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.”
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...