June 29, 2023
How the Vision of Luxury is Evolving Towards Permanence and Sustainability.
Smart technology and wellness amenities are highly sought after by affluent homeowners. However, modern buyers are not only concerned with the style and location of a home but also with the overall experience it offers. This includes finding a sense of purpose in the property and its location, as well as the opportunity to express their personal identity and style. While there has been an increase in new inventory, the significant difference in the percentage increase of sales compared to new inventory indicates a strong demand for luxury properties, which sustains a robust market. The current focus in luxury is on strength and comfort, emphasizing permanence over fleeting trends. Durability, stability, and permanence are gaining prominence. Color and texture are making a comeback. Cool gray, sharp black, and pure white are taking a backseat, as earthy colors and warm, neutral palettes create a more enriching room dimension. Textures such as wallpaper, fabrics, and soft furnishings are also becoming prominent in luxury living. Blending old and new with an artisanal touch is trending. The shift is moving away from sleek, modern lines to a more lived-in, vintage look. Vintage, reused, and artisanal pieces are mixed to create an eclectic character that allows homeowners to showcase their personality and individuality. Environmental consciousness is a significant consideration. There is an increasing demand for sustainable products in both the construction of homes and interior design. This demand is not only driven by affluent homeowners but also by builders, developers, and designers. Energy-efficient features, water purification systems, ambient heating and cooling systems, and the use of natural lighting are being prioritized over traditional electricity usage. Sustainability and ethicality have been major topics in design and architecture this year, reflecting the growing awareness and commitment to responsible practices. Outdoor trends mirror indoor preferences, with a focus on soft lines, inviting spaces, comfortable surfaces, and low-lying furniture. Color schemes are becoming more dramatic, with reds, oranges, and sage green trending against a rich earthy color or neutral background.