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 Japan, France, and Italy, in USA are Italy, United Kingdom, and France and in United Kingdom are France, Spain, and the United States.