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issue: June 2009 APPLIANCE Magazine

Market Research
Web Exclusive: Statistics: Luxury Purchase Trends


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The U.S. luxury marketplace in the last year saw decreased spending by all the luxury demographic segments – but some product categories actually saw significant increases in spending by affluent consumers.

This insight comes from Unity Marketing, which today published its annual report on the state of the luxury market: The Luxury Report 2009: the Ultimate Guide to the Luxury Consumer Market.

The report includes data about purchase behaviors and spending patterns of the
most affluent consumers, providing both a focus on historical shifts in the luxury consumer market and looking ahead at the future trajectory of consumer trends that will transform the luxury market in 2009 and beyond.

The report is a compilation of four tracking surveys. The surveys, of 1000-1250 affluent consumers who purchased luxuries in the study period, are conducted by Unity every three months. 4609 total consumers were surveyed in 2008 with an average income of about $200,000, representative of the 22 million affluent households in the U.S.

The report out the these "affluents" into three segments:
>comfortable affluents, with income of $100,000 to $149,900
>super affluents, with income of $150,000 to $249,900
>ultra-affluent consumers, with incomes of $250,000 and up

Table 1, below, shows the product categories that have seen increases in purchases by affluent consumers, as well as the products that have show big decreases.

Table 2 charts the overall spending decreases by the different affluent consumer segments.

Table 1

Home Luxury Winners & Losers in Share of Affluent Consumers Wallet
% Change
2007-2008
Top Ten Winners
 
Electronic GPS Devices
74.5%
Housewares Storage and Organization Products
65.6%
Outdoor/Garden Lighting accents (including spot lights, path lights, etc.)
40.0%
Television Sets
35.4%
Chimneys, fire pits/places and/or outdoor wood stoves or gas heaters
33.3%
Window Coverings (such as blinds, shades, shutters or other 'hard' window coverings, etc.)
30.8%
Power luxury gardening equipment (such as lawn mowers, tillers, edgers, leaf blowers, snow blowers, etc.)
28.4%
Ready-made curtains, drapes, sheers or other fabric window Coverings
27.3%
Porch and patio decorative accents (such as flags, signs, wreaths, mats, wind chimes, other decor accents)
26.7%
Feather Beds and/or Mattress Covers
26.4%
Biggest Losers  
Custom-Framed Reproduction
-26.7%
Antique Furniture/Collectibles
-23.2%
Already-Framed Reproduction
-18.4%
Tabletop Silverware/Flatware
-18.3%
Home Entertainment Systems
-18.3%
Tabletop Crystal/Glassware
-17.1%
Rugs and carpets, including wall-to-wall and area rugs
-15.0%
Unframed Art Reproduction
-14.2%
Art Glass
-14.0%
DVD/Video Players
-13.7%

Source: Unity Marketing

 

 

Table 2

LUXURY SPENDING BY SEGMENT SUMMARY

The traditional biggest spenders in the luxury market – men, young affluents and ultra-affluents – cut their spending most in 2008.

Luxury Spending by Segments
4Q 2008
3Q 2008
2Q 2008
1Q 2008
Total 2008
% Change
YTD08-
YTD07
Total 2007
4Q 2007
3Q 2007
2Q 0007
1Q 2007
Total
12,566
13,429
13,151
13,894
53,040
-9.30%
58,488
13,136
13,614
16,384
15,354
Gender                      
Male
16,498
13,680
15,161
17,576
62,915
-12.70%
72,100
14,614
17,042
20,082
20,362
Female
10,011
13,298
12,027
12,045
47,381
-7.30%
51,104
12,304
11,676
14,199
12,925
Age                      
40 and under
14,849
15,755
14,204
15,187
59,995
-14.60%
70,242
15,348
17,785
20,427
16,682
Over 40 years
11,321
11,729
12,521
13,142
48,713
-6.60%
52,129
12,225
10,979
14,180
14,745
Income                      
Comfortable Affluents ($100k-$149.9k)
8,327
8,389
9,218
9,704
35,638
-4.50%
37,315
7,619
7,491
12,109
10,096
Super-Affluents ($150k-$249.9k)
13,266
13,313
15,827
14,987
57,393
-7.90%
62,348
15,858
15,646
15,637
15,207

Source: Unity Marketing

 

 

 

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