. Facials, exfoliating sessions and pedicures are all beauty experiences that can provide you with a mental and physical boost. And it’s this combination of experience and practical benefit that is interesting to so many consumers right now. 

Traditionally, wealthy individuals have looked to purchase material goods and assets with their capital. But times are changing. By looking toward experiential luxuries, you might find that you get more value from your luxury purchases in the future.