In the time of the Ancient Egyptians, it was customary for Pharaohs to be buried in lavish tombs laden with treasures and personal possessions, believing that these shows of largesse would smooth passage into the afterlife and allow the all-powerful rulers to continue their opulent existence.

While today we might covet someone’s watch, jewellery, or wardrobe, it is unlikely we are so inextricably attached to our possessions that we would insist on being laid to rest with them. Indeed, if the growing ‘experience economy’ continues on its upward trajectory, our most valuable possessions may become the memories we have acquired living life to its indulgent fullest. And as people live longer, healthier lives it is probably inevitable that truly unforgettable experiences become what we desire most. 

For yet another year, the Julius Baer Lifestyle Survey has revealed that growing HNW consumption of luxury goods is no longer the safe bet it once was, as many choose indulgent experiences like fine dining and first-class flights and holidays. This has been a wake-up call for high-end brands accustomed to decades of year-on-year growth, who must also come to terms with the priorities and demands of younger generations entering into the premium category for the first time.

Not that retail therapy is over, however, for despite a notable slowdown in Europe and North America, spending on luxury goods remained high in the Middle East, APAC, and Latin America, with all regions also experiencing a rise in experiential spending. This is reflected in general global price increases for travel and hospitality services, and may also play into our ‘health is wealth’ theme as people embrace longevity and consider investing more heavily into looking after their bodies and safeguarding their health. 

But, aside from amassing more frequent flyer miles and making more hotel and restaurant reservations, how is the ‘experience economy’ becoming more a part of the high-end consumer’s lifestyle? Consider the retail experience. Time was a store or boutique served one simple purpose – to sell a brand’s goods to consumers. Today, as brand loyalty is more hard-won, and consumers seek greater meaning than a mere purchase moment, stores are becoming experiential destinations. 

Though these transformations are unlikely to drive sales as consumers prefer enjoying the moment and capturing social media content, they can help foster brand loyalty and build aspiration – the intention being that when the time comes to splash out, consumers would be more likely to choose a brand they have already built a rapport with. 

Partly as a response to lower post-pandemic footfall, luxury goods companies are using stores to offer unique experiences, from early adopters like Dior who transformed the 30 Avenue Montaigne store in Paris to encompass the Maison’s entire universe under one roof, to the first ever Aston Martin ultra-luxury retail space unveiled on New York’s Park Avenue in 2023 and offering an exclusive, immersive entry into the world of the iconic British sportscar brand.

Never one to miss jumping on a trend bandwagon, luxury goods behemoth LVMH acquired hospitality brand Belmond (formerly Orient-Express Hotels) in 2018 and has since been able to ride the shift from goods to experiences by increasing its high-end sleeper trains, collaborations with Michelin-starred chefs, and carefully chosen properties. 

Indeed, the luxury industry has noted the shifting preference for experiences – not only noticed by our Global Wealth and Lifestyle Report, but further afield too. For example, the most recent Bain-Altagamma Luxury Goods Worldwide Market Study highlighted not just that luxury experiences maintained faster-than-average growth as consumers continued spending on travel and social events, but also that the market for experience-based goods (e.g., fine art and luxury cars) saw a dual trend, with a contraction in the most accessible segments and strong interest among HNWIs in more absolute expressions of luxury, such as fully customised sportscars. 

As consumers seek evermore immersive, personalised, and brand-curated experiences, the brands that succeed in driving traffic back to stores will offer one-off moments and exceptional in-store engagement. However, that does not mean spending habits will return to what they were. The Bain-Altagamma study stated that, in 2024, experiences showed the strongest spending growth at 5 per cent, as consumers prioritised travel, social events, and wellness-focused activities over traditional consumption. Of all luxury segments surveyed by the study, only four grew in 2024, all linked to experiences. 

Yet, this news is a boon for the ultra-premium travel industry, and as the Julius Baer Lifestyle Survey shows, significant proportions of HNWIs have increased their leisure travel spending in the last year, particularly in APAC, Europe, and Latin America. This tallies with every region bar Latin America seeing the greatest increases in HNWI spending being on hotels and fine dining in the last year.

But ultra-premium travel is about more than penthouse suites and Michelin stars for these elite travellers. The recent Flywire Unlocking Ultra Luxury Travel report notes that the experiences this demographic seek are “defined by access to authentic people, places, and experiences at their destinations.” They are hunting for the true once-in-a-lifetime moment and are willing to pay for it. 

Many also see travel as the opportunity to focus on their mental and physical wellbeing. The Flywire report detailed that 97 per cent of respondents were likely to take trips specifically aimed at reducing stress or anxiety, or to fully disconnect from their daily lives. This echoes attitudes and behaviours identified in our Lifestyle Survey findings. Many HNWIs are concerned with their health and wellbeing, and are taking steps to improve their and their family’s health. These sentiments are particularly strong in Asia Pacific, where health and fitness form a major part of lifestyles. 

Which brings us back to the growing ‘health is wealth’ trend. Younger generations experiencing rising life expectancy are making concerted efforts to improve not just the quality of their lives, but the length too. As our Lifestyle Survey shows, across all regions, HNWIs are proactively safeguarding their physical and mental health, with a view to adding years, if not decades to their time on earth. These efforts range from lifestyle changes such as regular exercise and a good diet to more extreme measures such as gene therapy and cryogenic chambers under the umbrella of ‘biohacking’. 

None of these come cheaply, and, of course, increased longevity provokes a greater focus on financial longevity, with the majority of survey respondents saying they would adjust their wealth strategy with this in mind. So, as health and wellbeing expenditure looks set to continue its upward trend, the customary lifetime habit of amassing a collection of treasures may soon become ancient history, with experience becoming that which we value most.