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Personal Luxury Report USA: The Seven-Year Guide to Trends in the Affluent Consumer Market for Personal Luxury Goods

Personal Luxury Report USA: The Seven-Year Guide to Trends in the Affluent Consumer Market for Personal Luxury Goods

Tapping seven years of historic market research data, Unity Marketing has studied exactly what’s on the mind of today’s luxury consumers for personal luxury goods. Details about trends in affluent consumer purchases of clothing, fashion accessories, jewelry, watches, beauty, wine and spirits, personal electronics and automobiles are revealed.

Personal Luxury Report USA digs deeply into the spending habits and preferences of high-net-worth (HNW) and high-earners-not-rich-yet (HENRY) individuals. Case studies of brands that are marketing successfully to today's affluent consumers brings the data to life and makes it actionable for marketers looking to succeed in today's value-driven luxury consumer market.

This report includes eye-opening statistics and detailed case studies to demonstrate how your brand can thrive in today’s value-oriented luxury consumer market.

In this can’t miss report, luxury brands, marketers and retailers will learn:

  • Who has disposable income for personal luxury goods purchases and where are they spending it today and where will they spend it tomorrow?
  • How does today’s affluent customer define luxury?
  • Where do luxury consumers shop for fashion, jewelry and beauty and how has their shopping patterns changed pre-and-post recession?
  • What brands do ultra-affluents favor in clothing, fashion accessories, beauty and more and how do their preferences differ from the HENRYs (high-earners-not-rich-yet) customers?
  • Which are the winners and losers in product choices affluent customers are making? What's up and what's down as measured by spending trends?
  • How do affluents — Ultras & HENRYs — spend their money on personal luxury goods?
  • What brands are making a connection with today's luxury consumer?
The latest Personal Luxury Report USA gives marketers data about seven years of trends in what American affluent consumers are buying, where they are shopping, how much they are spending and what brands they favor in personal luxury goods, including clothing, fashion accessories, jewelry, watches, beauty, wine and spirits, personal electronics and automobiles.

The report shares findings of 2,500 luxury consumers surveyed in 2014 (average income $269,500) and compares results from comparable surveys conducted over the past six years, 2008-2013. This report provides a seven-year perspective of long term trends in the luxury consumer market.

"We designed the Personal Luxury Report USA as both a powerful desk reference and a source for insight into the future trends in the luxury market. The new report provides the kind of detailed facts and figures about the luxury consumer market that will delight data-driven executives. But it also focuses on the mindset and attitudes of the luxury consumer, making it an invaluable tool for luxury brand executives to plan for the future of their changing marketplace," says Danziger.

Further, the Personal Luxury Report USA is enhanced with case studies of brands that are succeeding in connecting with today's affluent consumer market. These case studies bring the data alive to provide guidance and direction for marketers looking to make the research actionable in their businesses.

More about The Personal Luxury Report USA

The Personal Luxury Report USA is the annual compilation of Unity Marketing's Affluent Consumer Tracking Study's products and services survey detailing purchases and brand preferences. It reports the personal luxury goods purchased by ~2,500 affluent consumers over the course of the three-month study period and is the only longitudinal study of its kind that tracks the luxury consumer market, what they buy, how much they spend during and after the recession.

This report includes eye-opening statistics and detailed case studies to demonstrate how your brand can thrive in today’s value-oriented luxury consumer market. It examines consumers' buying behavior and spending habits related to eight key product categories including clothing, fashion accessories, beauty, jewelry, watches, automobiles, personal electronics and wine and spirits. It includes historical information for the past seven years in personal luxury, from 2008-2014. The data included in this report is extracted from the overall Luxury Report USA with detail data included for all personal luxury categories.

The report contains details on personal luxury products bought by affluent consumers, including three-month spending, where these products were purchased and details of the types and brands of products bought.

The Personal Luxury Report USA is written by Pam Danziger, one of the nation's leading 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.

More importantly it gives marketers an analytic view of the luxury consumer market going in and coming out of the recession.

Luxury Marketers: This is a report about your customers & your target customers

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 these major categories of personal luxury, specifically:

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)-
  • Personal Electronics (iPods and other MP3 devices; cameras; cellular phones; laptop computers & notebooks; PDA's)
  • Automobiles (Euro, Asian and U.S luxury models)
Provides marketers with facts and data that support strategic decisions

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.

