Luxury Summit

The New Luxury Deliverable: Turks And Caicos Sporting Club, Ambergris Cay

Filed under: Luxury Travel & Hotels, By Design

In some of my recent Luxist articles, The Dawn Of A New Economy and From Conspicuous to Conscious Consumption I have suggested how newer definitions of luxury help inform the decisions about how and why people buy in this unusual social-economic climate. I learned from the many presenters at the Luxury Summit, a luxury ideas symposium held last month, about the nuances of an emerging economy with new luxury consumer decision-making processes, especially regarding big ticket items. And few are bigger than second and third homes. It is no secret this market has suffered, as has the primary home market in 2009. But there are rays of light in 2010, and especially with the Turks And Caicos Sporting Club at Ambergris Cay. Amid the barrage of news about market declines and foreclosures, this club is doing well. And the reasons for success circle back to the trends explored at the Luxury Summit.

" Last year," recounts Steve Schram, CEO and Managing Partner of DPS Development who owns and runs Ambergris Cay, "was basically a static year. We didn't make money, we didn't lose money There were a few sales, but nothing like we were used to. Then, in 2010, YTD, we have done 20M worth of new home sales. It seemed as if potential buyers were actually hesitant to call us in 2009, and then, in 2010, they called. It was as if the phone lines were reconnected. Most were member referrals, which is always rewarding. There are three new homes just started and another seven to ten starting in the next six months. We will start two of these houses in the next two months. Members and their families know what they receive here, and it fits so well with a newer sense of social and environmental responsibility, along with a sense of being connected to each other and to the island."

One of the many trends gleaned from the Luxury Summit, and borne out by the success of the Turks And Caicos Sporting Club, is that the luxury consumer is not on autopilot anymore. Their purchasing interests have evolved from I want to I need to we need: essentially a journey from individual self-absorption to a kind of familial populism. The consequence of such a shift is the take away value -- which has also moved from quantitative excess to a qualitative rediscovery of feeling favorably connected -- whether it is with people or new experiences. In both instances, Ambergris Cay fits with these ideas in an eco -sensitive, communitarian way.

Tags: Ambergris Cay, DPS Development, Luxury Summit, private clubs, Turks and caicos, Turks and Caicos Sporting Club

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Blogging From The American Express Publishing Luxury Summit: 5 Key Luxury Trends

by Deidre Woollard (RSS feed) —

Filed under: Wealth

What does the future of luxury look like? There's no one easy answer but the morning panels at Tuesday's sessions of the American Express Publishing Luxury Summit were dedicated to the fine art of prognostication. That's no easy task in a luxury world that's been consistently defined as uncertain. Trendwatchers say that while luxury is rising again any hint of major global turmoil could throw us all back off our feed again.

The rise of China: When it comes to predicting global growth the acronym has been BRIC (Brazil, Russia, India and China). That should be spelled with a really big C, says the fashionably attired Lisa Sun of McKinsey & Company who discussed the growing Chinese luxury market. The Chinese market is a growing but increasingly hard-to-define group. Chinese consumers are still new to luxury, generally young, ambitious and interested in Western brands. They are getting more concerned about social responsibility although generally at a slower rate than Western shoppers. They are on what might be defined as the early curve of the luxury education. What is also interesting is that a major part of China's luxury market isn't just clustered in the major cities. McKinsey & Company's data reveals that a full 43 percent of the Chinese luxury market comes from outside the tier one and tier two cities. Further along on the arc of luxury acquisition is the Japanese market where buyers are both older and more experienced in the luxury market and less fascinated with Western brands. Could the next big luxury brand come out of China? It is a definite possibility, the Chinese shoppers are a key part of defining the new luxury.

The "smart" shopper: I mentioned the discounts versus deals phenomenon a bit in my previous report from this summit. Today's affluent shoppers don't really want their merchandise discounted exactly but what they want to feel is that they got the best deal possible. There's a certain ego-stroking phenomenon involved here. A few years ago bragging about what you spent was appealing, these days people like to brag about what they save. No one wants to appear to be spending frivolously or inappropriately which is where the buzzwords of quality and authenticity from Monday's panels came back into play. The smart shopper is also well-connected and uses the internet and sale sites as part of their strategy. Social media isn't going anywhere but how to monetize it for social shopping remains a bit of a mystery. For the most part consumers don't want ads in their social media. For brands to enter this space they have to participate as people which leads to the next key point below.

Tags: affluence, american express publishing, consumers, luxury, luxury summit, shopping, trends

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Blogging From The American Express Publishing Luxury Summit: Tony Hsieh on Delivering Happiness

by Deidre Woollard (RSS feed) —

Monday's American Express Publishing Luxury Summit panel sessions began with a swell of music and slides with buzzwords like provenance and human interaction--- the message again, echoing last night's talk was that luxury is "back" but in a new slightly refined way.

