Don’t mistakenly equate “luxury” with “expensive”. It’s more about a customized look… and it’s currently what Emily Morrow Home’s customers desire and designers demand. “Interior designers work with demographic groups that generally are higher earning households, and their clients generally are hiring the designers to help create an interior that adds to their overall quality of life and pleasure,” said CEO Emily Morrow Finkell. She explained those clients are hungry to create a space that’s completely unlike the interior next door. These custom options, from cut to color, help differentiate high-end hardwood. Morrow Finkell says that having a range of format offerings is essential to curating a luxury line. “Having a variety of options,” she echoed, “either custom or herringbone are essential.”
Below is the interview recently conducted between Emily Morrow Finkell and Floor Covering Weekly for their 2020 FCW Luxury Issue
Q1) What defines high-end hardwood: the cut, finish, design, etc.? Please explain. Why are these attributes important?
A1) The definition of high-end hardwood certainly should be looked upon in the same light as diamonds since they both begin with the “cut”… the more precious the part of wood that is revealed by the cut, the harder it is to achieve that particular cut, the more desirable it is. Quarter-sawn veneers and select grades of North American white oak are among the most timeless requests in the world of luxury hardwood especially if it’s domestically-grown and domestically-harvested, it leaves no doubt of its origins. Today’s consumers insist on knowing how it’s made, if it is “safe” for the end-user as much as it is for those in the factories, think of this material almost like the entire “clean eating, farm to table, organically grown” version of hardwood flooring. Colors and finishes for the flooring need not hide or disguise the beautiful flecks, grain and medullary rays of the material but rather allow the natural eye see and appreciate it for its natural beauty. Some of the color influences are also drawn from other natural materials like “limestone”, salt, plaster, natural linen, jute, hemp and the natural-neutral colors of wool. The colorations, although subtle are critical that they are “just right”, not too gray, not too yellow, not too pink, not too green…but “just right’ in almost every light source. Beyond the cut of course is the size (thickness, width and stability) of the plank…keeping in mind that having a variety of options, either “custom” or “herringbone” coordinates are essential.
Q2) Why does wood sell well at the upper end?
A2) Wellness, holistic homes and “healthy” living are major catalysts. Although it may sound like I’m repeating the same thing if you listened in to my presentation on Thursday for NWFA’s “Changing Market Trends”…you’ll begin to understand that it is a BIG TREND…and no one else seems to be talking about it, except me…so that is an indication that our industry is focusing on other things that they perceive as a higher priority. “Hipsturibia” and “holistic residential ares” are designed and constructed with the natural materials, although the per square foot price tag is on the high end, it is a trade off for what these consumers’ value over those from 20 years ago, who wanted the maximum square footage “McMansion”. Those who wanted “McMansions” probably loved their “Big Macs” while today’s homes are “conspicuously comfortable and natural” just like the uber-organic “Whole Foods” deliveries brought to their doors.
Q3) What are the benefits of choosing a luxury wood?
A3) Key themes for my brand and products have been “custom options”, premium cuts as well as timeless designs and colors. Knowing the higher end consumer’s desires and design styles has proven to be beneficial in curating the collection. Knowing the “whys” certain colors and finishes were trending upwards, and understanding that I didn’t want to be everything to everyone, but my particular segment of consumers.”Tendencies” and behaviors are the key, like in playing doubles tennis, when you see your opponent at the net reaching overhead with their tennis racquet, you should expect there to be a tennis ball coming at you right away. Interior designers work with demographic groups that generally are higher earning households, and their clients generally are hiring the designers to help create an interior that adds to their overall quality of life and pleasure which includes what can be best described as the “spiritual” need to have a place that exudes who they are, unlike the interior of the space next door, unique. “Customization” and “experiential” both helped craft and define the collections of EMH hardwood. A love of travel, having a curiousity about the world and a desire to bring the most natural and healthful materials into a space, are at the heart of EMH and EMH for Louis A. Dabbieri. Without seeing some of the places I was inspired by, it’s still possible to imagine the colors of the Serengeti or the cloud of gray dust and blur of zebras and wildebeests when clicking on the videos showing the “Design Journey” for styles named “Tusker”, “Great Migration”, “Serengeti Spirit” …just to name a few. Taking those experiences and translating them into colors and finishes that leave no doubt that when looking at the flooring you are indeed seeing those very things in your minds’ eye.
