They demand privacy and discretion, so they have access to private luxury designer lounges and by-invitation-only events offering a premium shopping experience. The ultra-wealthy seek out exclusive items unavailable to the general public, spending millions annually on their preferred high-end brands and retailers.

Although the super-rich shopper only makes up 2% of total customers, they drive about 40% of luxury retail sales. 

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Tourists purchasing luxury goods represent a significant portion of the industry’s luxury sales, often taking advantage of favourable conversion rates and tax exemptions. 

As global travel is expected to surpass pre-pandemic levels in 2024, luxury boutiques such as Louis Vuitton, Dior, Gucci, and Omega located in the Fairmont Vancouver Hotel will continue to attract destination-focused shoppers.

After the pandemic, discretionary spending has significantly increased. Especially on luxury goods and travel, as more people choose to enjoy life rather than die rich.

Jewelry

The super-rich are now buying more jewelry as it is very personalized. They invest in jewelry for a sense of permanence and long-term value. Unlike soft goods, jewelry holds its value over time and is a lasting investment.

Tiffany has been making once-in-a-lifetime acquisitions in the rarest of stones to appeal to ultra-rich buyers. Last year, CEO Anthony Ledru announced that Tiffany’s high jewelry business had grown by 300% since being acquired by LVMH in 2021.

Private Super-Rich shopping

During the COVID-19 pandemic, several high-end brands in Canada and the USA began offering private shopping experiences to their customers. This trend is now gaining popularity across the globe, especially in Asia.

Luxury brands offer private shopping suites for wealthy clients to enjoy exclusive shopping and dining.

Engaging with customers in this way can lead to increased spending and foster one-on-one relationships with customers, encouraging them to return.

Ultra-rich are time-poor

The wealthy have plenty of money to buy luxury goods, but the real challenge is to get time with them.

Today, anyone can book luxury vacations and Michelin-starred dining experiences online. So, luxury brands and retailers offer unique experiences even their money cannot buy to build personal relationships.

Dolce & Gabbana recently held a private fashion event for its top clients in their connecting villas high above Portofino, Italy. As their clients’ yachts were moored in the bay below, the week-long Couture fashion show was open to less than 100 invites. 

You will not find any images online of their audience as they were required to surrender their phones and cameras, guaranteeing total privacy. For the wealthy, a simple lunch is not enough.

Emotional experiences

When selling luxury, creating emotional experiences that establish a positive relationship with clients is important. Super-rich shopping events are exclusive and take place in unique locations.

Today, luxury retail emphasizes emotional connection, offering exclusive in-store experiences that many can only dream of.

It’s no wonder why so many people dream of indulging in this world of luxury.

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With a weight of 287.42 carats, the Tiffany Diamond is one of the largest yellow diamonds ever discovered. Unearthed in South Africa in 1877, Charles Lewis Tiffany purchased the stone a year later for US$18,000 and sent it to Paris where it was cut into a cushion shaped 128.54 carat diamond with 82 facets measuring slightly over the width of a $2 Canadian coin.

The finished product, which was the centrepiece for Tiffany & Co.’s exhibit at the Chicago World’s Columbian Exhibition in 1893, is memorizing. It emits a scintillating pure yellow light like that of an early morning sun and is currently mounted on an astonishing platinum necklace with an additional 120 carats of white diamonds.

The necklace on display in Vancouver is not the one found on Audrey Hepburn in the movie publicity photos from 1961. The diamond was remounted into the current necklace for Tiffany’s 175th Anniversary in 2012. Though it has known several mounts in its lifetime, the diamond has rarely been worn. Throughout its entire history, the only woman other than Hepburn to have worn the Tiffany Diamond was Mrs. Sheldon Whitehouse at the 1957 Tiffany Ball in Newport.

As the diamond represents Tiffany & Co.’s legendary brand, it will never be sold. But in 1972 Tiffany did place a cheeky advertisement in the New York Times offering it for sale for $5 million – about $25.8 million today – for 24 hours. No one took them up on the offer.

For many years, the Tiffany Diamond has welcome visitors to the company’s New York flagship store on 5^th Ave in Manhattan. It has been displayed at the Smithsonian Natural Museum in Washington, D.C. and toured Europe and Asia. But this is the icon’s first visit to Canada. Christmas shoppers are invited to view this astonishing diamond which is located in it’s own display case on the ground floor of Tiffany & Co. Vancouver until the end of the year. So movie buffs, history lovers, and bling connoisseurs, hurry down to Burrard Street for this dazzling stone’s Canadian debut.

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