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A Look at Wealth 2020: New Affluent Trailblazers
Tim Smith
Tim Smith’s name is synonymous with the coastal Orange County real estate market, where his well-established reputation and unmatched market knowled...
Tim Smith’s name is synonymous with the coastal Orange County real estate market, where his well-established reputation and unmatched market knowled...
Wealth is on the move in 2020, and a new group of affluent trailblazers is leading the trend, according to “A Look at Wealth 2020: Affluent Trailblazers,” a special report by the Coldwell Banker Global Luxury® program.
In a first, the report draws on anecdotal evidence with supporting data provided by WealthEngine, Wealth-X, The Institute for Luxury Home Marketing and other third-party sources to provide insights on fast-moving trends and shifting demographics as they are still unfolding in real-time this year.
Emerging Wealth Demographics In An Unprecedented Market
From Craig Hogan
Vice President of Luxury
"2020 will be remembered as an unprecedented year. Priorities have realigned toward home, family, health and wellness due to the pandemic. These profound lifestyle changes, combined with other factors such as increasing numbers of people teleworking, have led to a US luxury real estate boom and a migration of wealth to new markets.
"In past reports, we have focused on traditional demographic classifications, such as net worth or age. But 2020 has ushered in new affluent demographics. We’re calling them trailblazers because they are charting a new path forward, choosing household locations based on family, health or lifestyle reasons, rather than being close to their business or work. They are turning their attention away from cities and relocating to small town hidden gems, suburbs and popular second home destinations. Many of these trends were already underway prior to the start of 2020; the pandemic simply accelerated them.
"This report offers a study of how affluent trailblazers are approaching luxury differently, where they are choosing to live (and why) and how these changes might impact the future of real estate. Because these changes are so fresh and happening in real time, this report relies heavily on anecdotal evidence with supporting data provided by WealthEngine, Wealth-X, The Institute for Luxury Home Marketing and other third-party sources. This marks a first for “A Look at Wealth.”
"We hope these insights help clarify the demographic shifts underway in many marketplaces for our high net worth clients, and provide luxury real estate professionals with a helpful blueprint for engaging and connecting with the wealthy in this new world."
Article posted with permission from Coldwell Banker Global Luxury