According to Savills, personal wealth in the U.S. is spreading across the country, prompting brands to ramp up openings in places such as Short Hills, N.J., Scottsdale and Knox Street in Dallas.
LAND OF PLENTY: Luxury growth in America is no longer confined to a handful of established destinations, but is spreading to pockets of wealth in “emerging markets” across the country, according to a new study from Savills, the global real estate company.
The report, “America’s Expanding Luxury Map,” concluded that retail success today is dependent upon identifying where the next cohorts of affluent consumers are emerging.
The report points to Hermès, which is using customer, demographic and location data to identify “growing concentrations of wealth,” and opening stores in locations such as Short Hills, N.J., and Wilmette, Ill., “reflecting a broader industry focus on bringing luxury retail closer to affluent consumers rather than relying solely on traditional gateway markets.”
Savills said much of the new U.S. wealth is springing up locally through sectors such as technology, finance, energy and health care as well as entrepreneurial businesses. At the same time, investment in luxury residential developments, hospitality and lifestyle amenities is helping to strengthen the appeal of a growing number of markets.
The report pinpointed Scottsdale as one of the clearest examples of new wealth creation. The city is adding millionaires at a faster rate than almost any other city globally, and has attracted growing interest from luxury brands, with Scottsdale Fashion Square welcoming Arizona-first boutiques from Loro Piana , Hermès and Montblanc .
Source link