This report doesn't stop with the data -- It pushes further to help marketers and retailers put the information to use

Translates the data into information that marketing executives can use to make critical strategic decisions. This market research report makes 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 Personal Luxury Report USA 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.


Introduction & Methodology
Unity Marketing's Annual State of the Luxury Market Report
The US Luxury Market Dwarfs All Others
Figure 1: U.S Luxury Market Relative to Rest of World 2014 (Source: Bain & Company)
More about the Luxury Report
Home Luxuries
Personal Luxuries
Automobiles, including automobile brands
Experiential Luxuries
Affluent Consumer Tracking Study (ACTS) Methodology
Two Segments of Affluents based upon Income Are Surveyed
Compilation of Affluent Consumers’ Luxury & High-End Purchases
New ACTS Shopper Track Survey Adds Additional Perspective on Affluent Shopping Behavior
Sample Demographics
Income Demographics
Figure 2: Income Sample
Net Worth
Figure 3: Net Worth
Gender
Figure 4: Gender distribution
Age Distribution & Cohort
Figure 5: Age Distribution
Luxury Marketers>> Take Action
Luxury Marketers>> Get Inspired by SuitSupply
Occupation & Employment
Figure 6: Occupation
Other Demographic Variables
Figure 7: Educational Attainment
Figure 8: Marital Status
Figure 9: Life Stage
Figure 10: Home Ownership
Figure 11: Ethnicity
Chapter 1— Prospects for the Luxury Market 2015
Overview
Affluents Enjoying the Little Things in Life – Resisting the Temptation to Over-Spend & Liking It
Demographic Forecast: Luxury Drought
Figure 12: Dent Research, Consumer Spending by Age
Figure 13: LCI Historical 1Q2004-present
The Consumer Economy at Large
Figure 14: Personal Consumption Quarterly Change 2008-1Q15
Figure 15: Personal Consumption Expenditures 1Q15 Percent. Change Previous Period, details
Luxury Marketers>> Take Action as Economy Still Struggles
Figure 16: GAFO Retail Sales & Percentage Change 2007-1Q2015
GAFO Retail Sales in 2015
Figure 17: GAFO Store Sales YTD 2015-2014
Figure 18: Fastest Growing Retailers 1Q2015
Luxury Marketers>> Take Action by Tapping Consumer Trends
Chapter 2— Demographics of Affluence
Income Defines Affluence
Figure 19: U.S. Households by Income
Affluent Households Growing Fastest
Figure 20: Household Growth by Income
Luxury Marketers>> Take Action to Define Affluents by Wealth or Income
Figure 21: Average Income of Top Quintile Households
Luxury Marketers>> Take Action Don’t Overlook HENRYs
Luxury Marketers>>Get Inspired by Millionaires
Figure 22: Number of Millionaires by Country
Affluents Account for 40-50% of All Personal Consumption
Figure 23: Average Expenditures of Households by Income Quintile
Figure 24: U.S. Household Income 2002-2011
Figure 25: Affluent Average Income 2000-2013
More Demographic Characteristics of Affluent Consumer Market
Diversity among Affluents
Figure 26: Number Affluent Households by Ethnicity
Figure 27: Top 20% Income earners by Ethnicity
Age of Affluence
Figure 28: Income by Age
Luxury Marketers>>Take Action on the Luxury Drought
Figure 29: Number of Consumers in Window of Affluence
Figure 30: Population Projections through 2045 for 35-44 & 45-54 year olds
Luxury Marketers>> Take Action Against a Culture Hostile to Luxury Indulgence
Luxury Marketers>> Take Action Get Ready for the Millennials
Luxury Marketers>> Get Inspired by PANDORA
Luxury Marketers>> Take Action Deliver Experiences, not more Things
Figure 31: Source of Greatest Luxury Satisfactions
Demographic distinctive
Figure 32: Source of Greatest Luxury Satisfactions by Age
Luxury Marketers>> Take Action as Purchase Motivations Change with Age
