Luxury consumer behavior: Inside the minds of ultra-wealthy shoppers

In the ever-evolving world of luxury branding, understanding the nuanced behaviors and desires of ultra-high-net-worth individuals (UHNWIs) is crucial for brands seeking to stay ahead of the curve. Ana Brant, vice president of customer experience & loyalty at Wynn Las Vegas, has spent years researching and delving into the intricacies of luxury consumption, particularly among the world’s ultra-wealthy. With a background in hospitality and a deep understanding of cultural capital, Brant has developed a keen insight into the motivations that drive today’s UHNWIs. In this interview with Jing Daily, Brant shares her perspective on how luxury brands can not only understand but also anticipate the evolving needs of these influential consumers. She discusses the importance of customer-centric strategies, the significance of cultural and symbolic capital, and how modern luxury consumption goes beyond mere displays of wealth. For luxury brands looking to deepen relationships with their most valuable clients, Brant offers critical insights into what truly drives this unique consumer base and how brands can stay relevant in 2025 and beyond. Jing Daily: Can you tell us about your background and how you ended up in luxury branding? Ana Brant: I grew up in Croatia, in a socialist environment where equality was the goal, and everything was provided for by the government. However, I always felt out of place. While my peers were aspiring to conventional government jobs, I was fascinated by individualism. I didn’t want the predictable, regimented life they saw as ideal. I found inspiration in the elegance and grace of my mother, who was a classical pianist and former ballerina. She always dressed impeccably, and people would comment that she looked like she was from America. This stood out to me. It wasn’t just about wealth — it was about taste, beauty, and individual expression. My exploration of taste, through the lens of French social psychologist Pierre Bourdieu, helped me understand that it was more about cultural capital — the things that define your taste and individuality in society — than just monetary wealth. I became intrigued by how consumer cultures evolve, especially in luxury. My journey led me into the hospitality industry, starting with luxury hotels. There, I began studying how luxury brands served the wealthy, which sparked my passion for understanding high-net-worth individuals (HNWIs). JD: What led you to focus on understanding HNWIs and their consumption patterns? AB: Luxury hospitality became my arena for learning about HNWIs. I worked with prestigious brands like Ritz-Carlton, Dorchester Collection, and now Wynn Las Vegas. My goal was always to understand the behaviors and desires of these individuals, especially as wealth creation has shifted. Today, most UHNWIs are self-made, and this generation is different from the old aristocrats or industrialists. They’re more entrepreneurial, and their consumption patterns reflect their need to distinguish themselves from their roots. It’s no longer just about conspicuous consumption; it’s about personalized, meaningful consumption that aligns with their identities. As a result, I became fascinated with what drives them and how they approach luxury. It’s not just about having money — it’s about how they consume and express their identity through taste and experiences. Today, most UHNWIs are self-made, and this generation is different from the old aristocrats or industrialists. JD: Can you tell us more about the different types of HNWIs you’ve identified and their consumption patterns? AB: Absolutely. I’ve identified several key archetypes among UHNWIs based on their consumption habits. First, the Transformationalist seeks individuality. They’re all about self-expression, personal growth, and connecting with brands that reflect their uniqueness. These individuals look for experiences that offer personal transformation, which is why they gravitate toward brands that provide exclusive, personalized service. Then there’s the Downshifter, who embraces simplicity and self-reliance. These individuals often reject excessive materialism while maintaining a wealthy lifestyle. They prefer brands that align with their desire for a minimalist, effortless life, often shunning luxury for simplicity but still expecting impeccable service. Finally, the Idealist is motivated by values such as social responsibility and fairness. They prioritize brands that reflect their ethical views, often supporting causes that aim to make a positive social impact. They want to know the leadership behind brands, share their values, and often judge companies by their commitment to social good. JD: How do these archetypes influence the way luxury brands should approach HNWIs? AB: Understanding these archetypes is essential for luxury brands. UHNWIs are not a monolithic group; they are diverse in terms of their values, motivations, and consumption preferences. To connect with them, brands need to understand these deep psychological drivers and create experiences that cater to their individual needs. UHNWIs are not a monolithic group; they are diverse in terms of their values, motivations, and consumption preferences. For instance, Transformationalists expect empathy and personalized interactions, while Downshifters want simplicity and authenticity. Brands must move away from a one-size-fits-all approach and invest in customer-centric strategies. This means developing in-depth customer knowledge, creating unique experiences, and offering services that align with the specific desires of each archetype. JD: How does your research inform the strategies you develop at Wynn Las Vegas? AB: Las Vegas is a hub for UHNWIs, attracting tech executives, entertainment moguls, and sports fans alike. We aim to provide a balance of luxury and exclusivity with our customer experience. We treat each guest not just as a consumer but as an individual with specific needs and desires. Whether it’s providing access to exclusive events or curating intimate experiences, we create an environment where our guests feel recognized, appreciated, and indulged. We’ve adopted a design-centric philosophy where elegance, art, and comfort intersect, ensuring that every experience — whether at one of our restaurants or entertainment venues — is tailored to make the customer feel special. JD: What is the most important thing luxury brands need to understand when catering to UHNWIs in the future? AB: Brands must shift from focusing solely on transactions to cultivating long-term relationships. In the world of luxury, this means investing in personalization, exclusivity, and deep customer knowledge. It’s about understanding the individual’s ideology, not just their wealth. By recognizing and valuing their unique contribution to the brand’s equity, luxury brands can build lasting loyalty. JD: How do academic theories influence your work in customer experience design? AB: I’m passionate about translating academic theories into actionable strategies for luxury brands. For example, Pierre Bourdieu’s theory of cultural capital has been invaluable in understanding how HNWIs express themselves through their consumption. It’s not just about the products they buy; it’s about how those products help them maintain or elevate their social standing. Luxury brands can use these theories to enhance their offerings by focusing on the social, cultural, and symbolic capital they provide to their clients. It’s about creating experiences that resonate on a deeper level, whether through access to exclusive events or unique cultural experiences that contribute to a customer’s identity. JD: What advice would you give to emerging luxury brands? AB: My advice would be to focus on customer knowledge and customer-centricity. Understand your clients’ needs, not just on a transactional level but also on a personal, emotional level. Create experiences that cater to their individual ideologies and values. The more personalized and meaningful the experience, the stronger the bond with the brand will be. Ultimately, the goal is to build a long-term relationship based on trust, mutual understanding, and shared values. When you do that, you’re not just selling a product — you’re selling an experience that resonates deeply with your customers.

The secret lives of billionaire shoppers

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The secret lives of billionaire shoppers