In today’s world, the truly successful are those who know how to adapt to changing conditions and consciously seek new challenges. This means that a commitment to life-long learning has become mandatory for the next generation of high-net-worth consumers.
Indeed, a 2016 study by Pew Research Center revealed that nearly three-quarters (73%) of American adults consider themselves life-long learners, and those who live in higher-income bracket households are significantly more likely to be life-long learners than those in lower income brackets. The luxurians’ shift to learning also indicates a change in how they are spending their time and money.
The rapid growth of the experience economy is no secret, but the experience economy is also evolving. Consumers are increasingly looking for services and interactions that provide a clear functional benefit, with learning one of the key parameters. According to authors Joseph Pine and James Gilmore, the first to coin the term ‘experience economy’ back in 1998, we are now seeing a shift towards what they describe as the transformation economy, in which consumers prioritise goods and services that offer them opportunities for personal development. ‘Brands must remember that consumers are looking to become better people,’ Pine explained in an interview with The Business of Fashion.
Our Life-long Learners tribe are at the forefront of this shift. A subset of the Ascetic Luxurians tribe we covered in 2015, Life-long Learners are more interested in spending their money on self-enriching experiences than gratuitous displays of wealth. These are usually structured around some type of educational activity, with the return on their investment measured in terms of personal growth rather than capital gain. For Life-long Learners, the differences between work, learning and leisure are practically non-existent.
Members of this tribe frequently attend lectures and workshops on a wide variety of subjects and construct their social circle around such events. They travel often and make sure learning is a key component of their adventures, whether that means visiting a thought-leadership festival, learning a new skill or simply immersing themselves as deeply as possible in the local culture. At home they make sure they have the space and the tools to create and learn.
Life-long Learners is part of our new Luxury Tribes Report. If you have already purchased the Life-long Learners report, you can watch the original case study video below - you can find the password to the video inside your PDF report.
To get an exclusive glance into the homes and mindsets of your future luxury consumers, and unlock all four videos, download all of the Tribes: Luxury Collection reports.
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