The poor economy has influenced US consumer attitudes and their purchasing behaviour for all consumer products and services. The word luxury is used so often that its meaning has become diluted. The terms affluent luxury and aspirational luxury are also blurring as premium brands trade down and mid-priced brands trade up. Conspicuous consumption has been replaced with affordable luxury as consumers increasingly seek value over status. Mintel’s exclusive survey explores how consumers define luxury goods and how their attitudes and behaviour towards owning luxury items are shifting. The key areas discussed in this report include:
- An in-depth look at how the average consumer defines luxury (beyond the obvious super high-end market items)
- Consumers’ purchasing frequency of luxury items as defined by the survey respondents
- Behaviour including shopping habits and how perceptions about luxury change based on brand exposure
- Purchase categories by high/medium/bargain basement pricepoints
- The impact of the recession and how purchasing fluctuates during the economic correction
- A look at current activity in the marketplace and what companies are doing to maintain or grow business in response to retail closures and sales declines in non-necessity markets
