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Published by: Unity Marketing Inc.
Published: May. 1, 2007 - 174 Pages
Table of Contents
- Chapter 1 — About the Luxury Market
- • Figure 1: Leading Luxury Marketers Revenues, 2003-2006
- Some 32.5 million Households Rank among the Nation's Top 25 percent
- • Figure 2: Number of Households by Income, 2004 & 2005
- Number of Households at the Highest Income Levels Are Growing Fastest
- • Figure 3: Total number of affluent households
- Demographics of the Top 25 Percent of Americans
- • Figure 4: Household income by age, 2005
- Affluents Make More, Spend More and Save More
- • Figure 5: Annual expenditures, 2005: Average U.S. households compared with affluent
- Trends in Affluence
- • Figure 6: Ages of Affluence, number of affluent households 40 and under and over 40 years old
- Lifestage Changes Impacts the Luxury Market
- • Figure 7: Triggers for luxury purchases, 2006 & proj. 2007 (Source: Luxury Tracking, 4Q06)
- Luxury Consumers’ Plans for Home Changes Reduced from 2005
- • Figure 8: Home Changes 2005 (2Q2005 Luxury Tracking), 2006 and proj.2007
- Luxury Consumers Rose from Middle-class Backgrounds
- • Figure 9: Financial status of family of origin (Luxury Tracking, 2Q04)
- New Luxury Market Paradigm — From Things to Experiences
- Experiences Provide the Greatest Luxury Satisfaction
- • Figure 10: Source of Greatest Luxury Satisfactions (1Q2006 Luxury Tracking)
- • Figure 11: Sources of Greatest Luxury Satisfation by income
- Chapter 2 — Luxury Market Topline Findings. 2005 & 2006
- Luxury consumer spending declines in 4Q2006
- • Figure 12: Luxury Consumption Index thru 4Q2006
- Luxury Consumers’ Feelings of Financial Well-Being
- • Figure 13: Financial Well Being
- Luxury Consumers and Reported Spending Trends
- • Figure 14: Luxury Spending Trends Past Twelve Months
- Luxury Consumers and Their Spending Expectations
- • Figure 15: Expected Spending on Luxury Next 12 Months
- Luxury Consumers’ Confidence in Financial Health of the Country
- • Figure 16: Overall Financial Health of Country
- Luxury Consumers Confident of Their Personal Ability to Handle Economic Turmoil
- • Figure 17: Financial Prospects Next Twelve Months
- Total Luxury Purchase Incidence
- • Figure 18: Overall Luuxry Purchase Incidence (All Affluent Consumers)
- Luxury Purchase Incidence, 2006 & 2005
- • Figure 19: Luxury Purchase Incidence
- Luxury Consumers’ Average Spending Increases in 2006
- • Figure 20: Average Spending on Luxury
- Luxury Spending by Income Segments in 2006
- • Figure 21: Luxury Spending by Income Segment
- Luxury Spending by Income Segments 2005 and Comparison 2006
- • Figure 22: Luxury Spending by Income Segment 2005 and comparison 2005 to 2006
- In 2006, Young Affluents Out Spent Older Luxury Consumers
- • Figure 23: Luxury Spending by Age - 40 and Under and Over 40
- Men Spent More than Women in 2006
- • Figure 24: Luxury Spending by Gender
- Luxury Consumers Remain Value-Oriented
- • Figure 25: Most Recent Luxury Purchase Bought on Sale or at a Discount (4Q2006 Luxury Tracking)
- Luxury Market Reached $834.9 Billion in 2006
- • Figure 26: Luxury Market Potential
- Non-Store Retailers Continue Their Vital Role in Luxury Shopping while Department Stores Stay the Favorite
- • Figure 27: Where People Shopped for Home and Personal Luxuries
- Nordstrom Takes Lead as Luxury Shoppers’ Favorite Luxury Department Store and Target Is Tops for Mass and Discount Stores
- • Figure 28: Store Brand Usage for Any Luxury Shopping
- Luxury Consumers’ Favorite Magazines
- • Figure 29: Luxury Consumers Favorite Magazines
- Chapter 3 — Home Luxuries
- Overall Home Luxury Purchase Incidence Up Slightly Over Previous Quarter
- • Figure 30: Home Purchase Incidence
- Luxury Shoppers Spent More on Home Luxuries in 2006 Compared to 2005
- • Figure 31: Home Luxury Spending
- Luxury Home Consumers Shop More Online in 4Q2006
- • Figure 32: Where Luxury Consumers Shopped for Home Luxuries
- Art & Antiques — Purchase Details
- Type of Art and Antiques Bought
- • Figure 33: Type of Art Bought
- Amount Spent on Art & Antiques
- Where People Shopped for Luxury Art & Antiques
- • Figure 34: Art & Antiques Shopping Choices
- Art & Antiques Brand Usage
- • Figure 35: Art, Sculpture & Art Retail Brand Usage
- Key Influencers for Art & Antiques Purchases
- • Figure 36: Art & Antique Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Type of Electronics Bought
