Fewer Affluents Buying Luxury Products

  • July 6, 2010
Unity Marketing's latest study on the purchasing habits of the affluent shows just 44% bought any personal luxuries in 2009, a decline of 10 percentage points from 2006. But when they did, they spent nearly 50% more on their purchases than they did in 2008.

The report is based on responses from more than 4,700 luxury consumers, with an average income of $220,200.

Among the notable trends: American luxury car brands gained in popularity, as Euro-brands declined, and department stores continued to lose shoppers, who instead chose to spend in luxury-branded boutiques.

"The personal luxuries market has changed by more than just who is buying and how much they are spending," writes Pam Danziger, founder of Unity, in the report. "Affluent consumers are also buying a different basket of personal luxury items from a different slate of distribution channels."

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