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Luxury Report 2005 - Personal Luxuries and Automobile Edition - Who Buys Personal Luxuries and Luxury Automobiles, What They Buy, Why They Buy
Unity Marketing, May 2005, Pages: 1,900
Chapter 1: Overview Luxury Market Study
Overview
Figure: Leading luxury marketers' revenues, 2000-2004
New Luxury Market Paradigm — From Things to Experiences
Baby boomers are the new luxury generations
Research Objectives
Research Methodology
Phase 1: Qualitative Focus Groups
Phase 2: Quantitative Online Survey Research
Income Distribution
Figure: Income demographics, 2004 & 2003 sample
Gender Distribution
Figure: Gender distribution, 2004-2002 survey sample
Age Distribution
Figure: Age distribution and generations, 2004-2003 survey sample
Chapter 2: About the Luxury Market
Overview of Luxury Market
Figure: Total number of households by income
Figure: Total number of affluent households
Demographics of the Top 25 Percent of Americans
Affluent Make More, Spend More and Save More
Figure: Annual expenditures, 2003: Average U.S. household compared with affluent
Trends in Affluence
Figure: Households by age and income, 2003
Lifestage Changes Impacting the Luxury Market
Figure: Triggers for luxury purchases, 2004 and projected 2005
Luxury Consumers Rose from Middle-Class Backgrounds
Figure: Financial status of family of origin
Luxury Consumers' Personal Confidence Rose at End of 2004
Figure: Luxury consumption index, 2004
Luxury Consumers Feel Far Better Off Financially Now Than Last Year
Figure: Financial feelings this year compared with 12 months age
Luxury Consumers Expressed Some Negativity in Economy as a Whole
Figure: Financial feelings about the country overall, 2004 year end
Luxury Consumers Very Confident of Their Personal Ability to Handle Economic Turmoil
Figure: Financial status next 12 months, 2004 year end
Luxury Spending Remains Positive at end of 2004
Figure: Spending trends on luxury, 2004-2003
Over 70 Percent Will Spend More or the Same on Luxuries in Coming Twelve Months
Figure: Expected spending on luxury next 12 months 2004
Chapter 3: About Luxury and Why People Buy Luxury
Luxury Consumers Yearn for Experiences
Figure: Greatest source of luxury satisfaction and happiness, 2004-2003
Luxury Is Not About Having and Owning, But About the Experience
Inner Life of Luxury Consumer Points to Self-Actualization as Primary Motivator for Luxury
Maslow's Hierarchy of Needs
When Things Are Not Enough; Luxury Consumers Express Desire for Experiences
Pleasure and Enjoyment in Luxury Living Enhances Consumers' Quality of Life
Figure: Motivators for luxury purchases
Chapter 4: About Luxury Purchases and Spending
Overview of Luxury Purchasing Behavior
Figure: Luxury purchase incidence: home luxuries, personal luxuries, experiential luxuries 2004-2002
Figure: Total spending on luxuries, 2004 & 2003
What Luxuries People Buy
Figure: Luxury purchase incidence: details of home luxuries, personal luxuries, experiential luxuries 2004-2002
How Much They Spent on Luxuries in 2004
Figure: Total spending on luxuries, details 2004 & 2003
Luxury Consumers Spent More on Many Luxuries in 2004
Super-Affluents Spent Four Times More than Near-Affluents and Twice as Much as
Affluents
Figure: Total spending on luxuries, by income segment 2004
GenXers Spent more than Boomers on Luxury
Figure: Total spending on luxuries, by generation (boomers and genXers) 2004
Men Spent More than Women on Luxury, but if Automobiles Are Taken Out of the Equation, Women Outspent Men
Figure: Total spending on luxuries, by gender 2004
Where Luxury Shoppers Shop for Luxury
Department Stores Are First Choice for Luxury Home Shoppers, but Specialty Home
Furnishing Stores and Internet/Mail Order/TV Are Increasingly Important
Figure: Where luxury consumers shop for home luxury, 2004
In Personal Luxuries Department Stores Are Number One
Figure: Where luxury consumers shop for personal luxury, 2004
Luxury Shoppers Are Bargain Shoppers
Figure: Last purchase bought on sale or at discount, 2004 & 2003
Getting a Deal Is Strong Influence to Purchase
Figure: Price's influence on last luxury purchase
Luxury Shoppers Seek Bargains in order to Feel like a Smart Shopper
Figure: Attitudes about shopping
Role of Luxury Brand In Last Purchase
Figure: Importance of brand to purchase decision
About Luxury Consumers' Attitude toward Luxury
Figure: Attitudes about luxury
Luxury Consumers Are Not Spendthrifts, Rather They Are Careful About Their Money
Chapter 5: About Butterflies and Other Segments in Luxury Market
Four Segments Identified in Luxury Market
Figure: Luxury segmentation analysis
Butterflies Emerge as Largest Luxury Consumer Segment
Figure: Field guide to the luxury market segments
Butterflies Have Emerged from Their Luxurious Cocoons
Butterflies Spend Freely on Luxury
Luxury Cocooners Are Still Enveloped in Their Luxury Cocoons
Cocooners Spend More on Home and Home-Focused Experiential Luxuries
Luxury Aspirers Have Not Yet Reached the Level of Luxury To Which They Aspire
X-Fluents Live the Lifestyle of the 'Rich and Famous'
X-Fluents Spend More on Luxury
Chapter 6: About Home Luxuries
Luxury Electronics Take the Lead in Home Luxury Purchases
Figure: Home luxury purchase incidence, 2004-2002
Total Luxury Home Spending Rises in 2004
Figure: Home luxury spending, 2004-2003
Super-Affluents Spent Nearly Five Times More than Near-Affluents on Home Luxuries
Figure: Home luxury spending by income segment, 2004
GenXers Spent More than Boomers on Home
Figure: Home luxury spending by generation, 2004
Men and Women Spent About the Same Amount on Home Luxuries
Figure: Home luxury spending by gender, 2004
Influences on Home Luxury Purchases
Home Luxury Brand Index Identifies Product Categories Where Branding Is Key
Figure: Home luxury brand loyalty index
Price/Value Trumps Brand in Home Luxury Purchases
Figure: Influencers of luxury home purchase
Home Luxuries Are Bought On Sale.
