We were thrilled & honoured to be featured alongside such amazing people as Preston Bailey in the Power Issue of Macleans magazine, the lap of luxury. Maclean's magazine is Canada's National Current Affairs magazine. We are thankful for such an amazing highlight of our past work. Here is one of many stellar articles in the Power Issue:
“It was a private holiday party in Vancouver for 70 people. The driveway to the house was lined with newly planted evergreens, flocked white and twinkling with mini-lights. Inside, floors had been re-carpeted in white, and sparkling chandeliers were flown in from L.A. and hung overhead like floating icicles. Outside, the pool was overlaid with a dance floor, lit from beneath. Drinks were served at an ice bar, and 23 chefs catered to the culinary fancies of each guest. As the evening drew to a close, snowflakes were projected in light all around the property. The theme was obvious: “White Christmas.” But how much did Vancouver-based CountDown Events Planning & Design charge its client to stage this evening of sheer holiday luxury last year? Almost $200,000.
Some might be quick to predict that this kind of holiday spending might take a dive this year. After all, the sound of the “domino-like fall” of Bang & Olufsen is still fresh in retailers’ ears, as London’s The Times reported the high-end audio manufacturer’s shares took a hit – to the tune of 4.4%. This past summer, shares for luxury fashion brand Burberry also plummeted – by nearly 21%.
More recently, luxury houses LVMH and Tiffany & Co. has shown signs of heading in the same direction, if at much smaller intervals. Despite all the noise, market researchers in Canada remained unfazed.
Maureen Atkinson, senior partner (research) at J.C. Williams Group in Toronto, says while some luxury brands have reported less-than-stellar results, she “would never underestimate what [luxury brands like Burberry] are capable of. They’re very innovative.”
Plus, when it comes to forecasting the holiday spending power of the super-rich in Canada, Atkinson says the performance of luxury brands in other countries doesn’t provide “a strong indication of what’s happening here.” In the U.S, for instance, shoppers consume high-end products and services very differently than here in Canada. “Their numbers are far more affected by what happens on Wall Street,” she explains.
According to Investor Economics, Canadians with high net worth of more than $1 million in financial assets (excluding real estate and business ownership) make up a little over 600,000 households in Canada. Of that total, approximately 25,000 to 30,000 possess financial assets worth in excess of $10 million.
Keith Sjögren, senior consultant and managing director of consulting for Investor Economics, says the distribution of wealth in Canada is changing. Around 40% of those people with financial assets over $1 million live in Ontario, but residents of Alberta are at the forefront in terms of growth potential. “They’re growing fast and they’re younger,” says Sjögren. “The share is changing and the older markets — Quebec and Ontario — are losing share in terms of the overall distribution of millionaires.”
As wealth spreads across the country, the rich are also getting richer. Those households with over $500,000 in financial wealth, Investor Economics’ research shows, are on track to control about 80% of the total personal financial wealth in Canada by 2020. These households will grow at a rate of 6% between 2011 and 2020.
As the holidays are just around the corner, expect those in this niche category to fl ex their considerable buying muscle – as the only limit to making a memorable season is their imagination.”
- Maclean’s Magazine