At our request, Bob Shullman, CEO and founder of the Shullman Research Center, identified luxury trends affecting those with $5 million or more in net worth, and then riffed with us on what stocks might possibly benefit from the changing fashions.

Luxury cruises and premium wines are the crowd favorites among our target audience. “Almost one-third of those surveyed went on a luxury cruises in the past 12 months. They are usually two weeks long,” says Shullman. While aboard, they often sipped fine wines; 29% said they acquired...