The Affluent and High Net Worth Premium Brand and Luxury Consumer - US - December 2016
"Affluent and High Net Worth Individuals (HNWIs) are key consumers of luxury brands. However, these wealthy individuals are less likely to be swayed by luxury brands’ marketing strategies, as they skew older, male, and retired – demographics that tend to be less engaged with consumption and fashion trends. Younger Affluent and HNWIs – and younger consumers in general – are critical of growth, as they are in prime wealth-building years, are establishing brand loyalties, and are open to media influences of “what’s in” since they are concerned with their appearances and want to portray an image of status and success."
Fiona O’Donnell, Director – Multicultural, Lifestyles, Travel & Leisure
This report looks at the following areas:
- American HNWIs are relatively low spenders when compared to other regions
- A strong US dollar may be prompting Affluent/HNWIs to purchase overseas
- How to strike a balance between accessibility, affordability vs scarcity, exclusivity
- Department stores are struggling to attract shoppers
- Can buying online truly be equitable to the in-store luxury buying "experience"?
The concept of luxury goods is inevitably highly subjective. It is usually obvious where a product is luxury and equally obvious where it isn’t, but there is a gray area in between that is more subjective.
The term luxury usually carries with it the idea that a very high level of craftsmanship is involved and that the products carry a high price so that they are out of the reach of most mass-market buyers. Unfortunately, they can also carry connotations of ostentation and conspicuous consumption as a negative personal trait.
In Mintel’s analysis, there are three main categories of luxury goods, to which a miscellaneous group of smaller products is added:
- Fashion and leather goods;
- Fragrances and cosmetics;
- Jewelry and watches; and
- Other (ie writing instruments, eyewear, furniture, home goods, and other miscellaneous items).
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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