The changing face of luxury: how experience is defining property

The concept of luxury has always had a degree of fluidity: after all, there’s no universal agreement on the most desirable supercar or supreme wristwatch. But what is undisputed is that after several years when the luxury sector was turbocharged, growing in Europe alone twice as fast as GDP, the market has changed. Between 2022 and 2024, consultants Bain & Co report that 50 million luxury consumers left the marketplace. Some were undoubtedly priced out – luxury brands have marked up their goods by 52% on average since 2019 – but for many ultra and high-net-worth individuals, it was a conscious decision to exit a market that no longer felt “special”.

The Wealth Report 2026 highlights this changing face of luxury, citing a transfer of interest from goods to experiences, particularly travel, fine dining, hotels and homes. “The clamour for unique experiences was already audible before the pandemic, but experts say the crisis gave it fresh momentum,” writes editor Liam Bailey. It is, he suggests, a transitional phase to the transformation economy, a “new era that sees wealthy consumers gravitate towards brands that enable personal transformation, whether through self-improvement, health optimisation or increased longevity.”

Wealthy clients today will pay large amounts for unique experiences that they believe offer good value, says Alasdair Pritchard, Partner in Knight Frank’s Private Office. “They look for experiences that create lasting memories, something that goes above and beyond,” he says. “We have clients who own €30 million holiday homes in Ibiza or St Tropez purely because they want a base where they know that at least once a year, their children and grandchildren will all want to come for a week or two. We’ve done transactions at this level for many years of course but what has changed is the family aspect. Today, when it’s so easy to work remotely and be globally mobile, the desire for somewhere private to reunite as a family is stronger and more important than ever.”

Branded residences and private members’ clubs

In the property realm, this changing face of luxury translates also into a heightened appeal for branded residences and leisure resorts that provide both exclusivity and a sense of belonging. The number of branded residence schemes worldwide is forecast to rise to over 1,000 by 2030, up from just 169 in 2011. Current numbers are most notable in North America (Miami in particular) and Dubai, but the Middle East and Asia lead the pipeline for future highly personalised residences. As The Wealth Report noted, “buyers now demand more than turnkey luxury: they are willing to pay premiums for curated communities, assured top-tier service, convenience, privacy and high-quality amenities.”

The proliferation of private members clubs since 2020 is another demonstration of the desire to belong to a like-minded, upscale community. Recent headline-grabbing openings cover not only global cities but also rural hideaways: London and the Cotswolds, upstate New York and New York City.

“Resort communities such as Albany in the Bahamas feel like private members’ clubs in many ways even though they aren’t,” says Pritchard. “They have clubhouses and hold regular events that allow residents to feel part of something while also emphasising the exclusivity of owning a home there. It’s why clubs closely associated initially with urban life – the likes of Soho House and The Ned for example - are expanding abroad. They understand that people worldwide want curated and exclusive opportunities and a foothold in beautifully designed and inspiring buildings, where everything from the art on the walls to the furniture creates a sense of belonging through a recognised quality and brand identity.”