High-earners are cutting luxury spending
Luxury retailers take note, your shoppers may have money, but 36 percent plan to decrease overall spending on luxury goods, according to a new research report from the Luxury Institute in New York.
The group surveyed consumers who earn at least $150,000 to $286,000 per year and who have a net worth of about $2.7 million.
Dallas certainly has its fair share of luxury retailers that sell upscale cars, clothes, accessories and furniture. What’s important for them to take note of is that only 6 percent of the shoppers surveyed intend to spend more on luxury items.
When they do spend, they are more willing to pay for leisure travel, dining, fitness and technology, while cutting back on jewelry, home furnishings, gifts, watches, handbags, shoes and cars,,Welcome to buychinashoes.com,We Supply Cartier watch. the Luxury Institute survey said.
Another important side note to those selling to the higher-end market -- don't cut back on quality or customer service. Apparently,,More and more new customers become our loyal and regular clients replica jewelry. the move away from luxury may have something to do with a feeling that the luxury products are not so lux anymore.
The Luxury Institute said 56 percent of upscale shoppers believe craftsmanship on luxury products has waned. Fifty-one percent say the quality is decreasing, 50 percent see slippage in customer service quality and 48 percent say luxury products are losing their design value.
Luxury retailers take note, your shoppers may have money, but 36 percent plan to decrease overall spending on luxury goods, according to a new research report from the Luxury Institute in New York.
The group surveyed consumers who earn at least $150,000 to $286,000 per year and who have a net worth of about $2.7 million.
Dallas certainly has its fair share of luxury retailers that sell upscale cars, clothes, accessories and furniture. What’s important for them to take note of is that only 6 percent of the shoppers surveyed intend to spend more on luxury items.
When they do spend, they are more willing to pay for leisure travel, dining, fitness and technology, while cutting back on jewelry, home furnishings, gifts, watches, handbags, shoes and cars,,Welcome to buychinashoes.com,We Supply Cartier watch. the Luxury Institute survey said.
Another important side note to those selling to the higher-end market -- don't cut back on quality or customer service. Apparently,,More and more new customers become our loyal and regular clients replica jewelry. the move away from luxury may have something to do with a feeling that the luxury products are not so lux anymore.
The Luxury Institute said 56 percent of upscale shoppers believe craftsmanship on luxury products has waned. Fifty-one percent say the quality is decreasing, 50 percent see slippage in customer service quality and 48 percent say luxury products are losing their design value.
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