A decade ago, big bucks spending was done by the Japanese, Americans (which I personally witnessed via Hollywood, it's movie premieres and it's trickle down effect) and Russians. But today's elite party consumers can come from anywhere and spend pretty much everywhere, down-turned economy be damned.
There's still a lot of cash being spent in the world on parties, in all countries, believe it or not.
Yet, still there's no question that the worldwide financial crisis hit even the deepest pockets. Even still, parties in the six figures aren't completely unusual these days. And, total spending last year on big-ticket items, for example, rose somewhat despite the poor economic situation. Big spenders are definitely looking for and will pay for extreme quality and the best service.
High service expectations are common and for the luxury caterer and luxury event planner it's welcomed.
Since I began in this business all I've heard is behind the scenes grumbling about the wants and desires of highly successful people; "Why do we have to do all of that for them?", "Why do they change their minds at the last minute?". Jealously and envy for what they have seems to reign supreme. High-net worth clients won't hesitate to ask for the impossible, from rushing a selection of custom-made tablecloths and napkins to adding beading to tent interior wall lining. They're willing to spend the money, but want things to be the way they want it to be. If you can't handle the pressure, get over it or move out of the way.
I know. When you deal with this type of clientele on a regular basis you find out that they're often impulsive. Their impulsiveness makes complete sense to me. When you have a lot of cash to work with like they do, you can afford to change your mind on a whim, then laugh it off, and not sweat it.
I'll never forget the day a woman blew six figures - on a baby shower for her daughter's new baby that her daughter didn't know she was spending. Then, remembering what she was there for, she dropped another five figures on a private, intimate fundraiser she was planning to host at her home. My theory: If you've got it like that and can afford to do it, then do it.
The best party clients behave like collectors, buying custom-made party decor instead of renting. On a much smaller scale, I can relate. I have a soft spot for party decor and not enough room to store some of it. And, I'm always working so I barely even host my own parties. They tell me the real problem of big spenders is storage. I wouldn't say that's exactly me, because I'm not one of "them". But I work for them. And, I love every minute of it.
Image source: tonyhall
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