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Published by: Unity Marketing Inc.
Published: May. 1, 2007 - 225 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 Afflue16
- • 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, 2004-2006
- 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 — Personal Luxuries
- Personal Luxury Purchases Made by Three-Fourths of Luxury Consumers
- • Figure 30: Personal Luxury Purchase Incidence
- Personal Luxuries Spending Up Significantly in 2006
- • Figure 31: Personal Luxury Spending,
- Department Stores Are an Important Shopping Choice for Personal Luxury Consumers
- • Figure 32: Where Luxury Consumers Shop for Personal Luxuries
- Fastest Growing Categories in Personal Luxuries in 2006
- Clothing & Apparel . Purchase Details
- Type of Clothing & Apparel Bought
- • Figure 33: Type of Clothing & Apparel Bought
- Amount Spent on Clothing & Apparel
- Where People Shopped for Luxury Clothing & Apparel
- • Figure 34: Clothing & Apparel Shopping Choices
- Clothing & Apparel Brand Usage
- • Figure 35: Clothing & Apparel Brand Usage
- Key Influencers for Clothing & Apparel Purchases
- • Figure 36: Clothing & Apparel Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Fashion Accessories . Purchase Details
- Type of Fashion Accessories Bought
- • Figure 37: Type of Fashion Accessories Bought
- Amount Spent on Fashion Accessories
- Where People Shopped for Luxury Fashion Accessories
- • Figure 59: Fashion Accessories Shopping Choices
- Luxury Fashion Accessories Brand Usage
- • Figure 38: Fashion Accessories Brand Usage
- Key Influencers for Fashion Accessories Purchases
- • Figure 39: Fashion Accessories Key Influences for Purchase (2Q2006 Luxury Tracking)
- Fragrance, Cosmetics, and/or Beauty Products . Purchase Details
- Type of Cosmetics Bought
- • Figure 40: Type of Cosmetics & Beauty Products Bought
- Amount Spent on Fragrance, Cosmetics and/or Beauty Products
- Where People Shopped for Luxury Fragrance, Cosmetics and/or Beauty Products
- • Figure 41: Fragrance, Cosmetics, Beauty Products Shopping Choices
- Key Influencers for Cosmetics, Beauty Products, Fragrances
- • Figure 42: Cosmetics, Beauty Products, Perfume Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Pet Products — Purchase Details
- Amount Spent on Pet Products
- Where People Bought Pet Products
- • Figure 43: Where People Bought Pet Products
- Key Influencers for Pet Product Purchases
- • Figure 44: Pet Products Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Wine & Spirits — Purchase Details
- Type of Wine & Spirits Bought
- • Figure 45: Type of Wine & Spirits Bought
- Amount Spent on Wine & Spirits
- Key Influencers for Wine & Spirits
- • Figure 46: Wine & Spirits Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Pens, Writing Instruments, and Desk Accessories — Purchase Details
- Amount Spent on Pens, Writing Instruments, and Desk Accessories
- Where People Bought Pens, Writing Instruments, and Desk Accessories
- • Figure 47: Where People Bought Writing Instruments
- Jewelry . Purchase Details
- Type of Jewelry Bought
- • Figure 48: Type of Jewelry Bought
- Type of Women’s Jewelry Bought
- • Figure 49: Type of Women’s Jewelry Bought
- Type of Men’s Jewelry Bought
- • Figure 50: Type of Men's Jewelry Bought
- Material of 73
- • Figure 51: Material of Composition Women’s Jewelry
- • Figure 52: Men's Jewelry: Material of Composition
- Amount Spent on Jewelry
- Where People Shopped for Jewelry
- • Figure 53: Jewelry Shopping Choices
- Jewelry Brand Usage
- • Figure 54: Jewelry Brand Usage
- Key Influencers for Jewelry Purchases
- • Figure 55: Jewelry Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Watches . Purchase Details
- Type of Watches Bought
- • Figure 56: Type of Watches Bought
- Material of Composition Formal/Dress Watches
- • Figure 57: Material of Composition Formal/Dress Watches
- Amount Spent on Watches
- Where People Shopped for Luxury Watches
- • Figure 58: Watches Shopping Choices
- Watches Brand Usage
- • Figure 59: Watch Brand Usage
- Key Influencers for Watch Purchases
- • Figure 60: Watches Key Influencers for Purchase (2Q2006 Luxury Tracking)
- Chapter 4 — About Butterflies & Other Segments in Luxury Market
- • Figure 61: Attitudes about Luxury
- Segmentation Analysis of Luxury Market — Four Segments Identified in Luxury Market
- • Figure 62: Luxury segmentation analysis mean values
- Butterflies Emerge as Largest Luxury Consumer Segment
- • Figure 63: 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 64: Purchase Luxury Regularly, Occasionally, Rarely by Product/Service Category
- Ability to Spend for Luxury Doesn’t Translate into Willingness to Spend
- • Figure 65: How Often Super-Affluent Luxury Consumers Indulge in Luxury. 97
- Chapter 6 — Luxury Consumers & the Internet
- Luxury Internet Shoppers
- Internet Widely Used to Research and Purchase
- • Figure 66: Luxury Consumers' Use of the Internet
- Entertainment and Recreation Lead Internet Purchases
- • Figure 67: Kinds of Products and Services Bought on the Internet
- Super-Affluents Lead the Internet Spending Pack
