Over the past few years the worlds wealthy have not only been increasing in numbers, with the 2022 Wealth Report by Knight Frank recording a 9.3% increase in the number of Ultra-high Net Worth Individuals between 2020 and 2021 but they are getting younger too. By 2025, it's estimated that 45% of the luxury market will be made up of millennials and generation Z. These individuals no longer see luxury assets such as yachts, villas and planes as commissionable items or as a symbol of wealth. Instead they are looking to see how adventurous they can be leveraging these items with surfboards, helicopters, dive equipment etc. A new generation of luxury traveller is coming where they are turning their back on traditional experiences as they seek the new and exciting adventurous opportunities.
Time and time again I hear the word 'experience.' What really is experience in the world of luxury? It's the moments streamed on social media to the importance on travel, the modern generation of wealth values doing and sharing over buying and owning. This new trend has been sped up due to the pandemic with more people being able to work from anywhere in the world as-well as a feeling of 'f**k it' amongst individuals who may have previously been on the fence. This new type of client are looking to enjoy their wealth, rather than just own it.
The new hyper-social users, who are used to sharing every aspect of their lives online, and who expect to find information at the touch of a button are not correctly being catered to by the traditional luxury travel pillars. Bluemoon is looking to open up the dialogue between luxury travellers and owners of products so we are able to curate a platform which can scale with the new generation. Built by the users, for the users, we are looking to make luxury travel effortless.
The emergence of this new generation doesn't value owning in the same way as it values doing, which raises questions of who the future luxury travellers are? Bluemoon's community hopes to help travellers build a trusted community and elevate the overall experience so this adventure-hungry audience is able to see beyond the asset and envisage what endless possibilities the world has to offer.
Food for thought, đ
OB.
