With the physical disruption of traditional work and office environments, home offices and the modern concept of “working from home” have become the new normal for millions of people worldwide. But this very lifestyle has sparked a boom in luxury lifestyle spending, according to research by Euromonitor International. The company’s research shows that those working from home are now looking to make the most of the extra time gained by being able to manage their own schedules. From designer interiors and furniture to beauty products and travel experiences, luxury lifestyle spending is the way many are now investing their newfound freedom and time.
1. The Rise of Luxury Lifestyle Spending From Home
The concept of luxury living has taken an interesting twist this year thanks to the rise of the stay-at-home movement. From in-home beauty salons to spa days in the comfort of one’s own living room, people are increasingly investing in at-home experiences to satisfy their need for comfort and relaxation. Here are some of the most popular forms of luxury living from home:
- Online Shopping: Online retail is now a convenient and easy way to buy some of the finer things in life without leaving the comfort of home. With luxury brands such as Balenciaga and Gucci offering services such as free shipping, people can now indulge in retail therapy without leaving their couches.
- Home Deliveries:Want to add a touch of luxury to your home? Get groceries, meals, and even spa items delivered right to your front door for an elegant and stress-free experience.
- At-Home Entertainment: Video streaming platforms such as Netflix and Hulu are allowing people to enjoy the finest shows, movies, and documentaries in the comfort of their own home.
From restaurant-quality meals to ultra-comfortable mattresses, people are spoiling themselves with a range of luxurious goods that can be delivered right to their homes. Luxury lifestyle spending from home is creating a more personal and convenient way for consumers to indulge in the finer things without leaving the comfort of their own home.
2. How Working From Home Is Changing Consumption Habits
With the accelerated shift to remote working, new habits of consumption have become necessary for essential items as well as luxury items. Apart from the practicalities of keeping continental processes going, this kind of lifestyle has created significant change in how people spend their money.
The greatest shifts are in the need for convenience and tailored services. Companies are offering more virtual options than ever before. As such, home delivery of groceries, takeaways and toiletries are on the rise. Other trends include:
- Online and mobile computing: Many companies are now relying on web-based technology to keep operations running smoothly.
- Online shopping: With the majority of people practicing social distancing, shopping online has risen in popularity.
- Digital entertainment: Services like Netflix and Spotify have seen a surge in downloads while streaming movies and music are proving to be increasingly popular.
The challenge which many companies now face is adapting to these changes quickly. Keeping up with emerging trends, while continuing to meet customer demands is essential in order to continue being competitive in a digital-first world.
3. Euromonitor International on the Impact of Home Working
As more people take up telecommuting and remote work, Euromonitor International has taken interest in researching the societal impacts of the trend. The market research company identified a few core topics they are particularly interested in exploring.
- Mobility: The lack of commute and shift broadcasting has resulted in a much increased mobility for workers. This allows for entering new markets and a change of career paths.
- Lifestyle: Home workers are given much more control over their working hours. The increased flexibility allows for workers to prioritize their time when it matters most to them.
- Economy: The ability to work using digital technologies encourages innovation in job creation, which can inject energy into local and global markets.
The studies conducted by Euromonitor International suggest that the impact of home working is far reaching into our lives. The digital transformation of the economy has created a better, more efficient way of working, allowing for us to be more connected and communities to thrive.
4. Tips for Maximizing Luxury Home Spending
Home Investments That Pay Out
When considering how to maximize your luxury home spending, it’s important to think about how you can make investments that will pay out in the long run. Smart decisions when renovating the kitchen, bathroom, garden and other areas of the house can add substantial value to the home. By investing in quality, timeless pieces, you can enhance your home’s value, as well as your quality of life. Whether that means purchasing a new oven with a longer warranty or a timeless bathtub or installing a more energy-efficient air conditioning system, these choices should be carefully researched and compared for cost and long-term value.
Customization and Upgrades
Another way to make your luxury home spending really pay off is to make sure that you add touches that really reflect your personality and design style. Small customizations such as built-in bookshelves, unique ceiling designs and glasswork can really add to the appeal of your home. Don’t be afraid to try something different in your luxury home. Consider artfully arranged light fixtures, bold color schemes or unique wallpapers to really make your space stand out. Even small upgrades, such as new door knobs and hinges, can go a long way in creating a sophisticated, unique look for your home.
In the end, luxury lifestyle spending has undoubtedly been on the rise thanks to the influx of remote workers. Working from home has clearly presented an opportunity to many people to indulge in luxurious services and items. The demands of this new lifestyle are set to continue and it will be exciting to observe the way people are taking their spending habits to the next level.
