Interviews
Luxury consumers everywhere emphasize experience
24 Jul '07
4 min read
Luxury consumers in the U.S. and much of Western Europe are remarkably similar in many ways, especially in the emphasis consumers place on experiences, rather than something that one has or owns, according to a report released by the Consumer Research Center of The Conference Board.
The report was sponsored by Conde Nast Publications, Gucci Group, Gibson USA, The Ritz Carlton and Tru Vue and is based on an online survey of 1800 affluent consumers in the U.S, China, France, Germany, Italy, Japan, and the UK. Respondents were over age 18 and in the top 25% income brackets.
“Consumers have remarkably similar perspectives on how to define luxury,” says Lynn Franco, Director of The Conference Board Consumer Research Center.
“The largest share of luxury consumers (44%) and the largest share of consumers in each country most strongly agree that 'luxury is having enough time to do whatever you want and being able to afford it.' So, for luxury consumers worldwide, time is the ultimate luxury.”
Time is the most highly valued luxury (named by 35% of respondents as best matching their personal definition of luxury), then life experiences (25%), followed by having comfort, beauty and quality (18%).
About one-fourth or fewer luxury consumers strongly agree that:
• Luxury is less about the material things one has or one owns and more about how one experiences life, a sense of happiness and satisfaction (26% strongly agree).
• Luxury is being comfortably well off and not having to worry about tomorrow (25% strongly agree).
• Luxury is the finer things in life that surround you with extreme comfort, beauty, and quality (25% strongly agree).
• Luxury is the “best of the best” in all aspects of your life (18% strongly agree).
Luxury consumers' favorite pursuits worldwide include high-tech activities and travel. High-tech activities, such as using a personal computer, the Internet, or a cell phone, rank as the most participated in lifestyle activities by nearly three-fourths of all luxury consumers. Travel comes next, with 69% of luxury consumers worldwide reporting an interest.
The most popular status luxuries owned across the countries surveyed were collections of antiques and rare items (30% of all luxury consumers report earning); original art, paintings and sculpture (31%); and vacation/second home (27%).
American luxury consumers led in ownership of antiques or collections of rare items, while the Italian luxury consumers were more likely to own original art. The Italian luxury consumers also enjoy the highest share of vacation or second homes.
The report was sponsored by Conde Nast Publications, Gucci Group, Gibson USA, The Ritz Carlton and Tru Vue and is based on an online survey of 1800 affluent consumers in the U.S, China, France, Germany, Italy, Japan, and the UK. Respondents were over age 18 and in the top 25% income brackets.
“Consumers have remarkably similar perspectives on how to define luxury,” says Lynn Franco, Director of The Conference Board Consumer Research Center.
“The largest share of luxury consumers (44%) and the largest share of consumers in each country most strongly agree that 'luxury is having enough time to do whatever you want and being able to afford it.' So, for luxury consumers worldwide, time is the ultimate luxury.”
Time is the most highly valued luxury (named by 35% of respondents as best matching their personal definition of luxury), then life experiences (25%), followed by having comfort, beauty and quality (18%).
About one-fourth or fewer luxury consumers strongly agree that:
• Luxury is less about the material things one has or one owns and more about how one experiences life, a sense of happiness and satisfaction (26% strongly agree).
• Luxury is being comfortably well off and not having to worry about tomorrow (25% strongly agree).
• Luxury is the finer things in life that surround you with extreme comfort, beauty, and quality (25% strongly agree).
• Luxury is the “best of the best” in all aspects of your life (18% strongly agree).
Luxury consumers' favorite pursuits worldwide include high-tech activities and travel. High-tech activities, such as using a personal computer, the Internet, or a cell phone, rank as the most participated in lifestyle activities by nearly three-fourths of all luxury consumers. Travel comes next, with 69% of luxury consumers worldwide reporting an interest.
The most popular status luxuries owned across the countries surveyed were collections of antiques and rare items (30% of all luxury consumers report earning); original art, paintings and sculpture (31%); and vacation/second home (27%).
American luxury consumers led in ownership of antiques or collections of rare items, while the Italian luxury consumers were more likely to own original art. The Italian luxury consumers also enjoy the highest share of vacation or second homes.
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