UK concierge services in demand for HNWIs

UK concierge services in demand for HNWIs

The increase in the number of HNWIs in the UK has led to a rise in demand for concierge services. Due to the challenging schedule of HNWIs, and the time constraints under which they operate, concierge firms have emerged to help them meet their needs. The mass affluent and high net worth market has risen dramatically in the last few years, and concierge companies are competing with each other to offer their services to these individuals.

Concierge firms offer simplified procedures in order to obtain anything that is required by clients who can afford their services. The main objective of the concierge firms is to offer tailored services, according to their clients’ demands: anytime, anyplace, anywhere.

There are reckoned to be some 571,200 HNMIs in Britain now. But it is estimated that by 2016 the number will reach almost one million, which will certainly increase the demand for the kind of tailored services which are provided by concierge firms. According to the Merlin report, globally the concierge market is currently worth £700 million, and this is expected to double over the next three years.

London, in particular, has seen a surge in the number of companies offering concierge and other relevant services to wealthy residents in order to meet the high demand. In the UK’s capital wealthy Russian, Indian and French buyers have purchased one third of the high-end properties, thus increasing the demand for concierge services. According to The Guardian newspaper, Italians and Greeks are expected soon to be demanding the services of concierge firms, as there has been a notable rise in their arrivals. British lifestyle generates a desire to reside in London, specifically: private education, exclusive retail items, high-end restaurants and other entertainments.

Add to this the booking of holidays, or finding solutions to problems which might occur unexpectedly and the popularity of these firms can be easily explained. Concierge firms are marketed as providing instant solutions for the desires of HNWIs in the capital. Such firms are expanding rapidly, opening branches all over the world and recruiting staff to meet the unique personal needs of each HNWI.

It has also been noted that customers are becoming more demanding, and if a concierge firm is to succeed then it must be able to address these demands in a timely and effective manner. Some 27 million people across the UK, Germany and France seek out a concierge company that can offer them the services they need; this number illustrates both the need for concierge firms among HNWIs, and how demanding is the market. The Merlin report states that the most popular services are booking restaurants (46%); sourcing and booking holidays (32%;) and providing help with business travel (27%).

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