UK – Held at 180 The Strand, London, in September 2023, the fourth Modern Affluence Summit concentrated on the upcoming great wealth transfer. This phenomenon of multigenerational wealth transfer will be significant in the US, where a total of £67.5 trillion ($84.4 trillion, €78.7 trillion) will be transferred to Gen Z and Millennial heirs by 2045 (source: Cerulli).

Partnering with VGC Partners, Verb Brands and The Future Laboratory, the Modern Affluence Exchange and Adoreum hosted 27 speakers, including Michelin starred chef Adam Handling and representatives from luxury brands such as Bentley, Tag Heuer and Maybourne. The event also introduced The Future Laboratory’s exclusive white paper, The Great Wealth Transfer.

The panels defined the next-gen high-net-worth individuals (HNWI) as creative, conscientious and culturally motivated consumers who prioritise people, planet and purpose as much as profit. Panellists insisted on the importance of including Gen Z in the C-Suite and listening to those inheriting the money, as much as those passing it down. ‘If you want to communicate with Gen Z, it’s your job to understand the language,’ said The Future Laboratory co-founder Martin Raymond on stage.

As explored in our Luxury Recrafted macrotrend, brands and businesses must put ESG and ethics front and centre in their luxury offerings to appeal to next-gen HNWIs.

Singapore – A recent study by American financial service corporation American Express reveals that the majority of Singaporeans are enthusiastic supporters of local businesses, with each generation showing their support in distinctive ways.

Baby Boomers exhibit the highest support and loyalty towards local businesses, with 95% of them frequenting local establishments compared to 43% visiting international ones. By contrast, Gen Z are less emotionally attached to local businesses, but they would still pay a higher premium for them. This aligns with other figures from the study that found that 40% of Gen Z indicated they would spend more in 2023 than in 2022. The study also reveals that Millennials are the most willing to pay a premium for local businesses, while Gen X are the most likely to give local businesses a second chance after a bad experience.

The top reasons for Singaporeans to support local businesses over international ones are convenience (68%), value for money (60%) and a more personalised customer experience (33%), which aligns with topics we have explored in our Next-door commerce microtrend. Concerns about Singapore’s heritage businesses disappearing in the next decade were also expressed by 57% of respondents.