LUUX Media reports on the buying intentions and general commercial
outlook of the UHNW community in the wake of the COVID-19 outbreak.

How will the outbreak affect the wealthier members of society - your customers?
Can we expect HNW and UHNW spending habits to change in the months and years ahead?
Will UHNWI’s display more hesitancy towards more significant luxury purchases in the
economic climate that we now face? And crucially, will brands still be able to achieve a
strong ROI from campaigns during what is tipped to be a long period of economic turmoil?

The questionnaire

Our questions were designed to investigate such consumers’ activities, travel plans, luxury purchases and how they have been consuming media during this extraordinary period, as well as their perceptions of luxury brands and how they might have altered during the course of recent events.

We did this by delivering a 19-page questionnaire directly to a carefully selected list of UHNW individuals from the LUUX network - close connections of ours who have previously attended our event experiences or are engaged readers across our print portfolio of luxury magazines. All respondents have a strong personal connection with the LUUX Brand.

See the results

Audience profile

88%

88% of respondents were
male, 12% female.

69%

69% hold a net worth of more than £20m, with 41% stating that their personal worth exceeds £100 million

60%

The majority (60.8%) reported an annual household income above £2.5m a year, with 34.2% earning over £10m a year

71%

Just under 71% hold investments in residential real estate, 32% in commercial real estate.

77%

Many are avid collectors, with 77% investing in and collecting luxury watches.

70%

70% invested in art and just over 51% investing in vintage wine, whisky and other alcoholic beverages.

Results

Travel

The majority of respondents intend to travel immediately or within the first 3 months (80%) of the lockdown easing

71% are expecting to travel the same amount as before, if not more

When travelling for business, 82% said that they intend to stay in five-star hotels instead of a private residence

When travelling for pleasure, just 48% will opt to stay in a luxury hotel

79% of those surveyed said they would be more inclined to travel via private jet than before

When travelling for pleasure, 17% said they would be more likely to stay onboard their private yacht than a private residence or a hotel

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Home

71% of respondents have considered undertaking an interior upgrade and/or improvements to their homes during lockdown

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Recreation

48% are looking forward to getting back to playing sports like tennis and golf

45% are eager to watch or attend sporting events

29% are keen to get back to the shooting season

42% are looking forward to getting back to the high street and shopping

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Luxury goods

A huge 74% of our audience are intending to spend the same amount or more on luxury purchases - such as fashion items, jewellery, watches and cars - than they did before the coronavirus outbreak

56% have considered buying a new luxury watch in recent weeks

47% have considered investing in fine art

44% have considered purchasing a new luxury car

44% have been looking online for a new holiday home

28% have considered buying a country home

19% have considered purchasing jewellery

16% have looked into purchasing a yacht

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Consumer behaviour

Instagram is clearly the social media channel for the super rich!
89% of those who responded said they actively use Instagram, compared to just 22% on Facebook, 21% on Twitter, 26% on Linkedin and just 8% using both the growing Tik Tok and Pinterest platforms

Just 11% said they do
not use social media at all

63% of the UHNWIs questioned said they have engaged with social media more since the lockdown began

40% reported that, in the past 8 weeks, they had purchased a product directly from a company’s website after seeing an advert on a social media platform

34% mentioned that an advert on a social media platform had influenced their purchase at a later date

29% reported that they had gone on to enquire about a high-end product or service after seeing an advert on social media

Most interestingly, 0% told us that advertising on social media has made them feel negatively about a brand, product or service

Print remains very much alive - with 31% of our audience saying that since lockdown they have had more time to read, and in turn have been able to enjoy print media much more than before

Interestingly, only 20% admitted never consuming magazines or newspapers in a physical format

79% said they were very happy to purchase a luxury product online

21% would prefer to make
all luxury purchases in store

What did our survey tell us?

Reassuringly, the data from our survey suggests that ultra-high-net-worth individuals have
no plans to hold back on spending. In fact, as many as 73% of the people we interviewed intend to spend the same, if not more, on luxury items in the near future. This is great news for brands that were expecting to face lower demand from the UHNW market, and who were perhaps also fearing reduced engagement from their marketing and advertising activities.

The 1%, of the 1%.

