Global market intelligence firm Synovate released data from a global study on luxury brands that show one third of people feel guilty if they treat themselves and half prefer logos on their luxury goods.
Edipresse Luxury News - January 11, 2010
Synovate's CEO for the UK and luxury research expert Jill Telford, said people have an odd relationship with luxury. "Some of us feel we deserve it and revel in unabashed luxury. Some indulge in it but feel they maybe should not have. Some cannot afford it, but want it. And for many, it's simply not even a consideration... the basics in life are tough enough to obtain."
"Of course a recession makes luxury retail even more challenging. Selling things that arguably people do not need during a time when many are at least morally forced to examine their spending patterns makes for interesting times. The luxury marketers that are doing well are doing so by knowing their markets and positioning their products just so."
The Synovate survey takes a look at luxury dreams, extravagance, indulgence and the finer things in life and spoke to 8,100 people across 11 markets.
Some findings include: 32 per cent of respondents (primarily the British) revealed that they feel guilty when they make luxury purchases. Meanwhile, logos are preferred in India (79 per cent) Hong Kong (68 per cent) and the UAE (58 per cent). Subtle luxury purchases with no logos are more preferred in Brazil, France and the UK.
Read the full report here.
