Elite luxury experiences: customer and managerial perspectives

Abstract

ABSTRACT This study contributes to the nascent literature on luxury experiences by focusing on a significant yet understudied segment of consumers responsible for a large share of luxury purchases. Seven in-depth interviews with ultra-high-net-worth individuals (UHNWIs), who represent the world’s economic elite, and ten in-depth interviews with managers of top luxury brands reveal important features of the elite luxury experience. Not only do UHNWIs seek extraordinary, exclusive, and bespoke luxury experiences, but they are also driven by status affirmation, feelings of entitlement, and the need for distinction. They also experience a privacy paradox, with a preference for ‘selective publicity’. Our findings demonstrate UHNWIs’ strong disengagement from others – even other UHNWIs – facilitatedby elite luxury experiences. This study is the first to shed light on the idiosyncrasies of the elite luxury experience by combining data from UHNWIs and managers who facilitate luxury experiences. The study offers implications for managing luxury experiences directed at UHNWIs.