Thought Leadership - Luxury Property and Children of The Revolution
Luxury Property and Children of The Revolution
How the Millennial and Gen Z generation have impacted the luxury property sector
There are now more UHNWIs than ever before, with more than 25 million millionaires worldwide. In London alone, the number of Millennials and Gen-Z UHNWIs has increased by over 50% in the last five years, a trend which is expected to continue.
The rise in private wealth amongst the Millennial and Gen Z generation has the potential to completely re-shape luxury property for the future. The new wave of multi-millionaires are cash rich but time poor and delivering luxury as efficiently as possible is essential. They are looking at their homes as not only a place to live, but also somewhere that is tailored to their personal needs and wants, and – as such – they are willing to pay for it.
This generation are more mindful, sustainable, technologically savvy, and place more importance on health and wellbeing – and they require their homes to reflect their lifestyle. Millennials and Gen Zs also expect carefully curated pieces, Instagrammable spaces, sustainable materials and smart home technology which is state of the art and easy to use. They wish to be located in vibrant neighbourhoods with amenities, local culture and green spaces all close by.
While some property, construction and design brands have stood the test of time, it is the agile and adaptable brands that will excel with this new and discerning generation. Thanks to the power of social media and influencer mentality, super-prime homes still need to deliver the highest quality, but they will need to bring something unique to the table. This does present challenges, but it will also allow for innovation and creative thinking.
THANK YOU TO OUR 12 EXPERTS FOR THEIR VALUABLE INSIGHTS:
Sally Maier-Yip, Founder, 11K Consulting
Esra Kumbasar, Design Director, Accouter Group of Companies
Robert Kerr, Director, ADAM Architecture
Ed O’Donnell, Co-Founder, Angel O’Donnell
Abby Ghafoor, Founder, Arc Management Consulting
Jo Eccles, Founder & MD, Eccord
Charu Gandhi, Director, Elicyon
Megan Steele-Knowles, Director, Knowles
Andrew Paulson, Partner, Lees Associates
Corin Hawthorne, Business Development, OKTO Technologies
Charlie Willis, CEO, The London Broker
Helen Darlington, Director, Woven Agency
The Luxury Property Forum
The Luxury Property Forum is the official forum for the luxury property industry, bringing together highly experienced and devoted members handpicked from every discipline. We facilitate the advancement and continuous growth of the luxury property industry, through developing strong business collaborations and cultivating growth opportunities as well as sharing knowledge, experience and contacts. We are more than just a network, but are a forum for the future.
If you would like to speak to any of the interviewees above or to The Luxury Property Forum please
contact Priya Rawal, Founder and CEO, at priya@ theluxurypropertyforum.com or +44 (0)7719 970747