arab luxury world 2014: Change in buying patterns of UHNWIs
'The concept of luxury has evolved from a show-off lifestyle to a more discreet and humble one'
June 4, 2014 5:36 by kippreport
The Middle East luxury industry is witnessing a shift in buying patterns of ultra-high-net-worth individuals (UHNWIs), says Erwin Bamps, chief operating officer at Gulf Craft, while speaking the arab luxury world conference that concluded yesterday (Tuesday, June 3).
UHNWIs are looking for bespoke experiences, but in a family oriented context, in that they want to switch off and connect with loved ones in the most discreet way possible. This change in behaviour totally redefines the concept of luxury.
“The concept of luxury has evolved from a show-off lifestyle to a more discreet and humble one; people want to enjoy the result of their hard work, but away from the public,” adds Tine Arentsen Willumsen, CEO of Above and Beyond.
Regional UHNWIs are now more and more interested in arts. With Abu Dhabi positioning itself as the art hub of the UAE, the demand for objets d’art is growing. Sarah Aziz from auction house Christie’s says art is a very important feature of the Arab culture; historically, rulers always sponsored artists and, today, this passion for art is represented by a new generation of customers that is interested in our collections.
“To convince UHNWIs to purchase luxury items or services, brands have to be creative and go the extra mile to satisfy these customers that have everything,” concludes Willumsen.