LSN : News : Stat: Young US consumers are happy to save for epic experiences

Luxury watchmaker joins forces with Louvre Museum

Métiers d'Art by Vacheron Constantin and the Louvre, France and Switzerland

Switzerland, France – Watch brand Vacheron Constantin has unveiled its new collaboration with the Parisian art institution the Louvre that allows customers the chance to create a bespoke timepiece. The partnership introduces the concept of A Masterpiece on the Wrist, where consumers can customise their Les Cabinotiers watch to feature a miniature enamel reproduction of an artwork of their choice from the Louvre's extensive collection.

Vacheron Constantin and the Louvre began their collaboration back in 2019, having previously held an auction to raise support for the museum. The winner chose an artwork that inspired the design of a unique Les Cabinotiers watch, which took several months to complete. The new collaboration extends from this original idea and every purchaser of A Masterpiece on the Wrist not only gets a one-of-a-kind watch but also a private tour of the Louvre and a chance to meet Vacheron Constantin's master watchmakers.

This new collector's item collaboration builds upon our Guilded Luxury macrotrend, where we tracked how luxury brands are employing strategies to build long-lasting cultural relationships with their clients.

Strategic opportunity

Luxury businesses must forge enriching relationships with customers by offering bespoke collaborations or unique experiences that are grounded in the brand's cultural leadership in order to increase brand loyalty and create memorable connections

World's largest construction project in wood to begin in Stockholm by 2025

Stockholm Wood City by Atrium Ljungberg, Sweden

Sweden – Sustainable urban development firm Atrium Ljungberg has announced Stockholm Wood City as its latest conscious venture. With the first divot set to be turned in 2025 and the first buildings expected to be completed in 2027, the project would be the world's largest wooden city ever constructed.

Extending over 250,000-square-metres of floor area in Sickla, the wood city will be home to 7,000 office spaces and 2,000 apartments. Workers will benefit from a shorter commuting time in an area of the city where workplaces are currently missing. On top of answering a demand from tenants who are asking for more 'innovative and sustainable solutions', Atrium Ljungberg states the wooden buildings will provide better air quality, reduce stress, increase productivity and store carbon dioxide when they are in use.

In our Equilibrium Cities macrotrend we previously highlighted how citizens are demanding a more receptive and equitable built environment. Businesses should question how ready they are to fit into new urban developments such as Stockholm Wood City, where high standards of sustainability will be the rule and no longer be just a recommendation.

Strategic opportunity

All players in the retail and hospitality industry should consider how to upgrade and retrofit their stores and venues (from design to products, cutlery and visual merchandising) with innovative and sustainable materials ready to fit into future cities

Longevity Lifestyles - our new report and webinar launch

Immortality has been the engine for so much fantasy, wishful and wistful thinking in our collective imaginations. From the Epic of Gilgamesh to Deadpool, popular culture has asked us repeatedly to wonder what life would be like if we could live it for an extremely long time.

In our forthcoming Longevity Lifestyles webinar and report, we explore longevity and look at how the most innovative developments go beyond age-hacking. The focus is no longer just on extending the length of our lives but also on our quality of life.

Join us at 4.30-5.30pm on Tuesday 27 June as our panel of experts dives into the report and discusses how longevity lifestyles are shifting our perspectives on age and ageing – while giving people and businesses new tools to optimise life.

AI imagery by The Future Laboratory, UK

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RSVP to the webinar here. As a member of LS:N Global, you get free access to all events via The Future Laboratory Community. Find out more and sign up here

Stat: Young US consumers are happy to save for epic experiences

Photography by Mart Production, Russia

US – According to a June 2023 study conducted by American Express, young people in the United States are saving money in order to attend enriching experiences. The Trendex Millennial and Gen-Z Summer Spotlight survey found that 87% of respondents would be willing to spend more money on once-in-a-lifetime experiences. Moreover a significant majority, 65%, have been saving over the past six months to finance their summer activities, including concerts, sporting events and dating activities.

Interestingly, the majority of those surveyed stated showing a preference for experiences rather than for material goods. Nearly two-thirds (61%) of Millennial and Gen-Z respondents said they would choose to treat themselves to a special experience over a material possession.

The Millennial and Gen-Z respondents also displayed financial mindfulness by setting steady money goals. Some 49% say they prioritise focusing on their finances, while 47% emphasise building up savings and emergency funds. Furthermore, 21% are interested in setting up investment accounts, and 18% have aspirations of purchasing a house or apartment.

Our analysis of the Gen Z Money Market explores how observing the consequences of financial crises on older generations has influenced the current money mindset of younger generations.

Strategic opportunity

To capture the attention of Gen Z and Millennial consumers, brands should focus on delivering immersive and socially connected experiences. Consider interactive events, pop-up shops and awe-inspiring activations that align with their values of seeking memorable and meaningful experiences