Excellent new report on Luxury consumer trends for 2008, while the comments are directed to the travel industry, the report does contain excellent information that applies to understanding the luxury consumers mindset:

These are among the many forces that will help dictate luxury tourism trends and lifestyle trends in 2008.

1. Traditional demographics won’t define luxury consumers. Buying behavior, geography, interests and connoisseurship will become the new definition of wealth, particularly in emerging markets where luxury status will be displayed outwardly via symbols: luxury goods and labels such as Louis Vuitton handbags or Chanel cuffs, ubiquitous among their peers.

Mature affluents are gravitating to “stealth wealth.” They seek luxury travel products that express personal interests and style, and those which require connoisseurship. They prize uniqueness and limited-edition luxe: originals, one-of-a-kind objects, which are expensive and highly collectible. Think men’s shirts with the monograms inside the sleeves, bespoke Hermes and non-branded, one-of-a-kind hotels that reflect the owner’s exquisite taste, selectivity and demanding standards. To know and appreciate these products, one must savor subtle details and be in the loop.

2. Relationships with family and friends take center stage. Accelerating since 9/11 and fueled by a backlash against 24/7 work schedules and dehumanizing technology, a tourism trend that is growing at a faster rate than all other sectors is family travel. A recent survey of American Express travel agents revealed a significant rise in luxury travel among families; 82% wanted high-end hotels with kids programs and 56% were traveling with nannies. Parents, grandparents and friends are looking to travel as a way to reunite, and to celebrate life’s landmark events. Business trips with the whole family will become as common as tag-along spouses, while high-end business hotels and resorts will get on board with family travel trends, rolling out the red carpet with special suites and villas.

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