All around the world, luxury consumers have similar definitions of luxury. Lynn Franco, Director of The Conference Board Consumer Research Center says that “The largest share of luxury consumers (44%) and the largest share of consumers in each country most strongly agree that ‘luxury is having enough time to do whatever you want and being able to afford it.’
British consumers are interested in Internet and cell phone usage, videos/DVDs, wine and gourmet goods among other things.
What is the definition of luxury for those who are dubbed luxury consumers? Luxury is being able to pursue one’s personal passions and interests.
It is no surprise that the only country in which a large part (46%) of consumers believe luxury is defined by the brand is China.
What would you do with more time?
I’d go to the spa of course.