"Innovation isn't a luxury, it's a necessity" said Ed Kelly, the President and Chief Executive Officer of American Express Publishing and as if to show proof of this the Luxury Summit offers attendees the use of an iPod Touch. The Touch has a designated Luxury Summit app. The app allows people to vote on polls, ask questions of the speakers in real time and generally navigate the Summit. It's a neat idea and a real sign that luxury is dragging itself into tech, ready or not.

Up first on the presentation schedule was Tony Hsieh, the president of Zappos and author of the new book "Delivering Happiness." Zappos was bought by Amazon last year in a deal closed in December. Instead of blending Zappos into Amazon (what usually happens to the brands Amazon gobbles up), Zappos continues to run independently and define its own unique corporate culture which is part of the subject of Hsieh's book. One of the reasons that Zappos has had such rapid growth is that it does things a little differently than some other online purveyors. The core of Zappos remains the call center and the quality of the customer interaction is the yardstick by how Zappos measures success.

Tags: american express publishing, luxury summit, zappos

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Vacationist - A New Website from Travel & Leisure and Luxury Link .

by Susan Kime (RSS feed) —

Filed under: Luxury Travel & Hotels

"We launched our new website site today at the American Express Publishing Luxury Summit in Las Vegas." said Mark V. Stanich, Senior Vice president and Chief Marketing Officer of American Express Publishing, "It's a good place to do it, and we are proud that it is the first site of its kind!"

Vacationist (www.vacationist.com) is indeed the first website of its kind to provide limited-time, invitation only offerings at top hotel properties in the United States and around the world.

" It is basically a private sale travel website for luxury travelers," continued Drew Marich, CEO of LuxuryLink.com, " one that will present a number of significant hotel and resort offerings each week and will launch its first sales with a mix of exotic and urban destinations, including Turtle Island in Fiji, The Surrey in New York City, and The James Hotel in Chicago....and we will go from there, weekly!"

Vacationist offers exclusive luxury hotel and resort rooms available for purchase to its members at 25 to 40 percent off for limited periods of time. Each property featured on Vacationist, which will be hosted and powered by Luxury Link, will have insider tips and expert reporting by the editors of Travel & Leisure who are dedicated to helping readers access the best travel experiences. Invitees to Vacationist will initially be limited to Travel & Leisure customers and Luxury Link members.

Tags: hotel deals, luxury link, luxury summit, Travel and Leisure, travel deals, travel website, vacationist

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Blogging From the 2010 American Express Publishing Luxury Summit: What Is The New Luxury?

by Deidre Woollard (RSS feed) —

There's no denying it's been a rough couple of years for the luxury world. But we're still standing. And, after a year hiatus, so is the American Express Publishing Luxury Summit, which started last night at Las Vegas' new palace of luxe, the Mandarin Oriental in the new CityCenter complex. After a meal featuring Robert Mondavi wines and bright chatter, the conference got down to business and the real question: what is luxury now?

There are reasons to be at least cautiously optimistic. People want to shop, they also want to be reassured that its okay to do so. If 2008's luxury was a little bit brand-centric, a little too easily accessible, today's luxury is a very different animal. Two years ago we heard words like 'affluenza' and 'masstige' but those words died amid the bank bailouts and the recession. Last night, in a lecture by Richard David Story, the editor of Departures Magazine, we heard phrases like "a flight to quality" and "artisan." Bespoke is the new black. People are ready to, albeit cautiously, welcome luxury back into their lives. But now it has to matter, it has to be attached to core values. Luxury in and of itself isn't enough of a prime motivator. The label still matters but only if it carries the right reputation. Obvious logo shopping is gone.

Tags: city center, luxury summit, mandarin oriental las vegas, wealth

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Luxury Summit Rises Again In 2010

by Deidre Woollard (RSS feed) —

In 2008, I reported from the American Express Publishing Luxury Summit and found that the luxury market was fairly concerned about the state of economy. In 2009 things got so bad, the summit was canceled. Can we take it as another sign of hope that the Luxury Summit is back for 2010? And what better place for renewal of luxury than that glittering symbol of the new luxury, the CityCenter project. The Luxury Summit takes place on April 25-27 at the new Mandarin Oriental in Las Vegas. The program includes presentations by Louis Vuitton North America President Daniel Lalonde, Saks Fifth Avenue Chairman Steve Sadove, Taubman Chief Operating Officer William S. Taubman, and Zappos CEO Tony Hsieh. An early registration price of $3,250 is being offered until February 1 when the cost will rise to $3,450.

