Worldwide, the market for luxury goods continues to grow. A January report from Transparency Market Research forecasts the global luxury market will reach nearly $375 billion in the next five years. The report adds that luxury goods are expected to experience a compound annual growth rate of some 3.4 percent through 2020.
What’s driving it? Two strong consumer sectors – those over the age of 55 and 18-to-24-year olds, both of which have more disposal income today, thanks to improving economic conditions. There also is a growing number of high-net-worth consumers – read “billionaires.”
Turnberry Associates residential division has long been a favorite of discerning consumers. Led by the vision of its Chairman and CEO Jeffrey Soffer Turnberry Associate’s residential projects are taking on a new air of excitement. For example, Turnberry’s latest South Florida condominium tower, Turnberry Ocean Club, promises redefined luxury amid an exclusive, private club environment that will appeal to younger, upscale homeowners.
The report also says many consumers, Europeans for example, are transitioning their spending from lavish goods to experiences. As a result, tourism is projected to be a driver of luxury market growth as travelers from Latin America – in particular Brazil – China, Russia and elsewhere will exercise their new brand-consciousness by spending on luxury overseas.
Jeffrey Soffer has re-invigorated iconic landmarks such as Fontainebleau Miami Beach and Turnberry Isle Miami with exciting new amenities, making these resorts must-visit destinations for many of these international (and domestic) travelers.
In addition to Turnberry’s Aventura Mall, the company’s hospitality and residential divisions are attractive to this new wave of luxury consumers.