December’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
This month, we take a moment to pause, as we head into the holiday season and reflect on the changes that have occurred in consumers’ priorities over the last year.
We review not only how, similar to the stock market, the personal luxury goods market resurged in 2021 but also how new expectations have changed the mindset of why luxury products are purchased.
It has long been asserted that the luxury market is the leader of new trends, with this in mind we evaluate the impact of their purchasing power, not just for new luxury goods and services but for the second-hand market as well, of course, the real estate industry.
We also discover some new players in the luxury market who are forecast to become major influencers by 2025.
Understand how the new priorities of the affluent shaped their real estate buying decisions in 2021, and why these were more purposeful in comparison to many of the purchases made in 2020.
These decisions go part way to explaining the high absorption rate of specific types of homes and why there was such a lack of inventory, fast turnover, multiple offers, and luxury properties selling over their asking price in 2021.
Technology and related platforms were also key players in 2021, not just in the rise of online products and services, but in how business and communication were managed.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
For homeowners looking to sell or buy their luxury home in today’s market, we recommend working with a real estate professional who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process, and who knows how to leverage technology and strategies to provide maximum exposure and assistance.