- • Figure 37: Type of Electronics Bought
- Amount Spent on Luxury Electronics & Photography Equipment
- Where People Shopped for Luxury Electronics & Photography Equipment
- • Figure 38: Electronics & Photography Shopping Choices
- Electronics & Photography Equipment Brand Usage
- • Figure 39: Electronics & Photography Brand Purchase
- Key Influencers for Electronics & Photography Purchases
- • Figure 40: Electronic & Photography Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Home Decorating Fabrics, Window & Wall Coverings — Purchase Details
- Type of Home Decorating Fabrics, Window & Wall Coverings Bought
- • Figure 41: Type of Home Decor Fabrics, Window & Wall Coverings Bought 61
- Amount Spent on Home Decorating Fabrics, Window & Wall Coverings
- Where People Shopped for Luxury Home Decorating Fabrics, Window and Wall Coverings
- • Figure 42: Home Decorating Fabrics, Windows & Wall Coverings Shopping Choices
- Key Influencers for Home Decorating Fabric, Window & Wall Coverings Purchases
- • Figure 43: Home Decor Fabrics, Wall & Window Covering Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Furniture, Lamps & Floor Coverings — Purchase Details
- Type of Furniture, Lamps & Floor Coverings Bought
- • Figure 44: Type of Furniture, Lamps, Floor Coverings Bought
- Amount Spent on Furniture, Lamps and Floor Coverings
- Where People Shopped for Luxury Furniture, Lamps and Floor Coverings
- • Figure 45: Furniture, Lamps, Floor Coverings Shopping Choices
- Key Influencers for Furniture, Lamps, Floor Coverings & Rug Purchases
- • Figure 46: Furniture, Lamps & Rug Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Garden, Outdoor, Lawn & Patio Products — Purchase Details
- Type of Garden/Outdoor Bought
- • Figure 47: Type of Garden/Outdoor Living Luxuries Bought
- Amount Spent on Garden
- Where People Shopped for Luxury Garden, Outdoor, Lawn, & Patio Products
- • Figure 39: Garden, Outdoor, Patio, Lawn Shopping Choices
- Kitchenware, Cookware & Housewares — Purchase Detail
- Type of Kitchenware, Cookware & Housewares Bought
- • Figure 48: Type of Kitchenware, Cookware, Housewares Bought
- Amount Spent on Kitchenware, Cookware & Housewares
- Where People Shopped for Luxury Kitchenware, Cookware, Housewares
- • Figure 49: Kitchenware, Cookware, Housewares Shopping Choices
- Key Influencers for Kitchenware, Cookware and Cooks’ Tools Purchases
- • Figure 50: Kitchenware, Cookware, Cooks Tools Key Influencers for Purchase (2Q2006)
- Kitchen Appliances, Bath & Building Products — Purchase Details
- Type of Kitchen Appliances, Bath & Building Products Bought
- • Figure 51: Type of Kitchen Appliances, Bath & Building Products Bought
- Amount Spent on Kitchen Appliances
- Where People Shopped for Luxury Kitchen Appliances, Bath and Building Products
- • Figure 52: Kitchen Appliances, Bath & Building Products Shopping Choices 73
- Key Influencers for Kitchen Appliance, Bath and Building Products Purchases
- • Figure 53: Kitchen Appliances, Bath & Building Products Key Influencers for Purchase (2Q2006)
- Linens & Bedding Products — Purchase Details
- Type of Linens and Bedding Bought
- • Figure 54: Types of Linens & Bedding Bought
- Amount Spent on Linens and Bedding
- Where People Shopped for Luxury Linens & Bedding Products
- • Figure 55: Linens & Bedding Shopping Choices
- Key Influencers for Linens & Bedding Purchases
- • Figure 56: Linens & Bedding Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Tabletop, Dinnerware, Flatware, Servingware — Purchase Details
- Type of Tabletop Purchased
- • Figure 57: Type of Tabletop Purchased
- Details: Crystal & Glassware
- • Figure 58: Type of Crystal and Glassware Purchased
- Details: Dinnerware
- • Figure 59: Type of Dinnerware Purchased
- Details: Silverware
- • Figure 60: Type of Silverware Purchased
- Amount Spent on Tabletop
- Where People Shopped for Luxury Tabletop Products
- • Figure 61: Tabletop Shopping Choices
- Tabletop Brand Usage
- • Figure 62: Tabletop Brand Awareness & Usage
- Key Influencers for Tabletop Purchases
- • Figure 63: Tabletop Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Chapter 4 — About Butterflies & Other Segments in Luxury Market
- • Figure 64: Attitudes about Luxury
- Segmentation Analysis of Luxury Market — Four Segments Identified in Luxury Market
- • Figure 65: Luxury segmentation analysis mean values
- Butterflies Emerge as Largest Luxury Consumer Segment
- • Figure 66: Field Guide to the Luxury Personalities
