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.
To attract the youngest generation of luxury consumers, storytelling and hype still matter, but they come second to core luxury values. Consider how to safeguard quality by offering best-in-class materials, supply chain transparency, post-purchase repair services or lifetime warranties