Figure 33: Experiences Source of Greatest Happiness & Satisfaction by Age
Chapter 3 - Overview of Affluents’ Luxury Purchases & their Spending
Highlights of Affluents’ Luxury Purchases and their Spending
Figure 34: Trend in Demand for Luxury Goods & Service
Luxury Spending Trends
Figure 35: Trends in Total Spending on Luxury Goods & Services
Figure 36: Trend in Percent Change in Luxury Spending
Figure 37: Trends in Income Segment Spending
Figure 38: Trends in Spending by Major Category
Luxury Marketers>> Take Action
What’s Hot, What’s Not in Luxury
Figure 39: What’s Hot, What's Not in Luxury as measured by change in spending year-over-year
Total Luxury Purchase Incidence
Figure 40: Overall Luxury Purchase Incidence (All Affluent Consumers)
Luxury Goods & Services Demand
Figure 41: Luxury Goods & Services Demand
Luxury Consumers’ Average Spending on Luxuries
Figure 42: Average Spending on Luxury
What's Hot, What's Not in Luxury this Year compared with Last
Figure 43: Major Categories by Percent Change Year-over-Year
Spending by Income Segment
Figure 44: Luxury Spending by Income Segments
Figure 45: Comparative Spending by Income
Total Spending by Age Segments
Figure 46: Total Spending on Luxury by Age Segments - Young Affluents and Mature Affluents
Figure 47: Comparative Spending by Age
Total Luxury Spending by Gender
Figure 48: Total Spending on Luxury by Gender
Figure 49: Comparative Spending by Gender
Luxury Marketers>> Take Action by Meeting Your Best Customer
Luxury Marketers>> Get Inspired by Suitsupply
Chapter 4 - About Luxury Consumers’ Favorite Shopping Destinations
Highlights of Luxury Consumers' Shopping Destinations
Luxury Department Stores
Figure 50: Net Patronage Mass/Discount and Luxury Department Stores
Figure 51: Luxury Department Store Brand Usage
Mass & Discount Department Stores
Figure 52: Mass/Discount Department Store Brand Usage
Luxury Branded Boutiques
Figure 53: Overview Luxury Fashion Boutique Brand Usage by Income
Figure 54: Luxury Fashion Boutique Brand Usage Details
Fashion Boutiques
Figure 55: Fashion Boutique Brand Usage
Cosmetics Store Brand Usage
Figure 56: Cosmetics/Beauty Store Brand Usages
Jewelry Stores
Figure 57: Jewelry Store Brand Usage
Luxury Marketers>> Get Inspired by Doyle & Doyle
Home Stores
Figure 58: Home Stores Brand Usage
Luxury Marketers>> Get Inspired by RH
Online Destinations
Figure 59: Online Internet Retailer Brand Usage
Luxury Marketer>> Get Inspired by West Elm
Luxury Marketers>> Take Action
Figure 60: Trends in Net Affluent Usage by Major Class of Store
Luxury Marketers>> Get Inspired by the Rebirth of “Main Street”
Chapter 5 - Personal Luxury Purchases Detail
Highlights of Personal Luxury Purchases
Figure 61: Personal Luxuries Demand & Spending Trends
Figure 62: Personal Luxury Spending and Change Previous Year
Figure 63: Personal Luxury Spending by Demographic Segments
Figure 64: Biggest Winners & Losers in Personal Luxury
Personal Luxury Demand Details
Figure 65: Personal Luxury Demand, as measured by Purchase Incidence
Personal Luxuries Spending Details
Figure 66: Personal Luxury Spending
Personal Luxury Spending by Demographic Segments
Figure 67: Personal Luxury Spending by Demographic Spending
What’s Hot, What's Not in the Personal Luxury Market, Details
Figure 68: Top Fastest Growing Products and Biggest Losers in Personal Luxury Market
Top Shopping Destinations for Personal Luxury Products
Figure 69: Top Shopping Destinations for Personal Luxury Products
Luxury Marketers>> Get Inspired
Figure 70: U.S. Personal Consumption Fashion, 2010-2014
Automobiles & Recreational Vehicles - Purchase Details
Figure 71: Automobile Demand & Spending Trends
Amount Spent on Automobiles & Recreational Vehicles
Figure 72: Automobile Spending by Demographic Segment
