One of the most powerful transformations in the luxury world today is being driven not by products or brands, but by a generational shift in those who buy them.
The new generation of ultra high net worth (UHNW) individuals is not only growing in number, it is rewriting the rules of the game.
According to the 2024 Knight Frank Wealth Report, the global population of individuals with wealth above 30 million dollars is expected to grow by 28 percent in the next five years, with the sharpest increases in Asia, the Middle East and Australasia. These are not only numbers. They represent a profound shift in culture, psychology and expectation.
This new wave of wealth does not aspire to what the previous one desired. The codes are different. Where past generations might have valued visibility and external status, today’s wealthy clients seek discretion, depth and alignment with their own values.
The rise of quiet luxury is not a trend. It is a cultural signal. From Loro Piana to The Row, from Vacheron Constantin to Aman, the most admired brands are those that speak softly and act with intention. In a world saturated with noise, silence has become the new symbol of authority.
'This new wave of wealth does not aspire to what the previous one desired. The codes are different…in a world saturated with noise, silence has become the new symbol of authority.'
Digital fluency is second nature for this clientele. They expect seamless and intuitive experiences across physical and digital touchpoints.
A 2025 report by Capgemini shows that more than 70 percent of wealthy millennials in Asia and the Middle East expect personalised digital services from luxury brands, and almost half are already using AI powered advisors to manage their investments. But this is not about gimmicks. It is about intelligent and emotionally aware experiences. If a brand cannot move with the client between digital and physical space while remaining relevant and elegant, it will be left behind.
Sustainability is not a decorative message. It is a filter. According to Bain and Company, more than 60 percent of luxury clients under forty consider environmental and social impact a fundamental factor in choosing a brand. But the point is not just having a sustainable mission. It is proving it. They want full transparency on sourcing, labour, carbon footprint and long term responsibility. Without that, the transaction ends before it starts.
Time has become the rarest commodity of all. These clients are not only rich. They are busy, often operating across continents, industries and time zones. What they value is anything that removes friction. A personal contact who anticipates needs. A service that is precise and discreet.
An environment that is curated and calm. The concept of luxury moves from possession to protection. Protecting time, energy, attention. According to UBS research, more than two thirds of ultra wealthy clients say they prefer to spend on unique experiences rather than physical goods. A one to one masterclass in Kyoto, a private visit to an atelier in Florence, a silent wellness retreat in the Dolomites. These are not side activities. They are core elements of a new definition of luxury.
'Time has become the rarest commodity of all. These clients are not only rich, they are busy…what they value is anything that removes friction.'
This shift has deep implications for travel retail; a model that has long relied on volume, visibility and traffic must learn to serve clients who no longer want to be seen, but to be understood. The traditional walkthrough layout and promotional noise do not resonate with someone who chooses The Row over Dior, or Aman over Saint Tropez.
For travel retail to remain relevant, it must learn to create spaces of calm within movement. Environments that invite, rather than push. Experiences that feel private, even in public space. And above all, a service that feels human, precise and aware, not automated, standard or reactive. Travel retail can still be a point of meaningful engagement, but only if it learns to slow down, observe and elevate the encounter. Just like the clients it hopes to attract.
For brands, and especially for those operating in the world of luxury and airport retail, the challenge is clear. We are no longer talking to a legacy audience. We are dealing with clients who are younger, faster, more informed and more selective. They are not loyal by default.
They are loyal by design. And design means relevance, clarity, emotional connection. This is not the time to keep doing what worked in the past. It is the time to listen and learn. Because in today’s luxury market, the most valuable asset is not visibility. It is understanding.
Marco Passoni has decades of experience in the travel retail sector. He has spent the majority of his career in senior leader positions throughout the market, including a 12-year tenure as CEO of a leading international Duty Free distribution company and a further 8 years running a retail firm that operated fashion mono-brand stores in several international airports.
Today, as Senior Executive VP and founding partner of 2.0 & Partners, he leads the company’s efforts in developing and innovating services which create new opportunities and partnerships for all members of the travel retail Trinity. A former elite-level sailor, with a World Championship to his name, Marco now spends much of his time airside, experiencing the changing travel retail industry first-hand, to better guide partners and clients on the best way to do business in this vibrant and unique market.
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