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Good News for Marketers of Home Luxuries...
Affluents Spent More on Luxuries for their Homes in Early 2009
New research from Unity Marketing examines the market for home luxuries
Stevens, PA June 9, 2009 -- Last year was pretty dismal for marketers selling home decor and furnishings to the nation's affluent home owners. But there are early signs of a recovery in the luxury home furnishings market in the latest survey of affluent shoppers by Unity Marketing.
The average amount spent by affluents on home luxuries increased 16 percent in the first quarter of 2009 over previous quarter and nearly 17 percent over same quarter previous year, based upon the latest survey of 1,034 affluents (average income $207,000).
"Since the beginning of 2009, the affluent segment of the market has been spurred to spend more money on their homes," says Pam Danziger, president of Unity Marketing, a consumer insights firm that specializes in the affluent market.
"Whether drawn to shop for their homes by retailer promotions and sales or the need to spruce up their living spaces after spending more time at home because of the recession, affluent shoppers increased spending on luxuries for their home in the first quarter. While affluents spent more on home furnishings and decor, they spent less on luxury experiences like dining out that take them out of their home," Danziger reports.
Commenting on what the latest survey suggests for home luxury marketers in the near term, Danziger says, "Affluent consumers may be digging in to weather the rest of the recession in a nice environment, especially in areas in which the housing market has made buying a new residence impractical. And just when we thought the recession may have plateaued, the country has been hit with worry over a potential flu pandemic. This may contribute in future quarters to the desire to stay home, potentially good news for home luxury marketers but disastrous for experiential luxury marketers."
"In spite of bright spots in affluent consumer spending, it is clear we aren't out of the economic woods yet. Luxury marketers must remain plugged in to learn the most recent intelligence about affluent consumer buying habits and attitudes in order to compete in this still-challenging environment," Danziger advises.
Home Luxury Report Provides Guidance about Future of the Affluent Consumer Market
Unity Marketing has just published the latest Home Luxury Report 2009, the ultimate guide to the U.S. market for luxury goods for the home. This report focuses on the buying and spending habits of the nation's affluent households -- the top quintile or 20 percent of U.S. consumer households -- of high-end or luxury products and services.
Subscribers to the Home Luxury Report 2009 will also receive a copy of the latest luxury tracking survey results for first quarter 2009 which includes a special report on the Future of the Luxury Market AFTER the Recession.
The Home Luxury Report examines consumers' buying behavior and spending habits related to these key categories of luxury purchases:
- Art & Antiques
- Elextronics & Photography Equipment
- Home Decorating Fabrics, Window & Wall Coverings
- Furniture, Lamps, Rugs & Floor Coverings
- Garden, Outdoor, Lawn & Patio
- Kitchenware, Cookware, Cook's Tools
- Kitchen Appliances, Bath & Building Products
- Linens & Bedding Products
- Tabletop, Dinnerware, Flatware & Servingware
The report contains details on these nine luxury goods categories bought by affluent consumers, including annual spending, where these products were purchased and details of the types of products and services bought.
Guides luxury marketers to shifts and changes in their target customers' attitudes and shopping behavior
This report provides vital data about what luxuries affluents are buying, how much they are spending, where they are making their purchases and what brands they favor. This report provides invaluable information about the mindset, attitudes and spending habits of the affluent consumers that luxury marketers target. This is not just report about people with high incomes, but affluents who buy luxury goods and services.
>> Luxury Marketers: This is a report about your customers & your target customers
The Home Luxury Report 2009 is a compilation of the quarterly luxury tracking surveys that Unity Marketing conducts every three months with 1,000-1,250 affluent consumers who purchased one or more luxuries in the study period. Unity's luxury tracking study is the only longitudinal study of its kind that tracks the luxury consumer market, what they buy, how much they spend. The survey sample of 4,609 luxury consumers surveyed in 2008 with an average income of about $200,000 is representative of the 22 million affluent households in the country.