- Luxury Cocooners are Still Enveloped in Their Luxury Cocoons
- Cocooners Spend More on Home and Home-Focused Experiential Luxuries
- Butterflies Have Emerged from Their Luxurious Cocoons
- Butterflies Spend Freely on Luxury
- Luxury Aspirers Have not yet Reached the Level of Luxury to Which They Aspire
- Aspirers Don't Spend as much on Luxury
- X-Fluents Live the Lifestyle of the ‘Rich and Famous’
- X-Fluents Spend More on Luxury
- Chapter 5 — About Luxury Consumers and Their Likelihood to Purchase Luxury vs. Ordinary Goods and Services
- Majority of Luxury Consumers Trade Down Not Up to Luxury
- Majority of luxury consumers trade down most often
- • Figure 67: Purchase Luxury Regularly, Occasionally, Rarely by Product/Service Category
- Ability to Spend for Luxury Doesn’t Translate into Willingness to Spend
- • Figure 68: How Often Super-Affluent Luxury Consumers Indulge in Luxury. 99
- Chapter 6 — About the Luxury Consumers' Home
- Introduction
- Typical Luxury Consumers’ Home Is Not All that Luxurious — Lots of Room for Major Home Improvements....102
- • Figure 69: Size of Luxury Consumers' Homes, by income segment
- • Figure 70: Luxury Consumers' Lot Size
- Luxury Consumer Homes' Indoor Appointments
- • Figure 71: Luxury Consumers Homes Indoor Appointments, including super-affluents
- Luxury Consumers Homes' Outdoor Appointments
- • Figure 72: Luxury Home Appointments — Outdoors
- Luxuries They Have and Own
- Luxury Toys
- • Figure 73: Luxury "Toys"
- Typical Luxury Consumer Owns about Two Sets of Fine Dinnerware
- • Figure 74: Fine Dinnerware Owned
- Most Own at Least One Luxury Watch
- • Figure 75: Luxury Watch Ownership
- Typical Luxury Consumer Owns One Luxury Automobile
- • Figure 76: Number of Luxury Automobiles Owned
- Chapter 7 — Luxury Consumers & the Internet
- Luxury Internet Shoppers
- Internet Widely Used to Research and Purchase
- • Figure 77: Luxury Consumers' Use of the Internet
- Entertainment and Recreation Lead Internet Purchases
- • Figure 78: Kinds of Products and Services Bought on the Internet
- Super-Affluents Lead the Internet Spending Pack
- • Figure 79: Average Spending on All Goods & Services over the Internet
- Typical Luxury Consumers Spends about 5 Hours a Week Shopping Online
- • Figure 80: Average Number of Hourse Used for Interent Shopping/Research on a Weekly Basis
- Typical Luxury Consumers Spends about 13 Hours Per Week Online for Non-Shopping Purposes
- • Figure 81: Luxury Average Number of Hours Used on Internet for All Other
- Purposes Besides Shopping Weekly
- Convenience and Comparison Key to Internet Shopping
- • Figure 82: Features Luxury Shoppers Consider Very Important for Using the Internet for Shopping
- Shipping and Handling Charges Discourage Luxury Internet Shoppers
- Luxury Consumers’ Attitudes about Internet Shopping
- • Figure 84: Attitudes of Luxury Shoppers about Internet Shopping
- Chapter 8 — Luxury Gifting
- Introduction
- Luxury Gift Spending
- • Figure 85: Luxury Consumers' Gift Giving Spending by Demographic Segment, 4Q2005
- Holiday Gift Lists Number 12 People
- • Figure 86: Number of People on Christmas Gift List
- Entertainment & Recreational Items and Clothing & Fashion Accessories Tops Luxury Gifters’ Gift Lists
- • Figure 87: Types of Gifts Purchased
- Department Stores, both Discounters and Traditional, Were Their Favorite Place to Shop for Gifts, with Electronics Stores Very Close Second Choice
- • Figure 88: Where Luxury Consumers Shopped for Holiday Gifts 2005
- Luxury Gifters’ Gifting Trends
- • Figure 89: Trends in Luxury Gifting
- Luxuries as Gifts Holiday 2005
- • Figure 90: Luxury Purchase Incidence & Percent Bought As Gifts
- Christmas Gift Plans 2006
- Luxury Consumers Plan on Spending Just Under $2,000 on Christmas Gifts This Year
- • Figure 91: Planned Christmas Gift Spending 2006
- Christmas Gift Spending by Demographic Segment
- • Figure 92: Planned Christmas 2006 Gift Spending by Demographic Segments
- When Luxury Consumers Started or Will Start Christmas Shopping for 2006
- • Figure 93: When Luxury Consumers Started or Will Start Christmas 2006 Shopping
- Number of People on Luxury Consumers’ Gift Lists
- • Figure 94: Number of People on Luxury Consumers' Gift Lists compared with All Consumers
- Gift Categories Luxury Consumers Are Very Likely to Purchase for Christmas 2006
- • Figure 95: Gift Categories for Christmas 2006
- Likelihood to Purchase Luxury Versions of Gift Categories
