Luxury is luxury at any level—right?
Not when it comes to home-buying, according to a recent report by Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World®, and market researcher YouGov.
The report, “The Affluent Homebuyer: A Quest for Meaning,” reveals three tiers of wealthy homebuyers:
- Practical Explorers ($1-2 million)
- Meaning Seekers ($2-5 million)
- Power Players ($5 million-plus)
“For today’s real estate agent, it’s critical to understand the mindset of the affluent consumer,” says 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.”
Homebuyers on the lower end of the luxury spectrum, or Practical Explorers, prefer enlisting the expertise of a real estate professional, desiring “trusted experiences,” according to the report. Meaning Seekers, on the other hand, seek the status associated with owning luxury real estate, believing that “once you experience true luxury, it’s hard to scale back.” The top tier Power Players pursue “the best”—and are willing to pay a premium for it.
Discover more from the report in the download here.
For more information, please visit www.LuxuryPortfolio.com.
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