Type of Luxury Automobile Bought
Figure 73: Type of Luxury Automobile
Country of Origin
Figure 74: Country of Origin
Luxury Automobile Brand Usage
Figure 75: Luxury Automobile Brand Usage
Luxury Marketers>>Get Inspired by What Lincoln Did Wrong & KIA Did Right
Clothing & Apparel - Purchase Details
Figure 76: Clothing & Apparel Demand & Spending Trends
Amount Spent on Clothing & Apparel
Figure 77: Clothing and Apparel Spending by Demographic Segment
Type of Clothing & Apparel Bought
Figure 78: Estimated Spending on Luxury Clothing & Apparel
View of Women's Clothing Items Bought
Figure 79: Detail of Women's Clothing Items Bought
Where People Shopped for Luxury Clothing & Apparel
Figure 80: Estimated Spending on Luxury Clothing & Apparel by Type of Store
Clothing & Apparel Brand Usage
Figure 81: Clothing & Apparel Brand Usage
Luxury Marketers>> Get Inspired by Project Gravitas
Luxury Marketers>> Get Inspired by J. Crew
Fashion Accessories - Purchase Details
Figure 82: Fashion Accessories Demand & Spending Trend
Amount Spent on Fashion Accessories
Figure 83: Fashion Accessories Spending by Demographic Segment
Type of Fashion Accessories Bought
Figure 84: Estimated Spending on Luxury Fashion Accessories
Where People Shopped for Luxury Fashion Accessories
Figure 85: Estimated Spending on Fashion Accessories by Type of Store
Luxury Marketers>> Get Inspired by FarFetched.com
Luxury Fashion Accessories Brand Usage
Figure 86: Fashion Accessories Brand Usage
Sun Glasses Brand Usage
Figure 87: Sun Glass Brand Purchase
Luxury Marketers>> Get Inspired by Luxottica and Safilo
Fragrance, Cosmetics, and/or Beauty Products - Purchase Details
Figure 88: Fragrances & Beauty Demand & Spending Trends
Amount Spent on Fragrance, Cosmetics and/or Beauty Products
Figure 89: Fragrance, Beauty, Cosmetic Spending by Demographic Segment
Type of Fragrance, Cosmetics and/or Beauty Products Bought
Figure 90: Estimated Spending on Luxury Cosmetics and Beauty Products
Where People Shopped for Luxury Fragrance, Cosmetics and/or Beauty Products
Figure 91: Estimated Spending on Luxury Beauty by Type of Store
Cosmetics, Beauty Products, Fragrances Brand Usage
Figure 92: Premium/Luxury Beauty Brands Purchase Incidence
Figure 93: Mass Beauty Brands Purchase Incidence
Figure 94: Any Prestige or Mass Beauty Brand Purchase
Luxury Marketers>> Get Inspired by L’Oreal and the new age of beauty
Luxury Marketers>> Get Inspired by Bluemercury & Macy’s
Wine & Spirits — Purchase Details
Figure 95: Wine & Spirits Demand & Spending Trends
Amount Spent on Wine & Spirits
Figure 96: Wine & Spirit Spending by Demographic Segment
Luxury Marketers>>Get Inspired by Young Affluent Wine Consumers
Type of Wine & Spirits Bought
Figure 97: Estimated Spending on Luxury Wine & Spirits by Product Type
Where People Shopped for Wine & Spirits
Figure 98: Estimated Spending on Luxury Wine & Spirits by Type of Store
Wine Brand Usage
Figure 99: Wine Brand Purchase Incidence
Tequila Brand Usage
Figure 100: Tequila Brand Purchase Incidence
Vodka Brand Usage
Figure 101: Vodka Brand Purchase Incidence
Scotch/Malt Brand Usage
Figure 102: Scotch/Malt Brand Purchase Incidence
Rum Brand Usage
Figure 103: Rum Brand Purchase Incidence
Gin Brand Usage
Figure 104: Gin Brand Purchase Incidence
Champagne Brand Usage
Figure 105: Champagne Brand Purchase Incidence
Whiskey/Bourbon Brand Usage
Figure 106: Whiskey/Bourbon Brand Purchase Incidence
Luxury Marketers>> Get Inspired by Maker’s Mark
Cognac/Brandy Brand Usage
Figure 107: Cognac/Brandy Brand Purchase Incidence
Wine Club Membership
Figure 108: Wine club membership
Club Member Trends in Purchase
Figure 109: Trends in Wine Club Brand Purchases
Jewelry - Purchase Details