More details about products and brands included in Home Luxury Report 2009
Details about what these luxury consumers bought, how much they spent, where they made their purchases, and in certain categories the luxury brands they patronized are reported in four major categories of luxury. Significantly more product categories and more brands were included in the current surveys, notably:
- Art and Antiques (Specific data is collected on already-framed reproductions; unframed reproductions; custom-framed art or reproductions; other custom framing; original art; sculpture, statues, 3D art; antique furniture and collectibles; wall decor)
- Electronics and Photography Equipment (Computers; iPods and other MP3 devices; cameras; cellular phones; televisions; DVD/video players; audio equipment; home entertainment systems; PDA's)
- Furniture, Lamps and Floor Coverings (Lamps and lighting; upholstered furniture; wooden furniture; rugs and floor coverings)
- Garden and Outdoor (Patio furniture; grills; lighting accents; fencing; power gardening equipment; decorative pots; garden statues; chimeneas and outdoor stoves; garden shelters; water gardens; porch and patio decorative accents)
- Home Decorating Fabrics, Wall and Window Coverings (Wall coverings, such as wall paper; ready-made curtains, drapes; window coverings, such as blinds, shades; home decorating fabrics for custom upholstery, curtains, drapes, etc.)
- Kitchen Appliances, Bathroom Equipment and Building Products (Kitchen appliances, such as stoves, ovens, refrigerators; bathroom equipment, such as tubs, showers, toilets, fixtures; kitchen equipment, such as cabinets, countertops; air conditioning/filtration systems; water systems)
- Kitchenware, Cookware, Housewares (Small appliances; cookware; bakeware; cutlery; storage and organization; barware)
- Linens and Beddings (Sheets and pillowcases; comforters, spreads; pillows and pillow accents; bath linens; mattresses and box springs; duvets and shams; feather beds and mattress covers; table linens)
- Tabletop, Dinnerware, Stemware, Flatware (Dinnerware, including fine china, ceramic or stoneware, serving ware and decorative accents; crystal and glassware decoratives, stem ware, serving pieces, barware; flatware, including sterling silver flatware, serving pieces, decorative accents and other flatware)
Provides marketers with facts and data that support strategic decisions
>> Luxury Marketers: Now you can make critical business decisions based upon facts -- not beliefs, assumptions or fantasies
This report provides the facts and figures you need to develop winning marketing and business strategies. By working with the facts, not fantasies, you have a much better chance of success marketing to the luxury consumers. This report gives you a horizontal view of the luxury market, recognizing that luxury marketers compete not just with companies within their vertical product niche, but across all luxury categories as well.
Within each category of luxury, the key drivers for purchase are studied, such as role of luxury brand in purchase decision; the influence of sales price on purchase; where the shopper bought their last luxury; why they bought luxuries; whether their luxury purchases were made a gifts; and other motivational factors.
New data points enhance marketers understanding of their consumers
>> Luxury Marketers: Spending data is now provided at the product and retailer levels within each major category of luxury
Enhancing this year's Home Luxury Report 2009 are new data points that enhance luxury marketers' understanding of where affluent's money is being spent and how it is changing from year to year. It contains data about the average amount spent within a particular product category, such as Luxury Furniture, Lamps and Rugs, and within the category to the average amount spent on upholstered furniture or lamps for example. It enables marketers to identify what products are up and down within their product category. To see a sample of the biggest winners and losers in the home luxury market, click this link.
Further this report provides an estimate within product category of how the consumers' share of wallet is divided based upon type of store. So you can tell when affluent shoppers are shifting their spending out of one retailing segment and into another. For example, this year affluents spent less of their furniture budgets in specialty home furnishings retailers and department stores and more in warehouse clubs and discount outlets.
This report doesn't stop with the data -- It pushes further to help marketers and retailers put the information to use
>> Luxury Marketers: We translate the data into information that marketing executives can use to make critical strategic decisions
This market research report helps make the research data and findings accessible and useable. It provides marketers with three powerful perspectives: "The What", "So What" and "Now What." This report is filled with advice and guidance for luxury marketers to take action on the research findings revealed.
May 2009 (About 250 pages)
Published Price Report: $2,500
(With the purchase of a report, subscribers will also recieve the 1Q2009 Luxury Tracking report which includes a special report on the Future of the Luxury Market AFTER the Recession) |
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Table of Contents
Methodology & Survey Sample Demographics
Luxury Brands included in the Study
Sample Pages:
Spending on luxury by key demographic segments, 2007-2008
Biggest home luxury market winners and losers in 2008
To Order:
Home Luxury Report 2009 Full Report ($2,500) including the 1Q2009 Luxury Tracking Report: The Luxury Market AFTER the Recession
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