By: Furniture World Magazine\u00c2\u00a0
\nLuxury consumers\u00e2\u20ac\u2122 confidence rose at the close of the third quarter, as measured by Unity
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\nMarketing\u00e2\u20ac\u2122s Luxury Consumption Index which reached 103.3 points, up from 99.2 at the end of second quarter. But luxury consumers\u00e2\u20ac\u2122 spending on luxury didn\u00e2\u20ac\u2122t match their rise in confidence. This according to the latest result of Unity Marketing\u00e2\u20ac\u2122s Luxury Tracking survey of over 1,000 luxury consumers (average income $149.1k) conducted in October 2013.<\/p>\n
\u00e2\u20ac\u0153The rebound of the luxury index to 103.3 points means that luxury consumers have more confidence about the economy and their financial status. In particular, there is a notable rise in luxury consumers\u00e2\u20ac\u2122 perception of the financial health of the country. If the coming elections turn on the economy, this is good news for incumbents,\u00e2\u20ac\u009d says Pam Danziger, president of Unity Marketing and author of Shopping: Why We Love It and How Retailers Can Create the Ultimate Shopping Experience. \u00e2\u20ac\u0153However, luxury consumers didn\u00e2\u20ac\u2122t translate their growing consumer confidence into increased spending on luxury during the last quarter.\u00e2\u20ac\u009d<\/p>\n
Luxury consumers spent on average $13,432 buying luxuries in the third quarter, which was 9.6 percent less than they spent in the second quarter. With a few exceptions \u00e2\u20ac\u201d notably luxury electronics, furniture, clothing, fashion accessories, wine and spirits \u00e2\u20ac\u201d the amount luxury consumers spent in most categories declined, with the spending levels of the super-affluent consumers (those with incomes of $150,000 and above) dropping the most.<\/p>\n
\u00e2\u20ac\u0153The index shows some recovery in the third quarter, but not back up to previous high levels seen in the Spring \u00e2\u20ac\u212206,\u00e2\u20ac\u009d says Thomas Bodenberg, Unity Marketing\u00e2\u20ac\u2122s economic forecaster. \u00e2\u20ac\u0153While the lower and middle-class consumers have benefited from the drop in gas prices, this doesn\u00e2\u20ac\u2122t have a significant effect in the luxury market. On the other hand, luxury consumers are much more impacted by the decline in the housing market. Super-affluents, in particular, who tend to live in the most expensive houses are likely to have experienced the steepest drop in their home\u00e2\u20ac\u2122s value. This translated into more moderate levels of spending on luxury in the third quarter.\u00e2\u20ac\u009d<\/p>\n
Danziger concludes, \u00e2\u20ac\u0153Given the greater levels of confidence, we feel luxury consumers\u00e2\u20ac\u2122 spending levels will rise in the fourth quarter. In particular, Christmas 2013 gifting will be strong among luxury consumers.\u00e2\u20ac\u009d<\/p>\n
About Unity Marketing\u00e2\u20ac\u2122s Luxury Consumer Tracking Study<\/p>\n
These findings are based upon Unity Marketing\u00e2\u20ac\u2122s quarterly luxury tracking study which surveyed 1,048 luxury consumers (average income $149.1k and age 43.4 years).<\/p>\n
Every quarter Unity Marketing conducts a Luxury Consumer Tracking Study among 1,000+ luxury consumers. Year-end 2013 statistics compiled from the four 2013 tracking studies will be published in Unity Marketing’s Luxury Report 2014 – Who Buys Luxury, What They Buy, Why They Buy.<\/p>\n
In the tracking study detail purchase information is collected on these categories of luxury:<\/p>\n
Home Luxuries:<\/p>\n
-Art, Wall D\u00c3\u00a9cor & Antiques<\/p>\n
-Electronics and Photography, such as computers, televisions, home entertainment centers, cameras, PDAs, etc.<\/p>\n
-Home Decorating Fabrics, Window & Wall Coverings<\/p>\n
-Furniture, Lighting and Lamps, and\/or Floor Coverings, including rugs<\/p>\n
-Outdoor, Lawn, Patio & Garden Products, such as lawn furniture, patio accessories, plants, grills, etc.<\/p>\n
-Kitchenware, Cookware & Housewares<\/p>\n
-Kitchen Appliances and Bath & Building Products, such as cabinets, bathtubs, etc. for home remodeling<\/p>\n
-Linens & Bedding<\/p>\n
-Tabletop, Dinnerware, Flatware, Servingware, Decorative Accents
\nPersonal Luxuries:<\/p>\n
-Automobiles and\/or recreational vehicles, such as boats, RVs, etc.
\nClothes & Fashion Apparel<\/p>\n
-Fashion Accessories, such as handbags, wallets, suitcases, shoes, etc.<\/p>\n
-Fragrance, Cosmetics and\/or Beauty Products and Skin Care regimes<\/p>\n
-Jewelry<\/p>\n
-Watches<\/p>\n
-Pet Products<\/p>\n
-Wine & Spirits<\/p>\n
-Pens & Writing Instruments<\/p>\n
Experiential and Luxury Services:<\/p>\n
-Travel and vacations<\/p>\n
-Dining and restaurants<\/p>\n
-Entertainment<\/p>\n
-Personal and health services, such as beauty treatments, spa, massage and cosmetic procedures, health club, country club, etc.<\/p>\n
-Home services, such as landscape, housecleaning, home remodeling, home decorating, party planning and catering, etc.<\/p>\n
Luxury brands & magazines<\/p>\n
-Also included in the tracking study are measures of luxury brand awareness and usage as well as magazines luxury consumers purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"
By: Furniture World Magazine\u00c2\u00a0 Luxury consumers\u00e2\u20ac\u2122 confidence rose at the close of the third quarter, as measured by Unity<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2476","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=2476"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2476\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}