Luxury is like a siren song. It lures you in with promises of exclusivity and opulence, but before you know it, you're drowning in a sea of diamond encrusted watches, and wondering how it all went so wrong.
Spending by American tourists in the region rose more than 40% during the week of Black Friday in 2022 compared with the same period in 2019.
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South Korea Outshines the World in Luxury Spending
South Koreans are the highest spenders on luxury goods globally. The reasons cited were: “increase in purchasing power as well as a desire to outwardly exhibit social standing” (and maybe an inability to buy real estate.)
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Self-Rewards Trump Generosity for All Ages and Nations
The most prominent motivation for a luxury purchase across consumers from all age groups and countries is the desire to reward themselves, followed by the need to buy a new luxury product. On the other hand, buying a gift for friends or family emerged as the least relevant motivation for making a purchase.
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Millennial Men Are Big Spenders in Luxury Fashion
Millennial men are 1.5x more likely to spend over $5,000 on a luxury fashion purchase compared to total luxury shoppers.
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Luxury Shoppers Seek Adventure, Attention, and Accomplishment
When it comes to consumer desire and motivation for purchasing luxury products, 29% of people are driven by the idea of exploration, while 18% are drawn to the spotlight and 15% view luxury as a symbol of achievement.
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High-Earning Consumers Reveal Their Priorities
When asked where they would spend an extra $500, consumers with an income of $200k or more would spend first on vacation and leisure travel (38%), followed by shoes, accessories and handbags (29%).
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Say No to Luxury for the Sake of Sustainability
68% of under-35s have regularly decided against buying a luxury item because of environmental concerns.
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Young entrepreneurs are using their fashion industry knowledge and social media skills to find rare pieces and resell them to fashion-conscious buyers.
America faces a shortage of skilled workers in essential trades like carpentry and plumbing, and it seems like the younger generation just isn't interested.
