Finer Things in Life
Fine dining, travel and other enriching experiences now dominate what high-net-worth individuals see as luxury
The definition of luxury is changing among ultra- and high-net-worth individuals in Asia, as are their spending habits. While fine watches and jewellery will always appeal, affluent individuals now place just as much value in the leisurely process of savouring a tasting menu at a fine dining restaurant, where every course introduces something new about the chef’s interpretation of the cuisine. In between collecting happy memories of sumptuous gourmet experiences, the wealthy are also more willing to invest in health and wellness, and consider a stay at a wellness retreat to clear their mind to be a form of luxury in itself.
According to a survey conducted by Tatler Asia last year of respondents* in Hong Kong, cumulating in
the Values-driven Luxury Consumer 2021 Hong Kong Outlook report, fine dining is the top hobby for luxury consumers. And they are certainly spoilt for choice in the city whenever they want to indulge, whether it is lunch at the Ritz-carlton’s Tin Lung Heen to savour the signature honey-glazed Iberian pork char siu, or the renowned aka uni with cauliflower and lobster for dinner at Amber.
Travel is another key spend for luxury consumers, with the report showing 45 per cent plan to spend on travel-related products and services in the next 12 months. From attending Art Basel in Switzerland or Coachella in California, affluent consumers are regularly seeking to explore their horizons and soak up new experiences in another country.
The changing perception of what luxury means also includes greater emphasis of quality over quantity, with today’s ultra- and high-networth individuals favouring experiences and products that are personalised or exclusive. When they do decide to spend on the more traditional symbols of luxury, such as fine watches and jewellery, they will likely seek out items that showcase exquisite craftmanship and design. The definition of luxury also extends to intangible assets made possible by technology, such as NFT artworks and collectibles, and even land in the metaverse. In an era when digital items and experiences have as much validity as physical ones, there’s no greater status symbol than a Bored Ape.
Private wealth clients’ needs were top of mind when curating the menu of services and benefits for its BOC Private Card, which is available by invitation only to Bank of China’s Private Bank and Private Wealth clients and has a limited quota. The thoughtful menu of benefits includes “buy 1 get 1 free” offers for designated tasting menus at Michelin-starred restaurants or for the exclusive BOC x Amore Pacific afternoon tea at The Peninsula hotel, as well as use of a 24-hour concierge service by the Ten Lifestyle Group and unlimited access to the Plaza Premium Lounge at Hong Kong International Airport. Cardholders will get exclusive invitations to unique appreciation events for luxury cars and fine jewellery, with BOC going the extra mile to create experiences that will appeal to the modern high-net-worth individual who enjoys the finer things in life.