(NEW YORK) Sep 28, 2011- Wealthy shoppers from seven countries around the globe earning at least $150,000 (in local currency) reveal candid attitudes on luxury brands and personal spending plans in the “2011 State of the Luxury Industry: A Global Comparison of Consumers in Top Markets.” The just-completed survey conducted by the independent and objective New York City-based Luxury Institute shows strong increases in luxury spending continuing to come from China, while restraint is more widespread in the U.S., U.K., France, Germany, Italy and Japan.
More than half (57%) of wealthy Chinese shoppers say that the current economic environment has prompted them to spend more on luxury in the past year; 50% plan to boost spending in the next 12 months. This compares to just 10% of the wealthy in the U.S. who have stepped up spending recently and 6% who plan to spend more this year. In the U.S., consumers are twice as likely as they are in China (32% vs. 16%) to have trimmed luxury spending last year.
More than half of wealthy Chinese expect to boost spending on luxury travel, apparel, fitness, jewelry and shoes.
“China is clearly driving growth in global luxury brands,” says Luxury Institute CEO Milton Pedraza. “Exclusivity and prestige continue to be highly prized by wealthy Chinese consumers, even more than in the U.S. or Europe.”
For more details in the complete survey, visit LuxuryInstitute.com.
About Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the objective and independent global voice of the high net-worth consumer. The Institute conducts extensive and actionable research with wealthy consumers about their behaviors and attitudes on customer experience best practices. In addition, we work closely with top-tier luxury brands to successfully transform their organizational cultures into more profitable customer-centric enterprises. Our Luxury CRM Culture consulting process leverages our fact-based research and enables luxury brands to dramatically Outbehave as well as Outperform their competition. The Luxury Institute also operates LuxuryBoard.com, a membership-based online research portal, and the Luxury CRM Association, a membership organization dedicated to building customer-centric luxury enterprises.
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