Luxury consumers everywhere emphasize experience

24 Jul '07

4 min read

The next most widely owned status luxuries included collections of fine jewelry and watches (24%), fine musical instruments (22%), and collections of fine wine and spirits.

Chinese luxury consumers led the other countries in ownership of fine jewelry and watches and in fine wine and spirits ownership, while the French consumers have the highest incidence of fine musical instrument ownership.

“For the largest share of luxury consumers, luxury is not specifically related to how much something costs or what brand it might be,” says Pamela Danziger, President of Unity Marketing and author of the report.

“Luxury is highly personal and something the individual interprets and judges for him or herself. But while luxury is highly personal and separated from price and brand, luxury is expected to be something with a quality that sets it far above the ordinary product.”

Luxury is noticeably a cut above the average, as 81% of luxury consumers agreed. Luxury is about the feelings the consumers get in enjoying their luxury lifestyles, so it is very much an experience, rather than a material good one has or one owns. Luxury is being able to pursue one's personal passions and interests.

Because it is defined personally and about one's experience, luxury is something that everyone can partake in. Nearly three-fourths of those surveyed agreed that “luxury is for everyone and different for everyone.” It is not exclusive to one class or group of people.

The vast majority of luxury consumers say they reject conspicuous consumption or buying to impress. The person who most matters when it comes to luxury is the individual and how he or she experiences, interprets, and feels about his or her own luxury lifestyle—not what some neighbor, colleague, or coworker thinks.

While brands don't necessarily define luxury, many luxury consumers look to the brand and the brand's reputation as a signal of quality. China is the only country surveyed in which a significant portion of consumers (46%) tend to agree with luxury being defined by the brand.

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