Top four features that determine the malls where the wealthy shop

Want wealthy consumers to frequent your store? It may depend on what mall you're in. These are the top four features that determine the malls where the wealthy shop:

1. A proliferation of high-end retailers
Two-thirds of wealthy shoppers say that the presence of high-end retailers like Neiman Marcus determine which malls they frequent.

2. Smaller service-oriented stores
47% of the wealthy say they need banks at the mall, and 40% say jewelry repair stores draw them in.

3. A mix of indoor/outdoor shopping
27 percent of the wealthy, especially wealthy consumers younger than 55, say they prefer the mix of indoor and outdoor shopping at a "lifestyle center" with landscaped grounds, park benches, fountains and artwork.

4. Good security
Good security at the mall is important to the wealthy, especially wealthy women (3/4 cited this as "important" in their selection of a mall). They care about placement of call-for-aid boxes in the mall and the parking facility, the ability to dial *88 from any pay phone at the mall and connect to security and electronic signs in parking garages directing shoppers to available parking spaces.

Source: The Luxury Institute

The Art Market Stays Strong: Record Sales for Hirst's Solo Art Exhibition

Breaking new ground and old traditions, British artist Damien Hirst raised $127 million dollars with his two day auction entitled Beautiful Inside My Head Forever - a record sale for a solo art auction.

The auction results revealed a strong art buying market, despite the struggling economy.

Wealthy Gen Xers give more to charity than other generations

According to a survey from Northern Trust, which polled 1,000 households with investible assets of at least $1 million, Generation X millionaire households (those ages 28 to 42) gave away more money than Baby Boomers (ages 43 to 61) or Silent Generationers (ages 62 to 77). GenXers gave an average of $20,000 in 2006, compared to $10,000 for the older millionaire households.

Lieber, Hermes, Tod's and Jimmy Choo rated most prestigious handbags by high net worth consumers

For the second year, high net-worth consumers rated Judith Leiber the most prestigious luxury handbag brand in the 2009 Luxury Brand Status Index (LBSI) survey from the independent New York City-based Luxury Institute (www.LuxuryInstitute.com). Hermes and Tod's tied for second, Jimmy Choo was rated third.

"As high net-worth consumers become more discerning about their investments in luxury goods, the coveted luxury handbag category players are raising the bar in uniqueness, exclusivity and artistic value to satisfy consumer demand for true luxury," said Milton Pedraza, CEO of the Luxury Institute.

The Wealthy Keep Spending Big on Collectible Cars

The annual Pebble Beach automobile auction, which follows the Concourse d’Elegance, is one of the elite car auctions in the world - and a valuable barometer for the collectible-car market.

This year’s auction brought in $64.2 million, topping last year’s tally of $60 million. The auction saw the most expensive car ever auctioned in the United States. Twenty cars sold for more than $1 million–more than triple the number in 2006. Five cars sold for more than $2 million.

The number of price records shattered suggests that the rare-cars business remains strong.

Source: Wall Street Journal Wealth Report

Philanthropic Giving Expected to Increase in 2008

Charitable giving by the rich is expected to increase this year compared to 2007, according to the
Crown Philanthropic Advisors, a New York firm that sells technology platforms for donor-advised funds.

Crown's survey of donors and advisers showed that the wealthy–those with $2 million or more in investable assets–are unlikely to cut back on charitable giving this year.

Source: Wall Street Journal Wealth Report

Wealthy Consumers Rate LuxuryRealEstate.com Most Prestigious Real Estate Website

High net-worth consumers rated Luxuryrealestate.com the most prestigious real estate website in the 2008 Luxury Brand Status Index (LBSI) survey from the independent New York City-based Luxury Institute (www.LuxuryInstitute.com). Weichertcapital.com and Realtor.com rank second and third respectively.