Robbie Kerr was delighted to contribute to The Luxury Property Forum's thought leadership paper entitled 'Luxury Property and Children of The Revolution : How the Millennial and Gen Z generation have impacted the luxury property sector', alongside 11 other respected individuals from across the industry.
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.
When Robbie was asked "Have you seen any notable trends or shifts in the priorities of your Millennial and Gen-Z clients when designing, constructing or buying their homes?" he commented, "... property companies would benefit from a dedicated in-house sustainability team. This allows us to match our clients’ aspirations with the outcomes from the very beginning of our relationship with them, he says. “Their influences might come from an ever increasingly globalised world, but at the same time, they have a desire to use local materials and networks of property professionals to create homes that have a strong sense of place and identity.”
The 8 key findings:
1. This next generation of UHNWIs have three main focuses when it comes to designing their homes: technology, wellness and sustainability.
2. Their influences might come from an ever increasingly globalised world, but at the same time, they have a desire to use local materials and local networks of property professionals to create their homes.
3. The ideal home for wealthy Gen Zs and Millennials is a sanctuary that accommodates both work and leisure and is aligned with their holistic lifestyles.
4. They expect their homes to be smart and easily controllable with remote access to all systems, they require the connectivity of a modern office and a digital concierge experience.
5. The industry needs to develop marketing strategies that resonate with the values of Millennials and Gen-Z clients, create properties that meet their needs, while providing exceptional customer service that
reflects their expectations.
6. Millennials and Gen-Z clients are highly attuned to messages that feel insincere, so transparency and authenticity should be a priority for the luxury property industry.
7. Content is key for this generation and, when it comes to social media, images are no longer enough. They want to see exciting video content such as previews, timelapse or interviews that capture a short attention span.
8. To appeal to Millennials and Gen-Zers, you need to tell a story, be real and be visible. This will help you stand out in an extremely crowded market.