It gives branding agencies heartburn because of its overuse and the consumer’s resulting lackluster response, which defeats the very purpose of the word. “Luxury” Example “COSTA RICA LUXURY REAL ESTATE” needs to be reimagined.
A word too often used by anyone with goods or services to sell. It gives branding agencies heartburn because of its overuse and the consumer’s resulting lackluster response, which defeats the very purpose of the word. “Luxury” Example “COSTA RICA LUXURY REAL ESTATE” needs to be reimagined. Rather than a banal adjective for anything costly or fine, it should be considered as a noun, more in terms of “having the luxury of” something that we aspire to obtain. Half a century ago, some, but not all of us had “the luxury of” watching color TV.
Before that, a family was grateful for the luxury of radio, telephone, of running water and flushing toilets. Today, we take for granted the garage door that opens with a button, the microwave oven, and smart home devices that can talk to us. Depending on where you live, of course, these things are still considered luxuries. And they can be fleeting, even in the developed world. Hurricanes, flooding, wildfires, volcanic eruptions, and other natural disasters have proven that all of this has to be viewed in terms of one other important luxury, which is to live in a safe and secure environment.
We are reminded too often that many, but not all of us, have that luxury of comfort and security. In the decade since the global financial crisis began, the delineations of “luxury” in the prime property have changed dramatically. More than ever before, luxury today means vastly different things to a widening arc of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), emerging from a continually expanding and diversifying spectrum. Adding to this is an increasingly complex geopolitical picture.
The resurgence of populism, Brexit, climate change, growing wealth disparities, increased terrorism, and privacy fears, and the “disruption” and digitization of information have challenged many affluent consumers’ long-held assumptions and sense of stability about the world around them. These macro and micro influences have shifted the where what, and why behind HNWIs’ and UHNWIs’ residential real estate transactions, and how they view the luxuries of home ownership.
It is under this lens that we examine property markets in this year’s Costa Rica Luxury Real Estate defined report, presenting unique new insights about the ever-evolving world of luxury.
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