High-net-worth buyers seek meaning and emotional connection in purchases
Chicago, IL/February 28, 2017-- Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World® and research partner YouGov have released a new report delving into the mindset of millionaire homebuyers: The Affluent Homebuyer: A Quest For Meaning. The data from YouGov Affluent Perspective, a global survey of affluent and wealthy consumers, shows that while all luxury buyers seek trust, craftsmanship and impeccable service, buyers at different price points have specific needs.
For the modern affluent homebuyer who is seeking a million-dollar property, quality is a given. Just 5 percent of luxury buyers will seek a home that they need to renovate completely and only 15 percent are seeking an older renovated home. Today’s homebuyers seek privacy and energy efficiency in equal measure with 55 percent of buyers reporting that these features are important. The quest for quality also extends to their search for a real estate professional. These buyers seek an emotional connection as well as someone who can distinguish the best of the best and someone who understands their unique needs.
While luxury homebuyers are discerning when it comes to their purchases, a review of three tiers of luxury buyers shows that there are striking differences. The first tier, Practical Explorers, buyers in the $1-$2 Million range, seek trusted experiences and 80 percent prefer to work with a real estate agent on their transactions.
At tier two are the Meaning Seekers, buyers in the $2-$5 Million range, are luxury lovers who proudly assert that once you experience true luxury, it’s hard to scale back (71 percent). These committed luxury consumers also value sustainability (74 percent) and want their purchases to mean something.
The Power Players, those at the highest level, in the $5 Million and above range acquire the finest, most premier properties and are willing to pay to get it. In this echelon, 83 percent of those surveyed say that they choose the best and expect the price to reflect this. They are motivated by a desire to have it all and want to feel confident that what they have purchased is unrivaled excellence.
“For today’s real estate agent, it’s critical to understand the mindset of the affluent consumer,” said Paul Boomsma, President of Luxury Portfolio International®. "The research shows it’s clear that not all consumers are the same and part of speaking their language is understanding their deepest motivations.”
The full report is available for download at www.LuxuryPortfolio.com
About Luxury Portfolio International®:
Luxury Portfolio International® (www.LuxuryPortfolio.com) is the luxury face of Leading Real Estate Companies of the World®, the largest global network of premier locally branded companies dominated by many of the world's most powerful independent luxury brokerages. Luxury Portfolio International attracts a global audience of visitors from an average of over 200 countries/territories every month and last year marketed over 50,000 luxury homes to over three million high-net-worth visitors.
About YouGov Affluent Perspective:
YouGov Affluent Perspective 2017 Global Study is a semi-syndicated survey of the top 10% income earners in 14 countries. With more than 5,000 online interviews worldwide, and more than 1,000 million dollar or higher homebuyers, the study focuses on the opinions, attitudes and beliefs that motivate and inform purchase behaviors, lifestyle, and more. This online survey has a margin of error of ±3%. For more information visit www.affluentperspective.com
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