The average luxury consumer household spent 4.6% less on home luxuries in 2005 ($19,990) as 2004 ($20,948). Personal luxury spending, on things like luxury apparel, fashion accessories, jewelry and watches, wine and spirits, pet luxuries and pens and desk accessories, rose 5.6% to $10,007 in 2005.
Luxury consumers‚ spending on experiences including travel, dining, entertainment, spas and beauty services and home services, nearly doubled, from an average of $11,632 in 2004 to $22,746 in 2005 (a 95.5% increase).
Americans are growing wealthier and feel entitled to spend on luxury. As luxury consumers’ incomes rise, so does their spending. But Unity Marketing found that near-affluent households are buying luxuries at about the same rate as super-affluent households, only they are spending less. Consumers at all income levels feel entitled to luxury. More info: www.unitymarketingonline.com.