Consumer Mindset in Luxury Buying
#4 COVID-19 Disruptions: Adjusting to a New Way of Life It is clear that COVID-19 is not behind us as we begin 2022, and half have a significant concern that it will disrupt their life again in the coming year (50 percent of luxury buyers). This is a motivator for a sooner timeframe-topurchase as buyers want to be settled in case of delay in the future. Investment property buyers are particularly concerned about the impact for financial reasons. Whether buying in a vacation spot or downtown, the potential for restrictions increases the perceived risk of the deal. Percent Select: Significant Concern in the Coming Year | LUXURY BUYERS g COVID-19 DISRUPTION (NET)
g COVID-19 SHUTDOWNS
g BECOMING VERY SICK WITH COVID-19
g LOSS OF INCOME DUE TO COVID-19
48% 26% 21% 19%
52% 29% 26% 23%
35% 25% 7% 9%
Better Place To Live
Investment Property
Better Location
53% 27% 21% 20%
52% 33% 19% 19%
58% 35% 30% 27%
Settling Down & Nesting
Better Run City/Town
Next Chapter in Life
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Buyer Insight: Buyers seeking a better location with concerns for COVID-19 are often motivated to act in the near term and have relatively high purchase budgets. This bodes well for areas serving international clients and those in “perfect” areas with great weather and views.
LUXURY SELLERS R AC E TO MEET DEM AND | 15
