Luxury consumers

From Yenra

Luxury consumers in the U.S. and much of Western Europe are similar in many ways, especially in the emphasis consumers place on experiences, rather than something that one has or owns, according to a report released July 23, 2007 by the Consumer Research Center of The Conference Board.

The report was sponsored by Conde Nast Publications, Gucci Group, Gibson USA, The Ritz Carlton and Tru Vue and is based on an online survey of 1800 affluent consumers in the U.S., China, France, Germany, Italy, Japan, and the UK. Respondents were over age 18 and in the top 25% income brackets.

The largest share of luxury consumers (44%) and the largest share of consumers in each country most strongly agree that "luxury is having enough time to do whatever you want and being able to afford it."

Time is the most highly valued luxury (named by 35% of respondents as best matching their personal definition of luxury), then life experiences (25%), followed by having comfort, beauty and quality (18%).

American consumers are noted for their interest in cable/satellite television, pets, physical fitness and health foods, electronics, and investing in stocks and bonds.

British consumers are distinctive in their strong interest in Internet and cell phone usage, videos/DVDs, wine, gourmet goods, health foods, avid book reading, and cable/satellite TV.

German consumers are more involved in reading books, attending cultural events, gardening, and home furnishings. Italian consumers share many of the same interests as those in Germany, but they are more active in travel. French consumers are similar to those in Germany and Italy, too, but with an even greater interest in gourmet food and wine.

China has the greatest interest in photography, electronics, and home furnishings.