Luxury brands may be misreading their most important customers, according to a new research report by Toronto-based consultancy Faculty of Change. The report, titled “The Secret Language of Wealth Your Company Isn’t Speaking,” dives into the shifting mindset of high-net-worth individuals and uncovers a surprising insight: luxury retail is increasingly failing to deliver the one thing its customers value most—status.

“Everything is about status,” said Jared Gordon, Managing Partner at Faculty of Change. “People don’t talk about it openly, but that’s ultimately what drives behaviour, especially among affluent consumers.”

Interviewed this episode:

• Jared Gordon, Managing Partner at Faculty of Change
• Faculty of Change

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