So, for luxury consumers worldwide, time is the ultimate luxury." Time is the most highly valued luxury (named by 35% of respondents as best matching their personal definition of luxury), then life experiences (25%), followed by having comfort, beauty and quality (18%).
About one-fourth or fewer luxury consumers strongly agree that:
- Luxury is less about the material things one has or one owns and more about how one experiences life, a sense of happiness and satisfaction (26% strongly agree).
- Luxury is being comfortably well off and not having to worry about tomorrow (25% strongly agree).
- Luxury is the finer things in life that surround you with extreme comfort, beauty, and quality (25% strongly agree).
- Luxury is the "best of the best" in all aspects of your life (18% strongly agree).
Luxury consumers' favorite pursuits worldwide include high-tech activities and travel. High-tech activities, such as using a personal computer, the Internet, or a cell phone, rank as the most participated in lifestyle activities by nearly three-fourths of all luxury consumers. Travel comes next, with 69% of luxury consumers worldwide reporting an interest. The most popular status luxuries owned across the countries surveyed were collections of antiques and rare items (30% of all luxury consumers report earning); original art, paintings and sculpture (31%); and vacation/second home (27%). American luxury consumers led in ownership of antiques or collections of rare items, while the Italian luxury consumers were more likely to own original art. The Italian luxury consumers also enjoy the highest share of vacation or second homes.
The next most widely owned status luxuries included collections of fine jewelry and watches (24%), fine musical instruments (22%), and collections of fine wine and spirits. Chinese luxury consumers led the other countries in ownership of fine jewelry and watches and in fine wine and spirits ownership, while the French consumers have the highest incidence of fine musical instrument ownership. Compared with luxury consumers living in other countries, Japanese consumers trail in their participation in the various lifestyle activities included in the survey, such as photography (enjoyed by only 30% in Japan, compared to the international average of 59%); avid book reading (35% versus a 58% average of all countries); listening to records, tapes, DVDs (37% versus 56%).
"For the largest share of luxury consumers, luxury is not specifically related to how much something costs or what brand it might be," says Pamela Danziger, President of Unity Marketing and author of the report. "Luxury is highly personal and something the individual interprets and judges for him or herself. But while luxury is highly personal and separated from price and brand, luxury is expected to be something with a quality that sets it far above the ordinary product."
Luxury is noticeably a cut above the average, as 81% of luxury consumers agreed. Luxury is about the feelings the consumers get in enjoying their luxury lifestyles, so it is very much an experience, rather than a material good one has or one owns. Luxury is being able to pursue one's personal passions and interests. Because it is defined personally and about one's experience, luxury is something that everyone can partake in. Nearly three-fourths of those surveyed agreed that "luxury is for everyone and different for everyone." It is not exclusive to one class or group of people.
