Where does a vogue start? We’re not talking about the viral social media moment, the outfit that suddenly shows up everywhere, or the restaurant that becomes impossible to book overnight. That’s the public version. That’s visibility. But where do the trends that inform high-net-worth individuals—known in the financial world as HNWIs—begin? If you are the aspirational, what do you seek? How can you tell what may matter next before the broader market catches on? In essence, who informs the informers?
“Affluents/HNWIs are discerning and inquisitive individuals; many do not simply accept things at face value and tend to weigh up alternatives,” said Chris Wisson, knowledge director at luxury and wealth management insight provider Altiant. “They are much more likely to give credence to opinions from trusted sources, such as friends, family or from communities they are part of.”
For this luxury subset, earned ethos is the currency. It signals what wealth watches today. Wilson went on to say that 63% of high-net-worth individuals indicate they are influenced by personal recommendations.
“As you go higher up the price tier, the affluent/HNWIs tell us they look for more expertise from like-minded contemporaries,” he added.
Team One’s 2025 Global Affluent Collective Study (pdf) further noted that 88% of the 4,200-plus affluent consumers surveyed said that status was earned through being knowledgeable and respected. In terms of purchases, it pointed to a shift in consumption among HNWIs. According to the study, they’re no longer asking, “What do I own?” The question now is, “Who am I becoming?” The driving force behind their financial decisions has moved from return on investment to return on worth.
“This isn’t abstract theory—it’s reshaping real spending patterns,” the study stated.
This includes a shift in luxury value toward internal transformation rather than external validation. This movement is significant, as it influences how, why, where and who influences what wealth watches.
“For premium brands, this shift calls for a redesign of value,” the study continued. “Products must deliver transformational experiences. Services must drive growth. The best brands won’t just sell luxury—they’ll help architect high-worth lives.”
This starts with knowledgeable personal shoppers and even in-store sales associates. Staying in the know has become more important than ever for these brands, as top-tier luxury consumers account for less than 1% of the market but generate roughly 23% of the luxury market’s value, according to Boston Consulting Group. This, of course, makes their preferences disproportionately impactful in shaping what gains traction more broadly.
“Having knowledgeable in-store salespeople—not just of their own brand but similar ones too—can be effective,” Wisson said. “There is more information available than ever, which can be a positive thing. But this also can make it hard to separate the good from the bad, especially with the proliferation of AI content.”
And of social media content. While the masses may take their cues from a handful of platforms, the ultrawealthy don’t generally do the same. Altiant’s research showed that while most HNWIs use social media weekly, only a quarter say they frequently or always buy a product after seeing an advertisement from an influencer.
“The higher up the wealth tiers you go, the less relevant social media influencers become,” Wisson said. “While some high-end brands can indeed have success with these, influencers always come out near the bottom of the list when it comes to identifying influential factors.”
Not to be overlooked are traditional mainstream media sources, including newspapers and magazines. Altiant’s Millionaire’s Media Consumption report noted 80% still read newspapers once a week, while 71% read magazines weekly.
For all the influence traditional media, social media, brands and personal shoppers may have, the top tier of wealth still turns to one another for their social consumption cues. Some of their favorite places to take inspiration, according to Wisson, are private members’ clubs, as well as happenings at Goodwood, a historic English estate and event platform known for itslong-standing, invitation-driven gatherings that blend culture, sport and access.
Even the official messaging for Goodwood’s May Festival horse racing competition, May 22-23, positioned the event as a place to “find style inspiration” ahead of the summer season, cementing its role as a real-time filter for taste.
What will and won’t be on display at the early season racing and retail event won’t be a reaction to current styles. Instead, what’s worn will quietly shape them as attendees observe, analyze and decide what’s worth carrying forward before it reaches a broader audience.
