While those signs are positive for luxury brands, there is a slight bit of less encouraging news. In December, 7% of affluents said they didn’t plan to spend anything on luxury, up from just 1% in October. Similarly, 3% of ultra affluents said they wouldn’t spend on luxury, while none had said that a couple of months prior.
Examining luxury interest across various categories, the survey results reveal that 20% of affluents are more interested in premium, luxury brands in the vacations and personal travel category, versus just 8% who are less interested. The gap is even larger among the ultra affluent, with 34% more interested versus only 2% less interested. On a “net” basis (percent more interested minus percent less interested), ultra affluents are showed a great deal more interest in luxury brands in the groceries (29%), personal care and wellness (23%), and automobile (16%) categories.
About the Data: The Mendelsohn Affluent Barometer was conducted online December 17-31, 2012, with 1,004 adults 18+ with household income (HHI) of $100K+ (“Affluent”). The sample included 182 Ultra Affluents, defined as adults 18+ with HHI of $250K+. The data were weighted to reflect US Census data.