TrendLens™ Global Millionaire Insights released at the Walpole Luxury Summit
We unveiled the latest insights and data from our TrendLens™ Global Millionaire 2024 study at the Walpole British Luxury Summit in London on April 29th, 2024. The study identifies the trends and preferences that will shape the luxury market in the coming year.
- Chinese HNWIs remain cautious, and their overall optimism is still much lower than pre-Covid level.
3. Luxury Shopping Preferences: High-net-worth consumers are planning to increase spending across key luxury categories, with particular emphasis on hotels, airline tickets, and fashion clothing, as revealed in their intended purchasing behaviours over the next six months.
- Chinese HNWIs will spend more on leisure travel vs. luxury products in next 12 months
4. Luxury Brand Membership Value: A significant share of millionaires in key markets value being members of luxury VIP programs, highlighting the importance of tailored information, exclusive offers, and personal connections to luxury brands.
- Across the 5 markets (China, US, India, JP, UK), getting priority access to events is mentioned as one of the most valuable benefits from a luxury brand VIC program.
- In particular, access to masterclass events where experts share their knowledge to these VICs are seen as most attractive, followed by special dinners and private shopping/wine & spirits tasting sessions.
5. Luxury Travel and Shopping Destinations: High-net-worth individuals show a strong preference for international travel, with notable destinations for luxury shopping including Europe, France, and the USA.
- Out of the 5 markets surveyed, India and China shows the highest percentage of luxury shopping done internationally, consolidating the last few years trend which saw Chinese and Indian HNWIs combining travel with luxury shopping.
