The annual state of the home luxury goods market
Unity Marketing's Home Luxury Report 2011 is the ultimate guide to the U.S. market for luxury goods for the home. This report focuses on the buying and spending habits of the nation's affluent households -- the top quintile or 20 percent of U.S. consumer households -- of high-end or luxury products and services.
The Home Luxury Report examines consumers' buying behavior and spending habits related to these key categories of luxury purchases:
- Art & Antiques
- Electronics & Photography Equipment
- Home Decorating Fabrics, Window & Wall Coverings
- Furniture, Lamps, Rugs & Floor Coverings
- Garden, Outdoor, Lawn & Patio
- Kitchenware, Cookware, Cook's Tools
- Kitchen Appliances, Bath & Building Products
- Linens & Bedding Products
- Tabletop, Dinnerware, Flatware & Servingware
The report contains details on these nine luxury goods categories bought by affluent consumers, including annual spending, where these products were purchased and details of the types of products and services bought. This years report contains trend data covering 2008 through 2010.
The Home Luxury Report 2011 is written by Pam Danziger, an internationally-recognized expert on the luxury market and is based upon the kind of in-depth consumer research for which Pam Danziger and Unity Marketing are known.
Guides luxury marketers to shifts and changes in their target customers' attitudes and shopping behavior
This report provides vital data about what luxuries affluents are buying, how much they are spending, where they are making their purchases and what brands they favor. This report provides invaluable information about the mindset, attitudes and spending habits of the affluent consumers that luxury marketers target. This is not just report about people with high incomes, but affluents who buy luxury goods and services.
Luxury Marketers: This is a report about your customers & your target customers
The Home Luxury Report 2011 is a compilation of the quarterly luxury tracking surveys that Unity Marketing conducts every three months with 1,250+ affluent consumers who purchased one or more luxuries in the study period. Unity's luxury tracking study is the only longitudinal study of its kind that tracks the luxury consumer market, what they buy, how much they spend. In total the report shares findings of 5,195 luxury consumers surveyed in 2010 (average income $311,400).
More details about products and brands included in Home Luxury Report 2011
Details about what these luxury consumers bought, how much they spent, where they made their purchases, and in certain categories the luxury brands they patronized are reported in four major categories of luxury. Significantly more product categories and more brands were included in the current surveys, notably:
- Art and Antiques (Specific data is collected on already-framed reproductions; unframed reproductions; custom-framed art or reproductions; other custom framing; original art; sculpture, statues, 3D art; antique furniture and collectibles; wall decor)
- Home Electronics (Home Desktop Computers; televisions; DVD/video players; audio equipment; home entertainment systems)
- Furniture, Lamps and Floor Coverings (Lamps and lighting; upholstered furniture; wooden furniture; rugs and floor coverings)
- Garden and Outdoor (Patio furniture; grills; lighting accents; fencing; power gardening equipment; decorative pots; garden statues; chimeneas and outdoor stoves; garden shelters; water gardens; porch and patio decorative accents)
- Home Decorating Fabrics, Wall and Window Coverings (Wall coverings, such as wall paper; ready-made curtains, drapes; window coverings, such as blinds, shades; home decorating fabrics for custom upholstery, curtains, drapes, etc.)
- Kitchen Appliances, Bathroom Equipment and Building Products (Kitchen appliances, such as stoves, ovens, refrigerators; bathroom equipment, such as tubs, showers, toilets, fixtures; kitchen equipment, such as cabinets, countertops; air conditioning/filtration systems; water systems)
- Kitchenware, Cookware, Housewares (Small appliances; cookware; bakeware; cutlery; storage and organization; barware)
- Linens and Beddings (Sheets and pillowcases; comforters, spreads; pillows and pillow accents; bath linens; mattresses and box springs; duvets and shams; feather beds and mattress covers; table linens)
- Tabletop, Dinnerware, Stemware, Flatware (Dinnerware, including fine china, ceramic or stoneware, serving ware and decorative accents; crystal and glassware decoratives, stem ware, serving pieces, barware; flatware, including sterling silver flatware, serving pieces, decorative accents and other flatware)
- Provides marketers with facts and data that support strategic decisions
Now you can make critical business decisions based upon facts -- not beliefs, assumptions or fantasies
This report provides the facts and figures you need to develop winning marketing and business strategies. By working with the facts, not fantasies, you have a much better chance of success marketing to the luxury consumers. This report gives you a horizontal view of the luxury market, recognizing that luxury marketers compete not just with companies within their vertical product niche, but across all luxury categories as well.
Within each category of luxury, the key drivers for purchase are studied, such as role of luxury brand in purchase decision; the influence of sales price on purchase; where the shopper bought their last luxury; why they bought luxuries; whether their luxury purchases were made a gifts; and other motivational factors.
New data points enhance marketers understanding of their consumers
Spending is now provided at the product and retailer levels within each major category of luxury
Enhancing this year's Home Luxury Report 2011 are new data points that enhance luxury marketers' understanding of where affluent's money is being spent and how it is changing from year to year. It contains data about the average amount spent within a particular product category, such as Luxury Furniture, Lamps and Rugs, and within the category to the average amount spent on upholstered furniture or lamps for example. It enables marketers to identify what products are up and down within their product category.
Further this report provides an estimate within product category of how the consumers' share of wallet is divided based upon type of store. So you can tell when affluent shoppers are shifting their spending out of one retailing segment and into another. For example, this year affluents spent less of their furniture budgets in specialty home furnishings retailers and department stores and more in warehouse clubs and discount outlets.
This report doesn't stop with the data -- It pushes further to help marketers and retailers put the information to use
Translate the data into information that marketing executives can use to make critical strategic decisions
This market research report helps make the research data and findings accessible and useable. It provides marketers with three powerful perspectives: "The What", "So What" and "Now What." This report is filled with advice and guidance for luxury marketers to take action on the research findings revealed.
Special feature: Find out which of the five different types of luxury consumers are your best customers
A special feature in Unity Marketing's Home Luxury Report 2011 is a psychographic profile of five key types of luxury consumers. These include:
- X-Fluents (Extremely Affluent) who spend the most on luxury and are most highly invested in luxury living;
- Butterflies, the most highly evolved luxury consumers who have emerged from their luxury cocoons with a passion to reconnect with the outside world. Powered by a search for meaning and new experiences, the butterflies have the least materialistic orientation among the segments, yet they spend nearly as much as the X-Fluents on luxury;
- Luxury Cocooners who are focused on hearth and home. They spend most of their luxury budgets on home-related purchases;
- Aspirers, those luxury consumers who have not yet achieved the level of luxury to which they aspire. They are highly attuned to brands and believe luxury is best expressed in what they buy and what they own.
- Temperate Pragmatist a newly emerged luxury consumer who is not all that involved in the luxury lifestyle. As their name implies, they are careful spenders and not given to luxury indulgence.