Forty-eight percent of women with a household income of more than $500,000 plan to take a luxury vacation in the next 12 months, while 41 percent of men with the same credentials plan to take a luxury vacation, according to a new report by the Shullman Research Center.
The "Luxury and Affluence Monthly Pulse Fall 2013" report teases out buying-pattern disparities among men and women in many areas such as premium cosmetics and designer clothing or accessories. The report also confirms previous findings that buying patterns across generations vary, notably in the categories of luxury vacation and premium beer and ales.
"Even with all the political and economic news that they see, hear and read, consumers are more optimistic about the economy when you look at it going back and they're still planning to shop," said Bob Shullman, founder/CEO of the Shullman Research Center, New York.
"Depending on who you’re addressing, you need relevant, customized insights into that group," he said.
"The presence or absence of a spouse or partner and children makes a difference."
The Shullman Luxury and Affluence Monthly Pulse Fall 2013 Preview Wave was conducted online between Aug. 20-27 among United States adults age 18 or older. A total of 1,322 completed interviews were obtained from five sample groups divided among four income brackets: $75,000 to $149,999, $150,000 to $249,999, $250,000 to $499,999 and $500,000 or more.
Gendered differences
Eighty-three percent of female respondents in the upper bracket plan to buy a luxury good in the next 12 months, versus 69 percent of men.
Women plan to outspend men in the categories of luxury vacations, premium beers and ales, premium cosmetics, fine/premium wines, premium fragrances, buying or leasing a luxury car, premium jewelry and designer apparel and accessories.
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Men plan to outspend women in the categories of luxury cruises, fine/premium liquors, fine/premium liqueurs, fine/premium champagne and fine watches.
Fine art and antiques received 10 percent affirmative responses from both men and women.
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Generational differences
Fifty-two percent of millennial respondents say they will buy a luxury good in the next 12 months, while 72 percent of Generation X respondents and 76 percent of baby boomers responded similarly.
Millennials lag behind in every category, while baby boomers have the highest frequency of affirmatives in six categories and Generation X respondents have the lead in eight categories.
Respondents with incomes more than $500,000 outpace respondents with incomes above $250,000 and above $75,000 in every category.
"It depends on how a marketer looks at the world,” Mr. Shullman said. “If you look at the data by income, you get one set of perspectives.
“If you look at the data by gender, there are massive differences,” he said. “It really comes down to who they’re targeting."
Final take
Joe McCarthy, editorial assistant on Luxury Daily, New York