- • Figure 68: Average Spending on All Goods & Services over the Internet
- Typical Luxury Consumers Spends about 5 Hours a Week Shopping Online
- • Figure 69: 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 70: Luxury Average Number of Hours Used on Internet for All Other Purposes Besides Shopping Weekly
- Convenience and Comparison Key to Internet Shopping
- • Figure 71: 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 73: Attitudes of Luxury Shoppers about Internet Shopping
- Chapter 7 — Luxury Gifting
- Introduction
- Luxury Gift Spending
- • Figure 74: Luxury Consumers' Gift Giving Spending by Demographic Segment, 4Q2005
- Holiday Gift Lists Number 12 People
- • Figure 75: Number of People on Christmas Gift List
- Entertainment & Recreational Items and Clothing & Fashion Accessories Tops Luxury Gifters’ Gift Lists
- • Figure 76: 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 77: Where Luxury Consumers Shopped for Holiday Gifts 2005
- Luxury Gifters’ Gifting Trends
- • Figure 78: Trends in Luxury Gifting
- Luxuries as Gifts Holiday 2005
- • Figure 79: 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 80: Planned Christmas Gift Spending 2006
- Christmas Gift Spending by Demographic Segment
- • Figure 81: Planned Christmas 2006 Gift Spending by Demographic Segments
- When Luxury Consumers Started or Will Start Christmas Shopping for 2006
- • Figure 82: When Luxury Consumers Started or Will Start Christmas 2006 Shopping
- Number of People on Luxury Consumers’ Gift Lists
- • Figure 83: 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 84: Gift Categories for Christmas 2006
- Likelihood to Purchase Luxury Versions of Gift Categories
- • Figure 85: Likelihood to Purchase More Luxurious Version vs. Ordinary, Everyday Version
- Where Luxury Consumers Will Shop for Christmas 2006 Gifts
- • Figure 86: Stores Where Luxury Consumers Are Very Likely to Shop for Christmas 2006 Gifts
- Trends in Luxury Consumers’ Christmas Gifting 2006
- • Figure 87: Trends in Christmas 2006 Gifting
- Chapter 8 — About Influencers and Motivators for Luxury Purchases
- Luxury Consumers Just Want to Have Fun
- • Figure 88: 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 89: 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 90: 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 91: Influencers Rated Very Important in Most Recent Experiential Luxury Purchases
- Chapter 9 — Status & the Luxury Consumers
- Attitudes about Status
- • Figure 92: Attitudes about Status
- Personalities of Status
- • Figure 93: Personalities of Status
- • Figure 94: 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 95: Status Attitudes Most Closely Associated with Younger Consumers
- • Figure 96: 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 97: Income Demographics
- Gender 161
- Age Distribution
- • Figure 98: Age Distribution
- Other Demographic Variables
- Survey Questionnaires
AbstractUnity Marketing's Personal Luxury Report 2007 is the definitive study of the luxury consumers' buying and spending preferences, 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 luxury, from marketers, advertisers, retailers, service providers. The Personal Luxury Report 2007 is an essential tool to understand the dynamics of the 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 Personal Luxury Report 2007
Details about what personal luxuries 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 Luxury Tracking surveys, notably:
Personal Luxuries
- Clothing and Apparel (Women's casual, dress/business, formal/evening, outerwear; men's casual, dress/business, formal/evening, outerwear; teen's clothing; children's clothing; baby clothing)
- Cosmetics, Fragrance and Beauty Products (Fragrances, perfumes; bath and body lotions; face care; hair care; cosmetics and makeup; sun and tanning products)
- Fashion Accessories (Women's handbags, shoes, brief cases, and fashion accessories, such as scarves, belts; men's wallets, brief cases and men's fashion accessories, including shoes, belts, etc.; luggage for men and women)
- Jewelry (Women's and men's jewelry by type, including necklaces, earrings, bracelets, rings, bridal/wedding, pins and brooches; women's and men's jewelry by material, including 14k and above gold, sterling silver, platinum, gold plate or vermeil, costume jewelry; and women's and men's jewelry by stone, including diamonds, other precious gemstones, semi-precious gemstones, pearl, faux or man-made, no gemstone content)
- Watches (Women's and men's watches by style, including formal/dress or casual/sports)
- Wine, Liquor and Spirits (Wine, champagne, vodka, whiskey, rum, scotch, cognac, bourbon, sherry/port)
- Pens, Writing Instruments and Desk Accessories
- Pet Products
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.
Special feature: Find out which of the four different types of luxury consumers are your best customers
A special feature in Unity Marketing's Personal 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.
Get Full Details About This Report >>
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