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IKEA cut prices on hundreds of products yesterday, reversing price increases since 2021 which CEO Jesper Brodin said fulfilled a promise to his customers.
As reported in our recent “Evolution of Global Luxury Hospitality” research paper, we are witnessing a rise in global wealth. Not only from HNWIs who contribute 70% of luxury travel spend worldwide, but also from the rising UHNWI population – those with a net worth of at least $30 million. Four fifths of UHNWIs either own their own business or are C-Suite executives so travel is rarely, if ever, solely for vacation. As such, time is often the largest constraint and therefore travel experiences that cater to privacy and connectivity are in high demand.