Figure 110: Jewelry Demand & Spending Trends
Amount Spent on Jewelry
Figure 111: Jewelry Spending by Demographic Segment
Type of Jewelry Bought
Figure 112: Estimated Spending on Women's & Men's Jewelry
Type of Women’s Jewelry Bought
Figure 113: Estimated Spending on Women's Jewelry by Product Type
Women's Material of Composition
Figure 114: Estimated Spending on Women's Jewelry by Material
Figure 115: Estimated Sales of Women's Jewelry by Gemstone
Type of Men’s Jewelry Bought
Figure 116: Type of Men's Jewelry Bought
Men's Material of Composition
Figure 117: Men's Jewelry: Material of Composition
Where People Shopped for Jewelry
Figure 118: Estimated Spending on Jewelry by Type of Store
Luxury Marketers>> Get Inspired by Blue Nile
Figure 119: U.S. Marriage Rates, 1999-2012
Jewelry Brand Usage
Figure 120: Jewelry Brand Usage
Luxury Marketers>> Get Inspired by ALEX AND ANI
Watches - Purchase Details
Figure 121: Watches Demand & Spending Trends
Amount Spent on Watches
Figure 122: Watches Spending by Demographic Segment
Type of Watches Bought
Figure 123: Estimated Sales of Watches by Type
Material of Composition Formal/Dress Watches
Figure 124: Material of Composition Formal/Dress Watches
Where People Shopped for Luxury Watches
Figure 125: Estimated Spending on Watches by Type of Store
Watches Brand Usage
Figure 126: Watch Brand Usage
Luxury Marketers>> Get Inspired by Apple
Luxury Has a Brand-New Style, and Apple Gets It
Personal Electronics - Purchase Details
Figure 127: Personal Electronics Demand & Spending Trends
Amount Spent on Personal Electronics
Figure 128: Personal Electronics Spending by Demographic Segment
Type of Personal Electronics Bought
Figure 129: Estimated Sales of Personal Electronics by Type
Where People Shopped for Luxury Personal Electronics
Figure 130: Estimated Spending on Personal Electronics by Type of Store
Chapter 6 – What Luxury Means
Which Categories of Purchase Give Affluents the Greatest Thrill
Words that Describe Luxury
Figure 131 Words that Describe Luxury
What Luxury Means by Segments
Figure 132: What Luxury Means to Men & Women, Index
Figure 133: What Luxury Means to Young & Mature Affluents, Index
Luxury Marketers>> Take Action
Luxury as Defined by Ultra-affluents & HENRYs
Figure 134: What Luxury Means to Ultra-Affluents & HENRYs, Index
Luxury Marketers>> Get Inspired by J.W. Hulme
Luxury Marketers>> Take Action
Which Luxury Purchases Deliver the Most Enjoyment
Segments that Get the Least Enjoyment
Luxury Marketers>> Take Action
Chapter 9 - Personalities of Luxury
Luxury Marketers: Meet Your Customers
Figure 135: Five Personalities of Luxury
Trends in Distribution in the Market of the Luxury Personalities
Figure 136: Trends in Distribution of Luxury Personlaities, 2009-2014
New Luxury Consumer Personality Emerged in 2007 and Remains a Force in the Current Market
Demographics of the Luxury Personalities
Figure 137: Demographics of the Luxury Personalities
Meet the X-Fluents
Meet the Aspirers
Meet the Cocooners
Meet the Butterflies
Meet the Temperate Pragmatists
Personalities' Attitudes toward Luxury
Figure 138: Attitudes about Luxury by Personality Segment
Five Personalities & the Cars They Drive
Five Personalities and the Hotels Where They Stay
Personalities & Their Spending on Luxury
Figure 139: Luxury Personalities & Their Spending on Luxury
How the Personalities Define Luxury
Figure 140: Definition of Luxury by Personality Type
Figure 141: Index to How Luxury Personlities Define Luxury
How to Sell to the Different Luxury Personalities
Selling to X-Fluents
Selling to Aspirers
Selling to Butterflies
Selling to Cocooners
Selling to Temperate Pragmatists
Final Thoughts: Use the “L-Word” with Caution

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