Pam Danziger says luxury consumer spend up in 2005
16 Jan '06
6 min read
In a speech at the National Retail Federation's Annual Convention Pam Danziger, President of Unity Marketing, announced the results of Unity's luxury consumer survey.
“Luxury consumers ended 2005 on an up swing. The average amount spent by an affluent household on luxuries, including luxuries for the home, personal luxuries, automobiles and luxury experiences, rose 3.8 percent, to $52,588 in 2005, from $50,640 in 2004. But their spending continues to shift towards the experiential, while they are spending about the same or slightly less in traditional luxury goods categories.”
The average luxury consumer household spent 4.6 percent less on home luxuries in 2005 as 2004, $19,990 as compared with $20,948 in 2004.
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 percent to $10,007 in 2005.
Luxury consumers' spending on experiences nearly doubled in 2005 Spending on luxury 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 percent increase.
The average amount spent on luxury automobiles, a low purchase incidence category as compared with the others, also rose in 2005, up 18.5 percent to $42,696. (Note: the category averages don't total $52,588 because not all households buy in all categories.)
marketing@alchempro.com
