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The Frugal Luxury Shopper (Luxury Tracking Report 3Q2004)
Unity Marketing, Nov 2004, Pages: 100
In today's hyper-competitive environment, market research is not an option; it is a necessity. Luxury marketers that want to win must stay vigilant in tracking the shifts, turns, and changing preferences in their affluent consumer market. They need up-to-the-minute data, as well as a historical perspective, to anticipate the next major luxury business opportunity or branding challenge. The Luxury Consumer Tracking Service is designed for luxury marketers who need to know all there is to know about their consumer market.
Beginning in January 2004, and every three months thereafter, we have measured the pulse of the affluent consumers in a longitudinal survey of 600-to-750 affluent consumer households. Every quarter we have tracked what luxuries they bought during the past quarter, how much they spent, where they bought, the luxury brands they became aware of and used, and how they felt about their current and prospective financial status.
Luxury consumers' confidence in the economy took a hit in the third quarter. After rising to 102.7 in the second quarter, the Luxury Consumption Index declined to 96.0, down 6.7 points, according to our latest tracking study of the luxury market.
The Luxury Consumption Index measures the luxury consumers' feelings and attitudes about their financial well-being. The majority of luxury consumers (53 percent) felt their financial position was the same and no better than during the previous three months. Further, nearly 40 percent said the country as a whole was less well off in the third quarter.
Luxury Spending Drops in 3Q2004 and Predicted to Bounce Back in 4Q2004
In the third quarter only 19 percent of luxury consumers said they spent more on luxuries, as compared to 35 percent who spent more freely in the second quarter. The link between consumer confidence and spending among affluents was marked by a 35 percent drop in average spending.
This benchmark index of luxury buyers is calculated form a sample of over 700 upper-income households throughout the United States. This panel, with household incomes over $75,000 (one-third $150,000 or more) represents one of the largest longitudinal studies of high-end luxury consumption of goods and services. Panelists reported purchasing behavior of luxury goods and services over the past three months, as well as attitudinal and expectation data about luxury brands and categories, their households and the health of the economy in general.
Specifics included in the Luxury Tracking Study are purchase incidence and spending, where purchases were made and expectations of future purchases on:
- Home Luxuries, such as electronics and photography equipment; linens and bedding; kitchenware, cookware and housewares; furniture, lamps and lighting and floor coverings and rugs; outdoor, lawn, patio and garden; kitchen appliances, bath and building products; home decorating fabrics, window and wall coverings; tabletop, dinnerware, flatware, servingware, figurines and decorative accents; and art and antiques.
- Personal Luxuries, such as clothes and apparel; fragrances, cosmetics and beauty products; fashion accessories; automobiles and jewelry and watches.
- Experiential Luxuries, such as fine dining; luxury travel; entertainment; and spa, beauty treatments and cosmetic surgery.
Also included in the third quarter tracking study is a special investigation to luxury consumers' propensity to buy luxuries on sale or at a discount.
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