Tags: american express, AmericanExpress, las vegas, LasVegas, luxury summit, LuxurySummit

Blogging From the Luxury Summit: How the Wealthy Spend When Times Get Tough

by Deidre Woollard (RSS feed) —

With dire economic news coming out nearly every day what is going on in the luxury community? Are consumers worried? Have they stopped buying? At the American Express Publishing Luxury Summit the second annual Survey of Affluence & Wealth in America produced by American Express Publishing Corporation and the Harrison Group was revealed. As the survey reveals, no one is stopping their shopping anytime soon but they are shifting from what they call an "iWant" economy to an "iNeed" economy and finding new ways to spend money.

Source

Tags: economy, expire-images2009-4-20, luxury summit, LuxurySummit, recession, shopping

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Blogging from the Luxury Summit: The Revival of Gump's

by Deidre Woollard (RSS feed) —

It's a story we've seen many times, a brand that has been consigned to the mothballs comes back stronger than ever combining a venerable past with a new products, becoming a hot name once again. But how does this happen? Speaking at the American Express Publishing Luxury Summit Marta Benson, CEO of Gump's, the San Francisco-based luxury store which specializes in fine jewelry and home goods, gave some insight into her moves to bring Gump's back into the luxury spotlight.

Tags: catalog, gumps, luxury summit, marta benson, store

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Blogging From the Luxury Summit: Luxury Brands and the Green Movement

by Deidre Woollard (RSS feed) —

Filed under: Green

The green movement in luxury and the new philanthropy go hand in hand and have the same basic charge, finding a way to do good and do well. Unfortunately it's not quite as easy as it sounds. After all, the luxury consumer wants to have it all they want the feeling of being green and knowing they are doing something to combat climate change but they aren't really willing to give anything up. For the companies at the American Express Publishing Luxury Summit this week, green seems to be something that they are all wrestling with, wanting to satisfy a public clamoring for green but also knowing the customer expects the same level of performance and service as they have always enjoyed. While other tiers of the green market seem to be about compromise and perhaps restraint, luxury consumers want green and fabulous in the same package.

Tags: eco-friendly, green, luxury brands, luxury summit

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Blogging from the Luxury Summit: the Recession, the Russian and the Icon

by Deidre Woollard (RSS feed) —

Filed under: Events

In a world where the economy is an everyday concern, the luxury market is worried. Not overly worried, since as we've seen, the very high-end of the market remains secure but the recession was a factor in every panel held by the Luxury Summit. One of the strongest messages we keep hearing is that today's rich are not yesterday's rich; they are "middle class between the ears (not thinking rich)."

Certainly, we've lost the meaning of luxury but overall luxury is in the eye of the beholder, one man's luxury is another man's necessity. One of the hidden benefits of hard times is that they help to define luxury, for example a $500,000 ski condo is having a hard time selling right now but a $2 million ski condo is an easy sell. What was perhaps most interesting at this conference is watching the juxtaposition between stories of extreme luxury spending, fears of a recession and the theme of the conference: philanthropy. In this second post from the Luxury Summit held by American Express Publishing at the Four Seasons in Westlake Village, CA I will look at some recent statistics regarding the wealthy, see my first real live Russian billionaire and pay homage to the one and only Diane Von Furstenberg.

Tags: american express, diane von furstenberg, DianeVonFurstenberg, expire-images2009-4-15, luxury summit, LuxurySummit, roustam tariko, RoustamTariko

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Blogging from the Luxury Summit: Robert Frank Keynote Speech

by Deidre Woollard (RSS feed) —

Greetings from the American Express Publishing Luxury Summit at the Four Seasons in Westlake Village, California. Last night, I attended the opening dinner. After a meal of an amuse of golden tomato gazpacho, crab beignet with lemon aioli and chicken oyster with wild rocket followed by a Santa Barbara lobster tart with morel mushroom sauce, assorted asparagus celebration paired with the 2005 Cambria Bench Break Chardonnay and then a veal tenderloin with pan-seared foie gras, potato savory caramelized vegetables in a port wine sauce paired with the 2003 Atalon Merlot, it was time to tuck in the words of the keynote speaker Robert Frank. You may have read Frank's work either through his blog for the Wall Street Journal, The Wealth Report, or his popular book Richistan,. Richistan is Frank's name for the world that the wealthy inhabit, a world that coexists with the normal world but also has its own rules and peculiarities. Frank's focus for this particular audience was on how businesses can best market to the rich, especially in this changing economic climate.

Tags: luxury summit, richistan, robert frank, RobertFrank, wealthy

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