Our survey was only completed by a carefully curated group of friends, associates and partners whose spending power vastly exceeds those of even the average HNWI. The mystery personas below are all typical of our respondents.

- CEO of a publicly listed company
- Employs over 8,000 people globally
- Is considered one of the wealthiest people in Asia
- Owns a Gulfstream G550 private jet (of which he flies over 800 hours a year privately) & a 52 metre superyacht
- Recently purchased a new residence in Mayfair London for circa £32m, but has luxury homes all over the world
- Holds a multi-million pound art collection
- Lives between London, South of France & Los Angeles
- Owns 3 homes that exceed a value of $100m each
- Has in excess of 40 personal staff working within just their family homes
- Owns a 55 metre superyacht & a Global 6000 aircraft
- Is a very big buyer of fine jewellery
- Invests a lot into technology, luxury & real estate businesses
- Principal of a multi family office platform
- Own a very large commercial & residential real estate portfolio across the globe
- Collectively advises and administers in excess of USD $12 billion
- Flies in excess of 450 hours a year via a private jet
- Is an avid collector of Audemars Piguet, Cartier, Rolex and Patek Philippe watches
- One of Berluti & Loro Piana’s biggest customers in Europe
- Multi-Billionaire individual, worth in excess of $5b
- Holds a personal real estate portfolio worth just over £300 million
- Extremely large watch collector of brands such as Richard Mille, Patek Philippe, Audemars Piguet & Rolex
- Owner of several very large business organisations
- Owns a collection of luxury sports cars including Mclaren’s, Lamborghini, Rolls Royce, Ferrari, Pagani and more
- Owns 3 private aircraft, as well as a large yacht
- From one of the wealthiest Middle Eastern families
- CEO of a publicly listed company that employs over 3,000 people globally
- Personally owns an 80 metre superyacht & Global 7,500 aircraft
- Holds a watch collection worth in excess of £100m, including many very rare and complicated movements
- Has extremely impressive collection of exotic sports cars
- Very often rents private islands for his families vacations

Interested to discuss how you can effectively reach
the UHNW community online or in print? Get in touch today

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LUUX Media specialises in connecting luxury brands to HNW clients using a variety of
strategic approaches, including targeted social media solutions, fully optimised digital
agency services, a portfolio of luxury publications and high-end event experiences
for small, intimate groups of HNW private clients.

"We live and breathe the luxury space, and, over the years, have developed unrivalled connections with a large audience of HNW individuals - not only here in the UK, but in many key locations globally. These close relationships provide us with an accurate insight into the needs, wants and challenges of the fiscally elite – and it’s this innate understanding of our market that enables us to develop hard-hitting, hyper-targeted campaigns for our luxury brand clients." - Chris Wilson - Director, LUUX Media

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"LUUX have been instrumental in helping us to explore and develop a number of paid social opportunities and to strategise our digital marketing approach. The results we have generated from their methodical, data-driven approach has given us the confidence to invest more heavily in our social presence. They are also very decent people to work with, which still counts for a lot!"

James Amos

Director, Boodles
"We noticed a significant improvement in lead quality with LUUX’s geo targeting strategy over traditional marketing methods."

Bob Moore

COO, Lux Group Holdings/Smallbone of Devices
"We knew that we needed an agency with specific experience in the HNW market – and we chose to work with LUUX based on their track record in this niche. We were impressed with the team’s knowledge, and the speed and precision they applied to their unique marketing approach, which has resulted in greatly improved brand reach for BMW within a different audience segment."

Byron Sharp

Luxury Class Marketing, Partnerships & VIP Manager
"LUUX demonstrated an immediate understanding of our campaign requirements, along with what we believe to be an unrivalled knowledge of the behaviours of our target market."

John Russo

CEO, Maddox Gallery
"We were thoroughly impressed by LUUX’s ability to adapt to the unprecedented circumstances presented by the continent’s COVID-19 lockdown measures. The team thought on their feet and their quick actions resulted in an excellent ROI; we now have genuine interest from potential purchasers who are eager to book viewings as soon as lockdown restrictions ease."

Robin Patterson

CEO, Sotheby’s Real Estate

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more information around LUUX’s unique strategies

Ultra affluent Consumer Survey