October 6, 2006
New Study to Investigate Buying Habits of Under-40 Luxury Consumers
In 2005, younger luxury consumers spent 6.3 percent more buying luxuries than their affluent Baby Boomer counterparts. GenXer households averaged $52,781 as compared with the Boomers' average of $49,672. The biggest spending gap was in the home luxury goods category, where GenXers spent 28 percent more than Boomers on average.
"While Boomers still spend lots of money on luxuries, the younger generations of affluent consumers are going to be more important for luxury goods marketers in the future, as Boomers' spending shifts as they age," says Pam Danziger, president of Unity Marketing.
"That is why Unity Marketing is undertaking a new consumer insights study that will focus on the under-40-year-old luxury consumer, what they want and desire in luxury, and how their tastes differ from those of the Boomers that luxury companies have been catering to for so many years," Danziger says.
Through a series of focus groups among luxury consumers (household incomes of $150,000 and above and home values of $500,000 or more), Unity will examine differing attitudes toward luxury and how that impacts buying and shopping for luxury goods and services.
Six focus groups are planned: two groups of under-40-year-old affluent women; one group of Baby Boomer women; two groups of under-40-year-old affluent men; and one group of affluent Baby Boomer men. (Note: The under-40-year-old groups will include both GenXer generation and leading edge Millennial generation participants (up to age 29) to include their more youthful perspective.)
The discussion will center on how the different generations perceive luxury‹what luxury means to them and how important it is in their lives as a consumer. Special emphasis will be placed on understanding the view of luxury from the perspective of age: how younger and older consumers express luxury and relate to it in their lives.
Companies interested in the future of the luxury market, especially the younger generation of consumers, are invited to participate in the study. Sponsors will participate in developing the overall study scope and objectives; have input on the moderator's guide and focus group presentation materials; participate in viewing the focus groups, either live or on tape; receive an in-depth focus group report; and attend a webinar conference to discuss the major findings and implications of the research findings for marketers targeting the luxury consumer market.
To learn more about this study or to participate, call 717-336-1600, e-mail firstname.lastname@example.org, or visit http://www.unitymarketingonline.com/reports2/luxury/luxury3.html
Pamela N. Danziger is a nationally recognized expert specializing in consumer insights, especially for marketers and retailers that sell luxury goods and experiences to the masses or the "classes." She is president of Unity Marketing, a marketing consulting firm she founded in 1992. Her latest book is Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience.