Luxury consumers not so free-spending
October 31, 2007,
Stevens, Pa. – Following a steady drumbeat of positive remarks by upscale retailers and luxury brand owners, a new survey by Unity Marketing suggests that affluent consumers are showing less enthusiasm for spending.
Click for Luxury Consumption Index
by Unity Marketing.
The index is based upon an October survey of more than 1,000 luxury consumers (average income $150,200 and age 43.6 years,) tracking their buying preferences and spending patterns, the company said.
Unity Marketing said the slackening in confidence among the luxury-oriented “may result in weakened spending this holiday season as the affluent trade down to less pricey gift choices.”
The company reported: “The third-quarter luxury tracking survey found that spending was particularly weak in personal luxuries – especially fashion accessories, jewelry and watches – as well as in key home luxury categories, notably home decor fabrics, window and wall coverings, kitchenware and linens and bedding.”
Unity Marketing president Pam Danziger, observing that more luxury consumers were opting for upscale experiences -- like travel, dining or spa treatments -- over pricey products, said, “Let's face it, a purse is only a purse, but a luxury experience is something to remember.”