Sir Elton John recently held a private concert for the grand opening of a concert hall in Moscow. Russian businessman, Vadim Varshavsky, bankrolled the entire thing - to the tune of $3 million! Elton even managed to plug his new collection of Chopard luxury watches. This trend in inviting insanely famous entertainers to private parties is increasing along with Russia's growing wealth.
Implications - Exclusivity is a desirable trait in the eyes of many people who seek differentiation from a slew of similar like-minded consumers. When businesses incorporate private events into their routines, this shows that they are inclusive to a select group of people, who will then feel more obligated to buy high-end goods.
$3 Million Private Concerts
Elton John Entertains Moscow Businessman
Trend Themes
1. Private Concerts Trends - Inviting famous entertainers to private parties is becoming a trend.
2. Luxury Experience - Offering exclusive experiences to a select group of people is a growing trend.
3. Billionaire's Personalization Trend - Millionaires and billionaires are looking for exclusive and personalized experiences.
Industry Implications
1. Entertainment Industry - The entertainment industry can benefit by offering personalization and exclusive experiences to high-end clients.
2. Luxury Goods Industry - The luxury goods industry can benefit by partnering with entertainment industry to offer high-end experiences and increase sales.
3. Event Management Industry - The event management industry can benefit by providing personalized, exclusive event experiences for high-end customers.