A new survey finds affluent Millennials are keen to purchase luxury goods for the status they confer, calling on luxury brands to embrace their customers’ status needs.
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How Resilient Is The Luxury Market? It Will Be Tested In 2024
Against a backdrop where the global luxury market will grow between 8% and 10% across all categories, the personal luxury segment’s growth is more muted, projected to advance by only 4% in 2023 at current exchange rates, according to the latest Bain-Altagamma luxury market study.The total luxury market will reach $1.65 trillion (€1,508 billion) this […]
Aspirational Consumers Pull Back, Driving Down Luxury Leaders’ U.S. Sales
The leading global luxury brands showed topline gains for the first half of the year, despite a drop in sales in the U.S., where aspirational consumers are stretched thin and have cut back on indulgent purchases.In most recent reporting, all but Kering showed outstanding topline gains – LVMH was up 15% to $46.5 billion and […]
What Consumer Psychology Reveals About Our Urge To Splurge
Deloitte is out with new research that found the urge to splurge is universal, indulged in by nearly equal measures regardless of the consumer’s age, income or gender.Its survey, which spanned 23 countries and over 114,000 adults, found nearly 80% said they made at least one splurge purchase to lift their mood in the past […]
Consumer’s Cognitive Biases Are Keeping Spending Strong, For Now
The National Retail Federation (NRF) is out with its 2023 retail forecast; on its face, it’s reassuring. Retail sales growth in 2023 should exceed the 3.6% average growth level tracked in the pre-pandemic years from 2013 through 2019.So far, consumers have kept retail sales buoyant, thanks to their psychological makeup, but soon, their shopping behaviors […]
