Webinar On-Demand: Luxury Consumers 101
Key Takeaways
Most people don’t believe luxury options are worth the additional cost: Luxury isn’t for everyone. It’s inherently — and often intentionally — unattainable due to financial barriers. But most consumers don’t believe luxury products and services are worth the additional cost at all.
Quality connotes luxury across categories: High-quality products define luxury for retail, while comfort and fine dining equate to luxury in travel. Quality is also paramount for food and beverage products to be seen as luxurious, though rarity or ingredients that are difficult to obtain are of equal importance
There are distinct luxury consumer profiles between emerging and established economies: In established economies like the U.S. and France, wealth accumulates with age, but in emerging economies like China, India and Mexico, wealth is more concentrated among millennials and Gen Xers. Baby boomers comprise 42% of luxury shoppers in the U.S. and 4% of those in China.
Luxury consumers are an essential audience for brands to understand. While they may make up a relatively small part of the population, this group has outsized spending power and influence. Yet, they are often tricky to define and meet their needs, as demonstrated by the uneven performance across many luxury brands in the past year. In this webinar, recorded on July 30, 2024 at 12 p.m. ET, Morning Consult analysts Nicki Zink and Claire Tassin provide an overview on who these consumers are and how the define luxury.
Nicki Zink is deputy head of Industry Analysis. Her team identifies trends affecting key demographics across food & beverage, travel & hospitality and financial services. Prior to joining Morning Consult, Nicki served as the head of digital intelligence at Purple Strategies, a corporate reputation and strategy firm. She graduated from Miami University with a bachelor’s degree in mass communication. For speaking opportunities and booking requests, please email [email protected].
