The luxury demographic continues to change: study
According to the YouGov Affluent Perspective Global Study, which gauges the consumer behaviours of the world’s richest individuals, the most affluent consumers in the world are less interested in luxury goods than ever before.
The study found that this group—which is made up of individuals that are “experienced with wealth”—is very pessimistic about their personal and national economies. This negative attitude, according to YouGov, could be leading to this decreased interest and weakened sales.
Conversely, newly wealthy individuals are viewing these economies in a positive light. The report notes that this optimism could translate into increased luxury spending from this group.
Countries with optimistically wealthy consumers include Kuwait and the United Arab Emirates, while the most pessimistic affluent populations are those in South Korea and the U.K.
With this in mind, independent jewellers should consider making changes to their marketing strategies. By catering to a younger demographic of affluent consumers—as well as those in foreign markets—jewellers can work to secure their luxury sales for the long run.