After the first shocks of the 2008 financial crisis started to wear off, affluent and wealthy consumers tiptoed back into the consumer marketplace with a mindset dominated by fear-based buying habits where best price became more important than best quality. Now, however, things have changed: quality prevails, according to a research study (The emotional Role of Home) in the luxury residential market, brought by Luxury Portfolio International ®, a division of Leading Real Estate Companies of the World ®, in cooperation with Harrison Group.
The study uncovers the emotional appeal of home as a base for creating fond memories, housing treasured positions and simply understanding happiness, with home being appreciated as a place of refuge and serenity.
“This research study helps us understand today’s continually evolving and dynamic consumer. On account of the financial crisis, wealthy and affluent consumers have become more cautious in managing their finances and resources”, said Alexandru Boff, Real Estate Account Manager Residential Division Crosspoint.
Therefore, in current market conditions and the state of today’s affluent consumer, there are important opportunities for a potential boom in the USA luxury real estate market.
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