OGN Luxury 2.0

All signs are pointing to the fact that Russians are becoming wealthier and wealthier and are spending to prove it. According to the Moscow Times, the Extravaganza-2007 event held in Moscow last week was a true success. The event was a chance for companies with designer, high-end, luxury, and unique goods and services to show off their products in the up and coming rich Russian marketplace.

The Russian market is a large and quickly-growing one, but some vendors have not yet figured out how to accommodate this new market, as they have focused more on the Asian market in recent years. Still the products that appeal to the overall luxury market is about the same. Product categories for the event included luxury cars, gourmet food, art, aviation, wealth management, jewelry, and more. According to a RAK Properties press release, "The exhibition is an important event for high net worth individuals and their professional advisers in Russia, seeking to invest locally and internationally." Properties all over the world were represented at the event, ranging from around $7-$15 million. While properties are available all over, Russia investors seem to have the most interest in homes on the Mediterranean and in London.