NEW YORK, Dec. 05, 2018 (GLOBE NEWSWIRE) -- The independent and objective Luxury Institute today released its 2019 edition of the State of the Luxury Industry report. Data and findings are based on surveys of 3,926 affluent consumers from the United States, United Kingdom, Italy, France, Germany, China and Japan. The annual report provides a detailed look at year-ahead luxury spending plans, factors that influence purchases, preferences for online and in-store shopping, opinions of luxury sales professionals and specific luxury brands, as well as the role of social media in luxury buying decisions.
Average anticipated spending in U.S. dollar terms on luxury purchases in the next 12 months ranges from a high of $21,193 in the U.K. to $10,671 in Germany. Affluent consumers both in France and the U.S. expect to spend just over $16,000 on luxury items next year, while counterparts in Italy ($18,832) and China ($17,262) expect to spend more. High-income Japanese consumers plan to spend less ($12,802).
On a worldwide basis, 29% of affluent consumers who bought luxury goods this year say that they anticipate spending more in the year ahead. This is higher than 28% who indicated increased spending last year, and 26% two years ago.
Popular categories likely to see increased spending include leisure travel (airfare and hotels), as well as dining, ready-to-wear apparel, shoes, entertainment and technology. Categories including art, spirits, and watches have a more balanced split of consumers who plan to increase or decrease spending.
Despite China’s economic slowdown and trade turmoil with the U.S., more than half (52%) of Chinese luxury buyers plan to increase their spending in 2019. More than one-third of affluent luxury consumers in Italy (37%) and in the U.K. (34%) forecast spending more in the year to come, while only 16% in Japan expect an uptick in luxury purchases, and 9% expect to curtail spending. More than one in four (28%) French consumers, and 21% in both the U.S. and Germany, indicated plans to boost spending.
“Although economic growth rates around the world have been uneven, there is still cautious optimism among affluent consumers around the globe,” says Luxury Institute CEO Milton Pedraza. “These individuals are either current or potential clients, and the key to success is to develop long-term relationships that last despite booms or busts.”
Survey respondents met the following income thresholds in local currencies: United States ($150,000); United Kingdom (£60,000); Italy, France, Germany (€50,000); China (1 million CNY); and Japan (¥15 million).
The complete 2019 State of the Luxury Industry is available for purchase. For complete rankings and ratings with additional insights from this and other WealthSurvey reports, visit www.LuxuryInstitute.com, or contact Luxury Institute CEO Milton Pedraza (email@example.com).
About Luxury Institute
Today, Luxury Institute is the world's most trusted luxury and premium goods and services consulting firm with the largest global network of luxury experts. Uniquely, Luxury Institute’s network of hundreds of consultants, known as the Global Luxury Expert Network (GLEN), includes current luxury brand C-Level, VP and Director executives, former executives, and independent experts. Luxury Institute has conducted more quantitative and qualitative research on affluent consumers than any other entity. This knowledge has led to the development of the firm’s scientifically proven high-performance, emotional intelligence-based education system that dramatically improves brand culture and financial performance. Over the last 16 years, Luxury Institute has served over 1,000 luxury and premium goods and services brands. To learn more please visit www.LuxuryInstitute.com