Luxury living is taking off. From travel to multiple homes, the wealthy have the money to spend and are constantly looking for new ways to spend it. trendwatching.com has highlighted “Status Lifestyles” as their number one trend of 2007 so far. But, blend into that a number of new consumer lifestyle trends and you have a consumer in 2007 that is constantly changing focus, has a short attention span, but wants to save the world.
Luxury Lifestyles
A major trend is “5 Star Living,” where high-end hotels are now beginning to offer residential spaces and condos either near or in the hotel. You will even find new condo complexes attached to malls, like in Natick, MA, where an old mall is being transformed into the “Natick Collection.” One hundred stores are being added including a Neiman Marcus and Nordstrom. On top of all that are 215 new luxury condominiums where they boast “Fingertip Living, a short elevator ride away.”
Then there are the hotels like the new W Hotel in Scottsdale which is building a condominium portion of the hotel scheduled to open this year. You enjoy luxury living with the amenities of a five-star hotel. In New York, the Timer Warner Tower complex and the Ritz Carlton are offering deluxe residences.
Status Lifestyles
trendwatching.com is also saying we should look out for four major lifestyles that major brands will be refocusing their attention on. Consumers are constantly changing and brands must adapt quickly to our ADD. Today, with our short attention span we would rather not own something permanently. It’s about change and a transient lifestyle where we flit from one short experience to the next, preventing ourselves from becoming too bored with one fixed thing for too long.
Next comes participation, which is what Web 2.0 is all about. Brands need to adapt to this new creative mindset. This also involves connecting with others by sharing information, experiences, stories, with everyone online and in person. Social networks, IMing, Twitter, blogging… Our online identity is one of ever growing importance.
Finally, trendwatching.com discusses the eco-lifestyle which I see rapidly growing for the best. We are attempting to live a more “eco-responsible” lifestyle by buying hybrid cars, taking public transportation, and being more eco-friendly. Of course we have a long way to go but this is a rapidly growing type of consumer. Sustainability is on our minds.
These lifestyles are still about making money and about consumers spending it. You have a sort of clash between luxury lifestyles, which can sometimes be wasteful, and these new emerging and blending lifestyles that promote better and healthier living. Our foci are changing to organic foods, sustainability, and being eco-friendly. The luxury industry also needs to redirect their focus to this too and I believe they are.
Read trendwatcher.com’s full reports (1, 2).
