Subscribe To Receive Our Exclusive Newsletter


Newsletter Subscription

Newsletter Subscription

NEWSLETTER Agility Global Millionaire Luxury Report 2021 ▬ Resilience and Optimism Lie Ahead

We’re excited to announce the release of the “AGILITY GLOBAL MILLIONAIRE LUXURY REPORT 2021, presenting findings gathered in April 2021 from over 1,000 interviews with millionaires in the key luxury markets of the United States, China, India, United Kingdom, France and Japan.
Our data show a strong and optimistic economic outlook among global millionaires. India, China, and United States millionaires display the most positive outlook, followed by millionaires in the UK, France, and Japan.
The overall positive outlook is likely to drive consumption and luxury spending; our data show, for example, that Indian and Chinese millionaires are planning to significantly increase their spend on luxury products and experiences in the next 6 months.
Among the luxury categories that will benefit the most, Chinese millionaires plan to increase spending in beauty and fashion, while millionaires in the United States and United Kingdom plan to increase their spending in travel, confirming a desire to “revenge spend” on travel experiences which we have highlighted since the beginning of the year.
HOW DO THEY DEFINE LUXURY AND SUSTAINABILITY?
The COVID-19 experience has changed life priorities and expectations for many, and we do see this reflected in the way luxury is defined and understood.For instance, a New York female millionaire, in her 40s, told us that “Luxury now means good health”, a sentiment shared by many millionaires in the United States. We also see that luxury continues to be associated to the quality, exclusivity, and price of luxury goods. A retired senior male respondent from Los Angeles told us that “Luxury means getting the highest quality product of service”.

We find a more complex and diverse definition of luxury among Chinese millionaires. A female luxury consumer from Shanghai told us how luxury is associated with her position in society and defined luxury as “a status symbol”. Interestingly, along with more traditional definitions of luxury associated with quality, price, and self-reward, we do do see a strong connection between luxury and sustainability.  A male luxury consumer in his 30s from Beijing told us that “Luxury means having more environmentally friendly choices”.

Luxury brands targeting the Asian consumer need to carefully consider this new sensibility for the sustainability aspect. Almost 9 out of 10 Chinese millionaires care that the brands they buy are ethically responsible, similar to the rate of Indian millionaires in this aspect.

TRAVEL PLANS AND INTERNATIONAL DESTINATIONS

Travel is the worst hit sector and there are great expectations for a rebound as travel restrictions are progressively lifted and vaccination campaigns reach widespread coverage.

While international travel continues to be subdued, we find high international travel intentions in the UK and India. Millionaires in China, United States, and especially Japan, still prefer to travel domestically rather than internationally in the 12 months.

For those planning to travel internationally, in China the top 3 destinations are JapanFrance, and Italy, in USA are ItalyUnited Kingdom, and France and in United Kingdom are FranceSpain, and the United States.

To receive the edition of this newsletter, please send us the following:

Malcare WordPress Security