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Luxury Landscape Webinar with Mansion Global Yields Interesting Luxury Consumer Insights

The Luxury Landscape with Berkshire Hathaway HomeServices

An hour filled with unique insights—Berkshire Hathaway HomeServices’ Luxury Landscape event, done in conjunction with Mansion Global, offered perspectives on luxury consumer trends across various market sectors that serve the luxury and ultra-luxury markets.

Christy Budnick, CEO of Berkshire Hathaway HomeServices was among the panelists and shared how she expects housing inventory across the United States to remain low through 2022. She also brought attention to the fact that the high-end market in the United States has seen incredible growth, and that the second-home market rapidly expanded during the pandemic.

The United States is not the only market that has seen changes. Hong Kong has seen its ultra-luxury market decline by 27%, which is contrary to what much of the world has been experiencing.

Bob Denison, President of Denison Yachts shared the unprecedented surge in demand surrounding luxury mega-yachts. In 2020, 416 mega yachts were sold, and in 2021, Denison expects to finish the year with around 550 yacht sales—a 35% increase from the year prior. He echoed the same issues being felt by the real estate industry. There is a severe shortage of mega-yachts for sale, which is also leading to a rise in prices.

NetJets’ President of Sales, Marketing & Service, Patrick Gallagher, offered a view behind the curtain at one of the world’s largest private aviation companies. Pent-up demand and not enough aircraft in the fleet to support a surge in membership, NetJets is quickly working to provide more aircraft to keep pace with growth. Gallagher shared that on one day in September 2021, they completed 750 flights across the United States. Only five days in the history of the company have exceeded that amount of activity, and they were all the Sunday after Thanksgiving—the busiest travel day of the year for NetJets.

Kevie Yang, International Art Specialist at Phillips Auction House highlighted some of the growing changes in the art world. Many luxury consumers and art collectors are relying on trusted personnel to view the art before purchasing due to travel restrictions. Purchasing a piece of art is a large decision and one that is not easily made when you cannot view the piece in person. It is doubtful that this trend will continue into the future as the pandemic loosens its grip on the world, but for some, it may remain for sake of convenience. She also shared that there is a shift to purchasing works by more up-and-coming contemporary artists. Collectors are looking to become part of the future, and that means embracing artists that are going to be the big names among the next generation of renowned works.

These and many more insights were offered up at the event. If you missed it, you can watch the recording by clicking on the link below and entering the password 9..2V0G@

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