NEW YORK, Dec. 7, 2017 /PRNewswire/ — Nearly half of American “luxury consumers” say the feeling they get when buying luxury goods is better than going on a vacation and two-in-five say it’s better than sex, according to a new nationwide consumer research study on luxury buying trends.
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LG SIGNATURE Modern Luxury Survey Stats LG SIGNATURE Product Fact Sheet LG SIGNATURE Product Lineup
The findings in the 2017 Modern Luxury Survey, released today by LG SIGNATURE, reveal growing shifts in perceptions of what luxury means and explore the evolving purchase trends of wealthy American consumers within the luxury category.
This shift is most prevalent when it comes to spending on luxury items for the home versus more traditional luxe categories like art and rare furniture.
In fact, the LG SIGNATURE Modern Luxury Survey revealed that a whopping 66 percent of luxury consumers in the U.S. – defined as those with annual household incomes over $100,000 – responded that their spending on the home (including kitchen appliances, 4K Ultra HD TVs, furniture, home upgrades and more), has increased in the last five to 10 years.
When compared to other traditional luxuries, 40 percent of consumers ranked home kitchen appliances as the most important category of luxury for the home, compared to about one-quarter (27 percent) who said personal luxuries like jewelry were most important.
One out of four Millennials (ages 24-35) responded that the most essential element of a luxury home is “smart” technology. It’s no longer a “nice-to-have” for the home, as 25 percent of Millennials have seven or more smart technology or enabled products in their home. Their older counterparts (ages 45-55) weren’t far behind with 35 percent of respondents having one to two pieces of smart technology enabled products.
Survey results highlight shifts in how consumers feel when purchasing luxury goods and even how home appliances impact their luxury lifestyle:
The Kitchen is the Heart of the Home
1 in 4 luxury Americans rank the kitchen as the most important space within the home, and 56 percent of American luxury consumers ranked the refrigerator as the #1 appliance in the kitchen when it comes to entertaining guests.
Can’t Beat That Luxury Feeling
46 percent of luxury Millennial consumers