Archive for May, 2015

Now Trending Among Affluent Foodies: Culinary Tourism

Tuesday, May 26th, 2015

Market culinary travel destinations to affluent high net worth travelers.

Affluent foodies are flocking to culinary travel destinations.

According to the 2015 Virtuoso Luxe Report, Culinary travel is one of the top 10 travel trends of the year. Take the Silverado Resort and Spa’s Royal Oak in Napa Valley for example. Here culinary travelers can enjoy a seven-course, farm-to-table feast at Thomas Keller Restaurant Group’s pop-up restaurant Ad Lib for just $295 with wine pairing. Make your reservation soon — it pops down in October!

Meanwhile there’s a revolution in the cruise industry’s dining culture. Geoffrey Zakarian, a Food Network Iron Chef and the chef at Lamb’s Club in New York, has restaurants on two Norwegian Cruise Line ships. Royal Caribbean’s Quantum of the Seas is a floating home for Michael’s Genuine Pub of famed Miami chef Michael Schwartz. Up on the next deck is Jamie’s Italian restaurant, of British celebrity chef and star of “The Naked Chef,” Jamie Oliver. Crystal Cruises operates a restaurant in partnership with celebrity fusion chef, cuisine Nobu Matsuhisha.

Affluent travel destinations are also turning to culinary experiences to entice affluent foodies. At the Ritz-Carlton on Seven Mile Beach, famed chef Daniel Boulud, of NYC’s famed Daniel, dazzles crowds at the Cayman Cookout, an annual event that brings in top celebrities like Marcus Samuelsson, Jose Andres, and Anthony Bourdain to spice things up for a well-heeled audience of jet-setters.

Serious epicures can also delight in hands-on extraordinary food-focused experiences in far-flung places. Guests at Peru’s Inkaterra Machu Picchu Pueblo Hotel learn about the local tea by picking, grinding and bagging leaves themselves. Istanbul offers insider tours to the city’s famed bazaars and classic Turkish meal cooking lessons back at the hotel. In Kenya, luxury tent campers pick fresh produce from organic gardens and assist in creating an alfresco lunch, surrounded by the Masai Mara game reserve.

“Unique food and drink are the perfect attractions, especially for second and tertiary destinations that now must market more proactively in the globally competitive market,” states Erik Wolf, President and CEO of the International Culinary Tourism Association.

Now if only there was a way to reach high-net-worth travelers with a passion for gourmet dining. Oh but there is! Wealth Window can put that package together for you.

Younger Affluents Want to Retire Early and Make Money Too

Monday, May 11th, 2015

The young and affluent are retiring earlier than their Boomer parents.

High net worth Americans, or those with more than $1 million in investable assets, plan to retire by age 56. Average holdings for these retirees tend to be $3.2 million, but the younger the millionaire, the lower the target retirement age.

A recent study by BMO Private Bank finds that one in five Americans with more than $1 million in investable assets plans to retire before 40. While most want to spend their retirement traveling, over half intend to keep earning income by working part time, starting a new career, or launching their own business.

In fact some 33% of retirees with $1 million to $5 million in assets continue working, not because they have to, but because they want to. Half have shifted into a different line of work to pursue a passion, experience new things, or enjoy greater flexibility.

Jack Ablin, CIO of BMO chalks this phenomenon up to the Millennial mindset. They share different priorities than their Boomer parents. They’re less tied to a single career path and more easily maneuver through various income-producing positions throughout their working life. That leaves them more focused on their quality of life than on an individual job.

What can marketers do with this information?

Millionaires in their forties or early fifties have retirement or some kind of lifestyle change on the mind. Young, wealthy retirees (or potential retirees) may be your best mail order candidates. Many are still earning income, while their portfolio growth may outpace their spending. They’re looking to use their financial freedom to feed their intellect and find new activities, which is why checking the mail and finding new opportunities could be one of their favorite parts of the day.

A few ideas jump right out at me…

 

The young, wealthy retirement community presents a lucrative audience expansion opportunity for many types of marketers. Of course the key is identifying young high net-worth individuals, not just high-income earners. In order to retire, there must be a nest egg of at least $1 million, which many young “retirees” plan to grow.

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