A new global study of affluent consumers in 9 international markets reveals Chanel as the brand that best represents luxury, followed by Rolex and Cartier. Other findings include:
- Luxury super brands still dominate for luxury consumers, with 64% preferring them to niche luxury brands.
- The average personal spend on luxury goods was estimated £21,126 last year, or 21% of household income, but considerable differences are seen across countries.
- Net spend on luxury goods is expected to grow by 7% in 2015.
- Over half of luxury goods (52%) are purchased at discounted prices; the US has the highest amount of discounting.
- Just over half of respondents (57%) feel luxury brands should engage with social media; however, among Millennials, 72% hold this belief.
These results form part of a global survey from LuxHub, Havas Media Group’s newly launched luxury consulting boutique. The analysis took in the views of the notoriously hard to reach affluent luxury goods customers, all within the top 10% of the household income bracket in each of the USA, UK, China, Russia, France, Italy, Germany, Spain and Saudi Arabian markets. The survey looked at luxury trends for personal spend across retail, travel, home furnishings, auto, jewellery and art and analysed 40 of the top global brands.
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