The U-HNWI is not one person. Often referred to and defined as a singular persona is a dangerous presumption to make. It is time to break that perception down and consider who our target audiences really are.
This demographic is growing and becoming more and more diverse in its make-up and brands therefore need to understand their particular UHNWI’s, their wants and needs and how to reach them.
A Demand for Authenticity
With the rise of social media, the lines between celebrity and anonymity has become blurred. Seemingly everyone and anyone has become micro-influencers showcasing enviable luxury lifestyles overnight.
But now, audiences are increasingly considering these kinds of displays as out of touch. The airbrushed quality of luxury looks fake and artificial, being replaced by a need for the raw and unscripted.
It explains why platforms like TikTok and BeReal are thriving. Brands and creators are pulling back the curtain, celebrating imperfection, and error.
Soaring standards are no longer seen as aspirational but unattainable, even for luxury buyers. Consumers from every wealth bracket have quickly grown tired of the incessantly optimistic tone of voice and ambition for perfection.
Traditionally luxury was all about being seen, just in a different way. It was about status, and how luxury items could elevate us in social circles, to prevail over our peers. As we move into a post-aspirational world, brands need to consider what their offering really means to their audiences and create an authentic and meaningful brand story.
Enduring Wellness
Wellness has been a transformative factor in luxury, according to the Global Wellness Institute wellness tourism is expected to see a 21% annual growth rate from 2021-2025. It is predicted that there will be a new class of wellness, ‘medi-luxe’ delivering holistic health but with a higher price tag.
Strategies for 2023 and Beyond
The volatility of the last few years has changed consumer attitudes and behaviours, seemingly for the better. We want authentic and real.
Three key elements brands should build into their strategies:-
Stand out from the Crowd
Identify your audience. Ultra-HNWI is not a singular person with a shared wants, needs, beliefs and behaviours. There are many consumer communities and you can’t appeal to them all. Be original and create an identity that doesn’t conform, that will engage your audience, and is true to your brand.
Be Real
Shut down Photoshop and remove the invisible boundary that separates your brand’s perception with what goes on behind the scenes. People want to buy from people. They don’t really care what. And in the growing post-aspirational mindset, most are fairly clear on the fact that people are imperfect. They like the real, they like the unfiltered.
Embrace Omni-Wellness
A nurturing blend of health and wellness. Whether it’s beauty regimes, wellness retreats, gym classes or spa treatments, nutrition-dense menus, exercises in reflection and connection, you can feel that consumers want to be nurtured and build a distinctive experience at the same time. More than traditional health and fitness, omni-wellness is being sought after — consciously or otherwise — by consumers at every touch point.
