The 10th Annual Time Inc./YouGov Survey of Affluence and Wealth has just been released, with insights about the current spending trends of the world’s most elite consumers.
Among the study’s major findings, four main trends emerged, including:
- Increased spending among Millennials and One-percenters, in particular
- Greatest consumption in the Auto, Travel, Dining, Entertainment and Home Décor industries
- The development of common values and spending priorities among the world’s top 10 percent
In addition, the data, which was collected from a sample of 6,141 affluent respondents from 14 countries (2,958 of which hailed from the U.S.), pointed to increases in leisure travel, with a growth of 15.9 percent from 2014 to $115.2 billion. When asked about their passions, those surveyed reported that travel was a priority (67 percent), followed by “spending quality time with my family” (65 percent).
While luxury spending is expected to see gains across all age and income groups, the largest increases are projected to occur among Matures (12.2 percent), Millennials (11.4 percent), and One-percenters (10 percent). Spending increases among Matures are driven primarily by travel and dining out, while Millennials' increases range across all types (notably travel and dining out, fashion, apparel and accessories, as well as items for the home).
The development of a “global affluent culture” was also noticed, where priorities include spending time on the people and activities that mean most to surveyed individuals, owning the same things, and surrounding themselves with people who like them, regardless of the national boundaries that might otherwise divide them.
In this way, purchased goods are seen as a reflection of one’s personal values. Now, it seems that the luxury consumer is less concerned with loyalty to a particular brand, and leans more towards aspirational and driving factors.