The Black Premium Brand and Luxury Consumer - US - November 2016
Black consumers over index vs the general market on buying luxury brands, but it’s not necessarily an exercise simply in conspicuous consumption. Several factors drive luxury brand purchase including the need to have agency of their identity, the desire for elevated status among their peers, and a connection to quality product craftsmanship.
This report examines the following issues:
- Lower incomes not a barrier to premium item purchases
- Nearly three in 10 Black consumers are heavy luxury buyers
- Black consumers prefer the full in-store luxury buying experience vs online shopping
- Middle and upper income Black households drive luxury purchases
- Self-perception and social validation are the main drivers for buying premium brands
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;
- Other (ie writing instruments, eyewear, furniture, home goods, and other miscellaneous items).
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