A More Inclusive Luxury World

Exclusivity lies at the very core of the luxury market. In fact, it would seem that luxury’s very definition contradicts the principles of diversity, equity, and inclusion. How do luxury brands and those who are in service of affluent clients reconcile these seemingly conflicting ideas? In September, I’ll be a speaker at this year’s LGBTQ+ Real Estate Alliance 2023 Conference in Houston, Texas, and I’ll be touching on the subject of inclusivity in the luxury sector. What an amazing time to be part of the luxury experience, which is becoming more accessible to larger demographics, especially as our economy becomes more internationally integrated and universal. It’s also an honor to represent the Coldwell Banker Global Luxury® program at this marquee event, and to be able to show our support for the LGBTQ+ Real Estate Alliance and its mission of empowering the LGBTQ+ community on their path towards homeownership. The LGBTQ+ property ownership rate is at 49% – far below the national average of 66% according to NAGLREP (National Association of Gay and Lesbian Real Estate Professionals). [Source: Bankrate] But back to my original question: can luxury be inclusive? I believe it can and should. Consumers are evolving. Younger generations of affluent buyers are continuing to make their impact in the high-end residential world. These consumers not only want to see luxury brands welcoming more people of diverse backgrounds and experiences, but also expect it. In real estate, we see this playing out in emerging markets, which are opening the doors to the luxury lifestyle for more people at more accessible price points. This isn’t just happening internationally, but also right here at home in regional off-the-beaten-path destinations outside of “traditional luxury” centers like New York City or Los Angeles. What seems apparent now is that luxury is evolving as a category, moving beyond the confines of exclusivity-only and becoming more accessible and aspirational. Creating a more inclusive luxury world starts with leadership, and the Coldwell Banker Global Luxury program is driving that change. We want to meet our clients wherever they are. That’s why Coldwell Banker and the Coldwell Banker Global Luxury program continue to support organizations that promote diversity in the real estate industry and create opportunities for groups that are underrepresented at the ownership level, including NAREB (National Association of Real Estate Brokers), NAGLREP, NAHREP (National Association of Hispanic Real Estate Professionals) and AREAA (Asian Real Estate Association). Coldwell Banker Real Estate itself also has long had a program to encourage diverse franchise ownership. Of course, there is more that we can do too – but the important thing is that we do it TOGETHER.