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Consumers Spending More On High-End Indulgences

June 11, 2007

Recent studies show that people are indulging in more luxuries like fragrance, cosmetics and/or beauty products and skin care regimes. According to Unity Marketing, consumers’ confidence rebounded in the first quarter of 2007, rising two points to reach 100.2, up from its lowest level in 2006 at the close of the fourth quarter. Luxury consumers spent on average $14,024 on luxury goods and services, an increase of 8 % over the average amount spent in the fourth quarter 2006. These findings are based upon Unity Marketing’s Luxury Tracking survey of 1,003 affluent consumers conducted at the close of the first quarter 2007 with an average income $159,000 and average age 46.4 years. Nearly 80 percent of all affluent consumers surveyed —- and an even higher percentage of the super-affluents with household incomes of $150,000 or more — were found to be members of one or more programs and were asked to what extent their membership influences the brand choices they make. The answers provide a powerful reason for luxury marketers in all sectors to evaluate a loyalty program for their best customers. Not only do rewards programs encourage the affluent to buy brands again and again, members of loyalty programs also spent in excess of 50 % more on luxury in the study period.

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