The Future is Now: Heesen Attends the UHNWI Insight Summit in Monaco
Heesen headed to Monaco in mid-June, where we were among the audience at the annual UHNWI Insights Summit at Le Méridien Beach Plaza. Hosts Dr. Annalisa Tarquini-Poli and Prof. Dr. Phil Klaus commenced their presentation with a dazzling fact: “By 2030, millennials will be five times wealthier than they are now,” they explained, referencing a 2019 study by luxury real estate company Coldwell Banker that found that the generation is expected to inherit over US$68 trillion from their predecessors in the Great Transfer of Wealth.
It’s a statistic the International University of Monaco professors urged the assembled audience of luxury professionals to keep front of mind as they took to the stage. “We are five years away from the largest shift in wealth that we have seen in human history,” said Prof. Dr. Klaus.
This is the reason why, for this 4th edition of the summit — an event that has grown into a highlight of the UHNWI Insight Week — Prof. Dr. Klaus’s and Dr. Tarquini-Poli’s research presentation is “The Future is Now”. “You need to understand now what will come tomorrow. Change is [around] the corner,” said Dr. Tarquini-Poli.
With this trend youneed to master the communication with the next generation of UHNWIs.
Products Out, Relationships In
The pair’s generational marketing research explores insights from a group of young luxury clients, aged 20-30 years, to share their consumption trends and compare these with previous UHNWI generations. The project aim was to generate insights to help examine, design, and inform marketing and communications strategies.
The findings are clear: while the current generation of UHNWIs prioritize time savings, convenience, product and service quality, the next generation is placing more value on authenticity, craftsmanship, and a monumental shift from owning to experiencing, and from products to relationships.
“It’s not anymore about the product, it’s about the people that can build relationships,” saysProf. Dr. Klaus. “This is the first generation that actually wants a relationship [with brands].” But, as both experts highlighted, before this generation takes that first step, they need to know who you (the brand and its representatives) are and what you stand for. Managers catering to the UHNWI need to recognize the next generations values and incorporate these in the offering and marketing and communication strategies.
The researchers concluded that the apple doesn’t fall far from the tree. “The next generation of UHNWI’s values are inherited. Thus, if you know your existing clients values, you should have an easier way to transfer this knowledge to the next,” said Dr. Klaus. “However, you need to do it differently. It’s all about engaging in a mutual dialogue.And the way this can be achieved is through storytelling.”
Storytelling Case Studies
An array of speakers had their own stories to share about successful communication in the world of wealth, starting off with the CEO & Publisher of Robb Report Monaco & Côte d’Azur, Karl-Henry Edström.
“Mastering communication with Ultra High Net Worth individuals is really the legacy of Robert White,” Edström said, explaining how Robb Report grew out of a newsletter White, who owned a Rolls Royce dealership and became the Robb Report founder, distributed to his clients across the United States in the 1970s.
And while print media continues to be the core of the media company’s business, Edström explained that events are becoming increasingly important, especially when they put its readers and partners face to face. But, he cautioned, these are not a platform for driving sales — these are long-term investments in relationships. “It cannot be selling, it has to be a relationship and it needs to be allowed to take time,” he said.
Porsche Italia’s Marketing and CRM Director Massimiliano Cariola’s highly visual presentation showcased exactly how the German luxury car manufacturer is able to market to five different generations of clientele at the same time. Much of its success is being driven by experiential programming, such as the sprawling, state-of-the-art Porsche Experience Center Franciacorta with a race track and kart circuit. Cariola also shared how the company is now enhancing engagement with younger clientele through sports activities, as well as with women (Porsche’s all-new Macan Electric has been released in ‘Provence’, a lavender-purple shade).
The summit wrapped up with a round table discussion of insights from the frontline chaired by Lysebeth Fox, Founder & CEO of Fox Communications and a trio of executives in the luxury space: Federico Rossi, COO at Rossinavi, Filippo Innocenti, Director at Zaha Hadid Architects and Francesco Galli Zugaro, CEO at Aqua Expeditions.
“The Annual UHNWI Insights Summit … integrates evidence-based research and scientific rigor with insights from luxury industry practices, providing participants with cutting-edge findings and trends supported by valuable perspectives from industry leaders,” commented Dr. Tarquini-Poli after the event. For businesses in the luxury space, such qualified insights into the UHNWI landscape are invaluable. Please note that the next UHNWI Insight week will take place from March 31st to April 4th, 2025. You can follow the updates on LinkedIn.
Written by Chrissie McClatchie
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