Wellness has been a huge priority in the Morrow-Finkell household as you already know, I’m a breast cancer survivor with now a daughter who’s a Covid-19 survivor and it goes without saying that everything we have touched, everything we have brought into our home has to pass a series of criteria: where did it come from? Who all has been in contact with it? What are the ingredients? How long would a virus or bacteria last on it? Where does this go when its useful life is over? Knowing that viruses live longer on plastic than they do on wood is one statistic many consumers will not forget after this pandemic is over. Living better, living longer are a priority over living “large” and brandishing designer handbags. Today’s consumers are living with health and wellness foremost in their minds. It isn’t your imagination that it’s the millennials, Gen-Y and Gen X’ers who have been the most outspoken for the “more senior” family members to “stay home and wear a mask”, while standing outside their windows or delivering their groceries to them. It’s the same consumers who are the recipients or soon to be on the receiving end of the ‘“transfer of wealth” already documented in various reports.
RESEARCH EXCERPTS FROM ARTICLES CITED BELOW:
The researchers behind the new study tested the virus’ life span in a 71-degree-Fahrenheit room at 65% relative humidity. After three hours, the virus had disappeared from printing and tissue paper. It took two days for it to leave wood and cloth fabric. After four days, it was no longer detectable on glass or paper money. It lasted the longest, seven days, on stainless steel and plastic. https://www.businessinsider.com/how-long-can-coronavirus-live-on-surfaces-how-to-disinfect-2020-3
According to Rachel Graham, an epidemiologist at the University of North Carolina, smooth, nonporous surfaces like doorknobs and tabletops are better at carrying viruses in general. Porous surfaces — like money, hair, and cloth fabric — don’t allow viruses to survive as long because the small spaces or holes in them can trap the virus and prevent its transfer, Graham told Business Insider. https://www.businessinsider.com/how-long-can-coronavirus-live-on-surfaces-how-to-disinfect-2020-3
The health of individuals – mental and physical – society as a whole, and the wider natural environ- ment. Growth in demand for a healthy outcome is driving innovation across the real estate sector.
Environmental, social & governance (ESG) criteria
A generic term used by investors to evaluate corpo- rate behaviour against a set of non-financial perfor- mance indicators including sustainable, ethical and corporate governance issues such as managing the company’s carbon footprint and ensuring there are systems in place to ensure accountability.
Watch for housing developments focused around wellness, “hipsturbia” neighborhoods, and communities catering to active seniors, millennials, and LGBTQ. When it comes to luxury condos in big cities, we are already seeing more buildings offering unique hospitality and services for pets and children, as well as five-star hotel-condo models. New definitions of luxury are emerging, creating greater diversity within the marketplace. A one-size-fits- all approach to connecting with tomorrow’s affluent consumers is not the future of our business!
Tax law changes in 2018 that limited deductions for state and local taxes provide further fuel for buyers to move from places like New York and California to Florida and Arizona.
Another recurrent theme is the broad concept of wellness, which has come to mean much more than spas, pools, and exercise rooms to include everything related to holistic well-being. Increasing focus on green design is giving rise to rating systems that certify buildings as eco-friendly, while similar certifications are taking root to score buildings’ wellness.
Finally, there is a widening recognition of the increasing influence of several demographic groups in the luxury home market.
The Global Wellness Institute (GWI) estimates the worldwide wellness market to be worth $4.5 trillion, with the strongest growth coming from the spa industry, wellness tourism, and the emerging industry of wellness real estate,1 which has taken flight by responding to rising demand for buildings that support the holistic health and well-being of people who live and work in them.
“Luxury is the trend leader in wellness, but developers are starting to leverage the benefits to create more affordable smart-healthy homes and neighborhoods,” says Scialla, noting the sharpening focus on wellness at the center of new home conception, design, and creation.
With luxury goods, the craft origins, high-quality materials and small production runs that characterise the industry, assist audit trails. We can see who and how things are put together and the possible side effects during the manufacturing or distribution process.
The total number of luxury consumers is expected to reach 480 million in 2022, a 20% increase from 2015. As opposed to conspicuous consumption, social status today
is signaled through the consumption of experiences rather than material goods. By 2023, the experiential segment is forecast to account for nearly two-thirds of the total $1.2 billion luxury market.