Kitchen & Bath Business September 2021 - 41

Chesterfield pointed out that although the topthree
ranking has remained consistent, what has
changed is a new entry into the top 10: India. It
has 6,500 UHNWs.
In the U.S., the greatest concentrations, unsurprisingly,
are in the New York metropolitan area
(dominating with more than 10,400); the Los
Angeles metro area (more than 6,100); Chicago
metro with nearly 3,900; and San Francisco metro,
with about 3,400.
The average UHNW individual spends between
$1.2 million and $2.2 million a year on
luxury, across all categories, from home design
and furniture to luxury vehicles (cars, jets, yachts),
travel and more. The total annual expenditure by
this group in the U.S. generally ranges between
$112 billion and $206 billion.
The remainder of the presentation involved
defining the behaviors of these people, including
their motivations, beliefs, resources and environment.
He tackled them one by one.
WHAT DRIVES THE UHNW CLIENT
Their motivations are led by practical considerations,
not by the novelty of the purchase. Unlike
some other groups, UHNWs don't need the
purchase to be aspirational. They are more likely
to consider whether the purchase is " something
they care about. " They are as demanding as others
in not wanting their purchases to be wasteful,
and they appreciate good value. Chesterfield
noted that although these people are lampooned
as being selfish, in reality they look out for others,
especially family members.
Regarding their beliefs, it's important for them
to get value for their money. Just because they have
a lot of it doesn't mean they are willing to throw
their money around without thought. They are
very defensive about potentially being ripped off
by unscrupulous sellers. They define value and
quality in terms of an item's rarity, craftsmanship and expected longevity.
Outstanding customer service is also very important to them - that's part of
the luxury experience - and they define it as speed, discretion and neatness.
Respect and knowledge round out their belief system. They appreciate it when
the seller can improve their knowledge about a potential purchase but are upset
if their privacy is invaded or if there is an attempt to gouge them on price.
Money provides liberty for ultra-high-net-worth
individuals - " the more you have, the greater
your feeling of freedom. "
EXPENDING RESOURCES WISELY
Resources can be divided into space, time and money. To the UHNW individual,
space is defined as comfort. They don't like pouring items into their
homes but instead value open space. They also don't need to own many homes,
but privacy is paramount to them.
Time is something that no amount of money can buy. Their attitude is that
wasted time is a tragedy. To some, the pandemic might be viewed as a wasted
year. To the UHNW set, it felt like a wasted decade. Money provides liberty
for them - " the more you have, the greater your feeling of freedom. " Along
with spending on family, many are involved in various philanthropic projects.
Environment rounds out the four behavioral elements reviewed by Chesterfield
and is split into lifestyle, home and people. Lifestyle is about seeking
happiness; UHNWs travel very frequently and almost always combine leisure
with their business trips. They seek out things to do, places to see, people to
meet, and they love learning about other cultures. Internationalism is important
to them. At home, they have the same desires as anyone else and consider
it their sanctuary. They tend to be very social, and their home is thought of as
a place to invite and interact with others. They also buy more frequently than
others for their homes. People, the last environmental element, are considered
critical resources for them when considering a purchase. They like surrounding
themselves with topic experts and value peer advice far above product
reviews or marketing.
A final observation shared by Chesterfield is that UHNWs love newness
and novelty when considering a luxury purchase. It's not enough to
simply get the latest and greatest version of something that already exists
in the marketplace.

41

Kitchen & Bath Business September 2021

Table of Contents for the Digital Edition of Kitchen & Bath Business September 2021

Editor's Note
KBIS Note
NKBA Note
Happenings
Tech Savvy
Trends
Deep Dive
KBIS
NKBA List
Better Business
Hot Topic
All Abroad
Research Roundup
Wellness Design
Before & After
Small Spaces
Solutions
What's Hot
Favorites
Last Word
Kitchen & Bath Business September 2021 - 1
Kitchen & Bath Business September 2021 - Cover2
Kitchen & Bath Business September 2021 - 1
Kitchen & Bath Business September 2021 - 2
Kitchen & Bath Business September 2021 - 3
Kitchen & Bath Business September 2021 - 4
Kitchen & Bath Business September 2021 - 5
Kitchen & Bath Business September 2021 - Editor's Note
Kitchen & Bath Business September 2021 - 7
Kitchen & Bath Business September 2021 - KBIS Note
Kitchen & Bath Business September 2021 - 9
Kitchen & Bath Business September 2021 - NKBA Note
Kitchen & Bath Business September 2021 - 11
Kitchen & Bath Business September 2021 - Happenings
Kitchen & Bath Business September 2021 - 13
Kitchen & Bath Business September 2021 - Tech Savvy
Kitchen & Bath Business September 2021 - 15
Kitchen & Bath Business September 2021 - 16
Kitchen & Bath Business September 2021 - 17
Kitchen & Bath Business September 2021 - Trends
Kitchen & Bath Business September 2021 - 19
Kitchen & Bath Business September 2021 - 20
Kitchen & Bath Business September 2021 - 21
Kitchen & Bath Business September 2021 - Deep Dive
Kitchen & Bath Business September 2021 - 23
Kitchen & Bath Business September 2021 - 24
Kitchen & Bath Business September 2021 - 25
Kitchen & Bath Business September 2021 - KBIS
Kitchen & Bath Business September 2021 - 27
Kitchen & Bath Business September 2021 - 28
Kitchen & Bath Business September 2021 - 29
Kitchen & Bath Business September 2021 - 30
Kitchen & Bath Business September 2021 - 31
Kitchen & Bath Business September 2021 - NKBA List
Kitchen & Bath Business September 2021 - 33
Kitchen & Bath Business September 2021 - Better Business
Kitchen & Bath Business September 2021 - 35
Kitchen & Bath Business September 2021 - Hot Topic
Kitchen & Bath Business September 2021 - 37
Kitchen & Bath Business September 2021 - All Abroad
Kitchen & Bath Business September 2021 - 39
Kitchen & Bath Business September 2021 - Research Roundup
Kitchen & Bath Business September 2021 - 41
Kitchen & Bath Business September 2021 - Wellness Design
Kitchen & Bath Business September 2021 - 43
Kitchen & Bath Business September 2021 - Before & After
Kitchen & Bath Business September 2021 - 45
Kitchen & Bath Business September 2021 - Small Spaces
Kitchen & Bath Business September 2021 - 47
Kitchen & Bath Business September 2021 - Solutions
Kitchen & Bath Business September 2021 - 49
Kitchen & Bath Business September 2021 - What's Hot
Kitchen & Bath Business September 2021 - 51
Kitchen & Bath Business September 2021 - 52
Kitchen & Bath Business September 2021 - Favorites
Kitchen & Bath Business September 2021 - 54
Kitchen & Bath Business September 2021 - 55
Kitchen & Bath Business September 2021 - 56
Kitchen & Bath Business September 2021 - 57
Kitchen & Bath Business September 2021 - 58
Kitchen & Bath Business September 2021 - 59
Kitchen & Bath Business September 2021 - 60
Kitchen & Bath Business September 2021 - 61
Kitchen & Bath Business September 2021 - 62
Kitchen & Bath Business September 2021 - 65
Kitchen & Bath Business September 2021 - Last Word
Kitchen & Bath Business September 2021 - Cover3
Kitchen & Bath Business September 2021 - Cover4
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