LSN : News : Stat: Ultra-wealthy donations to philanthropic causes reached £150.7bn in 2022

Liberty opens luxury fragrance lounge

The Fragrance Lounge by Liberty, UK

UK – On 15 March 2024, luxury department store Liberty opened The Fragrance Lounge, its new innovative space redefining how scents are discovered and appreciated.

At the heart of The Fragrance Lounge, guests will find an edit of fragrances challenging retail norms by being organised by olfactory families rather than brands and a concierge team. The Fragrance Concierge team are available to introduce each guest to various scent families and offer a bespoke experience of sensory exploration. Scents and ingredients are displayed in terracotta vessels and sculpted glass vials, allowing customers to experience the fragrance dry down, visualise each ingredient and understand the essence of each note.

As a testament to the evolving landscape of luxury fragrance retail, visitors can also pre-book appointments for tailored consultations, private suites and curated experiences, ensuring a memorable and educational journey into the world of perfumery.

Liberty’s The Fragrance Lounge aligns with our macrotrend report, Guilded Luxury, in which we identified how luxury brands are creating bespoke experiences that nurture a deeper sense of involvement and belonging to prove their point of difference.

Strategic opportunity

Take inspiration from Liberty and create accessible knowledge hubs and community spaces within your stores, while simultaneously introducing exclusive experiences such as bespoke consultations and private suites for VIP customers to maintain luxury appeal

Ikea introduces its first dedicated pet product collection

Utsådd by Ikea, UK

Global – Ikea has unveiled Utsådd, a new pet product collection comprising beds, bowls and toys. Named after a mythical creature, it embodies affordability and style in a market often lacking. Developed over two years with input from experts and pets, the 29-product range caters for every aspect of a pet’s life: eat, sleep, play and hide.

Designed to blend seamlessly into any home, the collection prioritises durability and ease of cleaning. Julia Rosenberg, a product design developer at Ikea, emphasised to Fast Co the company’s belief in pets as family, and said ‘the goal was to develop a collection of products that our cats and dogs love and that their human parents can feel good about and truly enjoy having as part of their home’.

This launch reflects Ikea’s commitment to provide practical and aesthetically pleasing solutions for everyday life, extending beyond human needs to the beloved furry companions that share our homes. As dog ownership booms and birth rates decline, there are huge opportunities for brands to get involved in the lucrative pet economy, as we revealed in Prestige Pets.

Strategic opportunity

As the DINKWAD (double income, no kids, with a dog) community grows, so too will the demand for elevated pet products. Businesses should consider investing in high-quality and sustainable products for this sector

Brighton student wins Jägermeister grant to build nightclub in Kenya

UK – Jesse Mugambi, a University of Brighton student studying sustainable design, has won a grant of £42,847 ($54,113, €50,000) to build a new music venue in Nairobi, as part of a Jägermeister initiative. His Studio Can-V project aims to transform the nightlife scene in Kenya through the repurposing of decommissioned shipping containers into a music studio and nightclub in Nairobi.

Jägermeister set up the #SaveTheNight Fund in 2023 to support projects aimed at improving the beauty, safety and sanctity of dance floors around the world. Out of 300 submissions spanning 50 countries, Mugambi's project stood out, earning him joint winner status.

Studio Can-V will be designed as a dynamic space, transitioning from a daytime hub for emerging DJs to a vibrant club at night. The sustainable vernacular designs will be built by local artisans. Mugambi’s vision extends beyond the physical space too. The aspiration is to create a platform for artists to break into new markets, with the scope of scaling across Africa.

In our Generation Z Now and Next: From Vision to Contradiction report, we identified how digital isolation and loneliness are driving community as a core brand value for younger consumers. Jägermeister is creating a youth culture space in an emerging market that organically raises brand awareness at the same time as supporting a young creative.

Photography by Daniel Nouri, UK

Strategic opportunity

Appeal to Gen Z consumers by investing in projects that empower youth and emerging talents, showcasing a commitment to social responsibility and community-building

Stat: Ultra-wealthy donations to philanthropic causes reached £150.7bn in 2022

Goldwin spring/summer 2024 collection, Japan

Global – A new report from Altrata reveals that the ultra-wealthy gave a total of £150.7bn ($190bn, €176bn) to philanthropic causes in 2022, almost 25% more than in 2018. Looking at individuals with a net worth of £23.8m ($30m, €27.8m) or more, the report details how they constitute nearly 38% of all individual giving, with the world’s 3,200 billionaires contributing 8%.

The epicentre of this 'philanthro-boom' is North America where the ultra-wealthy accounted for almost half of global UHNW donations, totalling £72.1bn ($91bn, €84.3bn), which Altrata attributes to the region’s wealth and philanthropic tradition. In Europe, there was a 29% rise in annual giving between 2018 and 2022, with its ultra-wealthy contributing a third of global UHNW donations. In Asia, UHNW giving represented 13% of the global share, reflecting a less developed non-profit sector.

Most interestingly, it is the wealthiest women who are giving more: the top 20% of UHNW donors, who have donated the highest proportion of their wealth since 2018, include more wealthy women.

UHNW donors’ interests vary, with aviation and technology enthusiasts favouring educational causes, while those interested in the arts and culture are drawn to travel.

Strategic opportunity

The report states that UHNWIs’ philanthropic causes vary depending on their interests, but consider the influence of age and where the interests of younger generations will lie, which we detail in The Great Wealth Transfer report