US The Black Premium Brand and Luxury Consumer market report
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).
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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