But heightened experiences aren't the end all, be all. Instead of replacing the role of brands in wealthy people's lives outright, experiences are augmenting the significance of and consideration that goes into buying a particular brand, Batarags reported.
"Younger generations are less likely to be staunch loyalists to a single brand when compared to their parents and grandparents," Mike Phillips, Wealth-X's vice president of marketing and communications, told Batarags. "They're more likely to try something new if it speaks to their personal values and passions."
He continued: "More and more, the wealthy are evaluating a brand in terms of: What mission does this brand represent? How does it contribute to the greater good ... If I choose to purchase this product, what does that say about me and my values?"
That kind of awareness extends beyond just products, too.
Entire industries are developing or adjusting services to cater to this customer interest, Batarags wrote. Consider wellness, which is increasingly regarded as a modern embodiment of luxury. Accordingly, an array of spas and studios offering treatments like cryofacials, weeklong retreats, and vitamin IV drips are delivering those experiences.