Figure: Home luxuries bought on sale, 2004
Department Stores Are First Choice for Luxury Home Shoppers
Figure: Where luxury consumers shop for home luxury, 2004
Art and Antiques Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Art & Antiques
Favored Brands
Purchase Motivation.
Electronics & Photography Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Electronics & Photography Equipment
Favored Brands
Purchase Motivation.
Home Decorating Fabrics, Window & Wall Coverings Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Home Decorating Fabrics, Window & Wall Coverings
Purchase Motivation.
Furniture & Floor Coverings Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Furniture & Floor Coverings
Purchase Motivation
Garden and Garden Products Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Garden & Garden Products
Purchase Motivation.
Kitchen Appliances, Bath & Building Products Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Kitchen Appliances, Bath & Building Products
Purchase Motivation
Kitchenware, Cookware, Housewares Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Kitchenware, Cookware, Housewares
Purchase Motivation.
Linens & Bedding Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy Luxury Linens & Bedding
Purchase Motivation.
Tabletop, Dinnerware, Flatware, Servingware Luxury Purchase Behavior Overview
Purchase Incidence
Type of Tabletop Bought
Spending by demographic segment
Where People Buy Luxury Tabletop, Dinnerware, Flatware, Servingware
Favored Brands
Purchase Motivation.
Chapter 7: About Automobilers and Personal Luxuries
Indulgence in Personal Luxuries Remained Even in 2004
Figure: Personal luxuries purchase incidence, 2004-2002
Total Personal Luxury Spending Nearly Doubled in 2004, while Spending on Automobiles Rose 31 percent 1
Figure: Personal luxury and automobile spending, 2004-2003
Super-Affluents Are Most Extravagant Spenders on Personal Luxuries
Figure: Personal luxury spending by income segment, 2004
GenXers Spent just a Bit more than Boomers on Personal Luxuries
Figure: Personal luxury spending by generation, 2004
Women Spent More than Men on Personal Luxuries, but Men Spent More on Cars
Figure: Personal luxury spending by gender, 2004
Influences on Personal Luxury and Automobile Purchases
Personal Luxury Brand Loyalty Index Finds Automobiles, followed by Cosmetics and
Watches Are Most Branded Categories
Figure: Personal luxury brand loyalty index
In Personal Luxuries, Brand Is More Important than Price/Value
Figure: Influencers of personal luxury purchases
Personal Luxuries Are Bought On Sale, Except for Cosmetics
Figure: Personal luxuries bought on sale, 2004
Department Stores, Specialty Luxury Retailers and Internet/Mail Order/TV Shopping Were Top Choices for Personal Luxury Shoppers
Figure: Where luxury consumers shop for personal luxuries, 2004
Automobile & Recreational Vehicle Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Purchase Motivation.
Luxury car equals luxury brand
Ordinary brand, luxury features
Luxury car is one not needed
Apparel and Clothing Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy
Purchase Motivation.
Fashion Accessories Luxury Purchase Behavior
Purchase Incidence
Spending by demographic segment
Where People Buy Fashion Accessories
Fragrances, Cosmetics and/or Beauty Products Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Where People Buy
Purchase Motivation
Jewelry and/or Watches Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
What They Bought: Men's and Women's Jewelry Bought by type
Where People Buy
Top Jewelry Brands
Purchase Motivation
Chapter 8: About Experiential Luxuries
Experiential Luxuries Provide Most Satisfaction
Figure: Experiential luxury purchase incidence, 2004-2002
Spending on Experiential Luxuries Was Just Over $9,000
Figure: Total experiential spending, 2004-2003
Super-Affluents Spend Three Times more than Near-Affluents and Twice as much as
Affluents on Experiences
Figure: Experiential spending by income segments, 2004
Baby Boomers Lead in Experiential Luxury Spending
Figure: Experiential spending by generation, 2004
Women Reported Higher Experiential Spending than Men
Figure: Experiential luxury spending by gender, 2004
Influences on Experiential Luxury Spending
Brand Is Most Influential in Fine Dining
Figure: Experiential luxury brand loyalty index
Service Providers' Brand More Important than Corporate Affiliation or Price/Value
Figure: Influencers of experiential luxury purchases
Except for Travel, Most Experiential Luxury Consumers Pay Full Price
Figure: Experiential luxuries bought on sale, 2004
Dining & Entertainment Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Purchase Motivation.
