5 luxury trends you can't miss to splurge on in 2016

Trends are a strange but beautiful beast. Before you have had time to adjust your sensibility and get comfortable with a particular "It" phase, the year turns and a new way to consume emerges.

Here's a quick look at how we will be spending our money, what will become coveted and what will be the next big catchphrase in luxury this year.

1. The HENRY arrives

We have traversed every acronym in the book; from those with double-income-no-kids (DINKs) to high net-worth individuals (HNI) and several others in between. In 2016, brands will be compelled to make way for the high-earners-not-yet-rich (HENRY) segment who are somewhere between the middle class and the wealthy. These individuals are on the cusp of being labelled rich but not quite there yet and earn anywhere between $100,000-$250,000 annually. They are the lot that seek experiences, craftsmanship and authenticity above all else and top luxury brands are not the answer to all their desires. They have aspirations but know that fortunes can be fickle while experiences endure. This year, we are likely to see them being wooed more aggressively by brands as they are seen as the next big market waiting to be captured.

2. Rise of the luxury sharing economy

Last year we saw travel being redefined by services like AirBnB and Uber. This year, we are likely to see that being expanded to the luxe space as services like One Fine Stay prove that there are enough takers for their services. One Fine Stay allows you to book a short-term vacation rental, much like an AirBnB, except that the apartments are extremely high-end and spell luxury. Similarly, Share A Jet Exchange offers private jet travel without the burden of buying or renting a jet and by doing so, allows you to experience more for less. Today's rich get restless easy and for every new experience, if you can share the expense of say hiring a yacht or staying at an exceptionally high-end holiday rental, who wouldn't do so? They are all for the experience without the hassle or permanence of owning the solution.

3. Extreme dining gets a leg up

While the world of food continues to titillate the taste buds with its million innovations in flavour and plating, this year, those craving unique food experiences will fall into the trap of accessing extreme dining. What this means is that dining at remote, inaccessible locations is slated to be a big trend in 2016, with pop-up restaurants like Raw/Almond being built over a frozen river in Winnipeg, Canada, architecture firm Herzog & de Meuron creating a restaurant on top of Switzerland's Chäserrugg mountain and Dinner in the Sky which is already spreading its wings across 45 countries by offering novel experiences to diners at amusement parks and other attractions.

Add to that the chance to dine atop a tree that branches out into the stunning Maldivian sky at Nest by Per Aquum Niyama resort where each dining pod is suspended six metres above the ground, in the midst of banyan trees. This is as wild as your dining experience can get and in 2016 we are expecting to see many more additions to this list.

4. Luxury fashion brands diversify into food

Fashion and food don't naturally go together, but luxury brands like Prada and LVMH are changing the rules of the game as they try and redefine what constitutes luxury. Prada took over Pasticceria Marchesi, a heritage pastry shop in Milan which is over 150 years ago, and gave it a fashionable facelift. Similarly, LVMH now owns Cova Caffe in Milan and has plans to expand the chain to include outlets in Taiwan, Bangkok and Dubai this year. Similarly, Ralph Lauren's Polo Bar in New York has had long queues as New Yorkers hungry for a whiff of his drinking style line up eagerly. This trend is expected to grow in 2016 with experts saying fashion houses will be looking to expand the definition of luxury and heritage.

5. Perfumes go uber Bespoke

Bespoke is no longer a buzzword. In fact, it has become terribly jaded in use thanks to fashion and accessory brands using the personalised tag so fecklessly. This year though, we are likely to see a revival of luxury perfume brands taking the path of extreme personalisation. Just last year, Hermes launched its debut perfumery in Manhattan where not only can you create your own scent, but can also access the fragrance library where bottles can be monogrammed and leather cases selected. Similarly, London-based perfumer Lyn Harris launched Perfumer H in Marylebone, a perfumery that also houses a swish fragrance laboratory where new scents are created. Brands like Dior have also recently re-introduced their classic amphora-shaped bottle which consumers can now get engraved. Clearly giving scents a new, exclusive lease of life is what the new year is all about.