The Portfolio Member: How High-Net-Worth Americans Rewrote the Rules of Club Loyalty
A quiet but consequential shift is underway among America's most affluent social consumers: the abandonment of single-club allegiance in favor of a carefully managed portfolio of memberships, each selected to serve a distinct purpose. This fragmentation is forcing private clubs to compete not just for new members, but for the sustained attention of those they already have. The industry will not emerge from this transition unchanged.