- • Figure 96: Likelihood to Purchase More Luxurious Version vs. Ordinary, Everyday Version
- Where Luxury Consumers Will Shop for Christmas 2006 Gifts
- • Figure 97: Stores Where Luxury Consumers Are Very Likely to Shop for Christmas 2006 Gifts
- Trends in Luxury Consumers’ Christmas Gifting 2006
- • Figure 98: Trends in Christmas 2006 Gifting
- Chapter 9 — About Influencers and Motivators for Luxury Purchases
- Luxury Consumers Just Want to Have Fun
- • Figure 99: Motivators Rated Very Important When Purchasing Luxury
- Happiness Is the Ultimate Luxury
- People have a happiness ‘set point’ that is resistant to change
- Money doesn’t buy happiness, in fact the pursuit of wealth may make people less, rather than more happy
- Influencers of Most Importance When Shopping for Home Luxuries
- • Figure 100: Influencers Rated Very Important in Most Recent Luxury Home Purchases
- Key Findings for Home Luxury Marketers
- Influencers of Most Importance When Shopping for Personal Luxuries
- • Figure 101: Influencers Rated Very Important in Most Recent Personal Luxury Purchases
- Key Findings for Personal Luxury Marketers
- Influencers of Most Importance When Buying Experiential Luxuries
- • Figure 102: Influencers Rated Very Important in Most Recent Experiential Luxury Purchases
- Chapter 10 — Status & the Luxury Consumers
- Attitudes about Status
- • Figure 103: Attitudes about Status
- Personalities of Status
- • Figure 104: Personalities of Status
- • Figure 105: Status Personalities Attitudes
- Consensus Connie Goes Along with the Status Quo
- Sarah the Status Seeker Places a Priority on Prestige
- Quality Magnet Martha Is Driven to Buy the Best
- Anti-Status Andy Rejects the Trappings of Status
- Lifecycle of Luxury Brands’ Status Tied to Consumers’ Age
- • Figure 106: Status Attitudes Most Closely Associated with Younger Consumers
- • Figure 107: Anti-Status Attitudes Most Closely Associated with Older Luxury Consumers
- Maintaining Luxury Consumers’ Desire for Status Through the Acquisition of Luxury Is Good for Luxury Marketers
- Counter Trend toward Anti-Status Is Taking Hold
- Appendix A
- Research Objectives
- Research Methodology
- Income Demographics
- • Figure 108: Income Demographics
- Gender
- Age Distribution
- • Figure 109: Age Distribution
- Other Demographic Variables
- Survey Questionnaires
AbstractUnity Marketing's Home Luxury Report 2007 is the definitive study of the luxury consumers' buying and spending preferences for home luxury marketers, written by Pam Danziger, the nation's leading expert on the 'new luxury' market.
This report provides vital market size, growth and demographics for anyone and everyone that sells home luxury, from marketers, advertisers, retailers, service providers. The Home Luxury Report 2007 is an essential tool to understand the dynamics of the home luxury market, today and into the future.
This important new study of the luxury market provides the results of a two-year longitudinal research study of the luxury market conducted quarterly. This report is compiles detailed statistics collected in eight waves of Unity's quarterly Luxury Tracking surveys during 2005 and 2006. In both years over 4,000 luxury consumers were surveyed. The average income of respondents in 2006 was $149,800 and the gender distribution was 62 percent female and 38 percent male. The average age of respondents was 43.1 years, with 50 percent of respondents being Baby Boomers and 36 percent being GenXers.
More details about products and brands included in Home Luxury Report 2007
Details about what home luxuires these 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 2006 Home Luxury Tracking surveys, notably:
Home Luxuries
- 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 and leading brands)
- Electronics and Photography Equipment (Computers; iPods and other MP3 devices; cameras; cellular phones; televisions; DVD/video players; audio equipment; home entertainment systems; PDA's, including leading brands)
- 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, including leading brands)
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 home 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.
Special feature: Find out which of the four different types of luxury consumers are your best customers
A special feature in Unity Marketing's Home Luxury Report 2007 is a psychographic profile of the four 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.
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