Global millionaires are making ethics a priority when it comes to luxury purchases, a study by data and insights company Agility Research & Strategy revealed.
The Global Millionaires 2023 TrendLens report gathered data and insights from high net worth individuals (HNWIs) across Europe, the USA and China.
It found that 90 percent of UK millionaires would spend more money to buy from a sustainable brand.
The study also found that despite growth for all key European economies expected to slow down in 2023, HNWIs across the continent seem unaffected, with 69 percent expecting to see their disposable income increase this year and 70 percent expecting to see the value of their investments increase.
When it comes to luxury goods, 34 percent of British millionaires plan to increase their year on year spend the most on make-up, suggesting the re-emergence of the “lipstick effect”.
Comparatively, HNWIs in the USA and China predicted they will increase their year-on-year spend most on luxury watches and fashion accessories respectively.
TikTok is emerging as a growing platform for luxury shopping inspiration among UK millionaires, with one in five using the platform.
Despite this, in store browsing remains a popular method of gaining insights for luxury shopping, with 34 percent of HWNIs still choosing this as a method of inspiration.
Amrita Banta, managing director at Agility, Research & Strategy, commented: “Our Global Millionaires 2023 TrendLens report clearly shows that HNWIs factor in sustainability when considering luxury purchases and therefore brands lacking ESG credentials could see a downturn in sales.
“The report also affirms the power of the digital realm when it comes to driving purchases. And despite its correlation with the Gen Z demographic, luxury brands must not underestimate the rise of TikTok as we have found that the platform is a key source of purchase inspiration for HWNIs across several markets.”