Entertainment Luxury Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Travel Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
What They Bought: Domestic and Foreign Travel details
How Booked Last Luxury Experience
Favored Brands
Purchase Motivation.
Spa, Beauty Treatments, Massage, Cosmetic Surgery Purchase Behavior Overview
Purchase Incidence
Spending by demographic segment
Purchase Motivation
Home Services Behavior Overview
Purchase Incidence
Spending by demographic segment
Purchase Motivation — Landscaping and gardener services
Purchase Motivation — Housecleaning services
Purchase Motivation — Home decorator and/or home contractor services
Chapter 9: About Luxury Market Trends
Trend #1 — 'New Luxury' Paradigm Shifts to Experience
Two ways to define luxury: intrinsically and consumer-centrically
Example: Transforming luxury tabletop from the 'thing' to an experience
Trend #2 —Younger Generation X Consumers Are Moving into Affluence
Lifestage Marketing Impacts Luxury Purchase Patterns
Figure: Personal satisfaction by generation
Distribution of Households by Generation and Income
Figure: U.S. households by income and generation, 2003
Generations of Affluence
Figure: Affluent households by generation, 2003
Figure: Total luxury spending by generations, 2004
Trend #3 — The Rich Really Are Different — They Spend a Whole Lot More on Luxury
Figure: Percent of income spent on luxury by income segment, 2004
Figure: Spending difference by income segment, 2004
Figure: Luxury market potential by income segment, 2004
Trend #4 — Connecting Replacing Cocooning As Prime Consumer Trend
Luxury Home Marketers Must Think Differently about their Target Market
Trend #5 — Internet Must Be Strategic Thrust for Luxury Marketers
Figure: Where luxury consumers shop — non-store
Figure: At-home internet users March 2003 and 2004
Figure: Internet rated very/somewhat important in last luxury purchase decision: home
luxury; personal luxury; experiential luxury
Trend #6 — Luxury Marketers Must Continue to Inflate Luxury Values
Trend #7 — Brand's Role in Luxury Purchasing Will Increase
Figure: Luxury brand loyalty index
Brands justify purchase; they are not the reason why they buy
Luxury triple play: Product brand, dealer's brand, price/value interact to make sales
Figure: Influencers on luxury purchases
Home Brands: Key Strategic Opportunities:
Personal Luxury Brands: Key Strategic Opportunities
Brands must perform — Luxury brands must satisfy luxury consumers'expectations
Luxury brands connect corporate strategy with consumer psychology
New luxury branding paradigm: Must encompass product feature and consumer values
Trend # 8 — Luxury Consumers Are Savvy Shoppers That Demand Greater & Greater Value
Trend #9 — Luxury Must Extend Throughout the Entire Buying Cycle
Trend #10: Next Luxury Boom Will be in Luxury Services
Trend #11 — Everyone Everywhere Wants More Luxury
Luxury Is Subjective & Different for Everyone
Luxury Is No Longer a Noun, It's a Verb
Trend #12 — Exclusivity Is Not Motivating to Luxury Consumers — We Need to Strive to Deliver More Specialness to Luxury Consumers
Customers who bought this item also bought
The Experiential Luxury Report : Who Buys Luxury Experiences, What They Buy and Why They Buy
The Experiential Luxury Report 2009: The Annual State of the Luxury Market for Travel and Other Experiences
The Luxury Report 2009:The Ultimate Guide to the Luxury Consumer Market
The Personal Luxury Report 2009: The Ultimate Guide to the Luxury Consumer Market for Fashion, Beauty, Jewelry and Watches, Wine and Spirits Brands
Forecast for Luxury Travel Through 2010: A Luxury Trend Report
The Home Luxury Report 2009: The Annual State of the Home Luxury Market
The Personal Luxury Report : Who Buys Personal Luxuries, What They Buy and Why They Buy
Luxury Gifting (Luxury Tracking Report 4Q2004)
The Luxury Report 2008: Who Buys Luxury, What They Buy and Why They Buy
Luxury Brands and their Role in Luxury Purchases (Luxury Tracking Report 1Q2004)
The Home Luxury Report 2008: Who Buys Luxuries for their Home, What They Buy and Why They Buy
Luxury Brands & Their Role in Luxury Purchases Luxury Tracking Report & Analysis, 1Q2004
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