Luxury category needs to engage with ‘Joy Rejuvenators’

Women are now the big spenders across key luxury categories, and the top reason for this is self-indulgence, according to new research* from Havas Media Network.

Why luxury trends matters

Luxury purchasers generally fall into two broad categories, according to Havas. The first is described as ‘Opulent Enthusiasts’, who view luxury goods as symbols of success, valuing aesthetics and personalisation; the other is ‘Quality Connoisseurs’, who prioritise craft, high-quality materials, brand stories and durable products. 

But now, with the emergence of unprecedented female spending power, there’s a new category of buyer: ‘Joy Rejuvenators’. Luxury brands will need to reassess their understanding of the shopping motivations of high-end luxury consumers.

Takeaways 

• Across five key luxury categories (fashion & accessories, beauty & personal care, travel & hospitality, home & interior design and food & beverage), females tend to be higher spenders in all luxury categories surveyed except travel, where their spend is on a par with men​. 
• With two-thirds (62%) buying luxury items just for themselves compared to 46% of men, the top reason for women to spend on luxury is self-indulgence. 
• Over half of women prioritise emotional spending and “glimmers of joy” on their luxury consumer journey. Meanwhile, two-fifths define a luxury purchase as being “quality”, “craftsmanship”, “well-made” and “long-lasting”.
• High-end luxury female consumers are most likely to seek inspiration for luxury purchases through social media (33%) followed by digital channels such as store websites, search engines and lifestyle websites (29%). 

Key quote

“Women have developed new relationships with luxury and, in turn, luxury brands must reconfigure how they engage with the high-end luxury cohort. As male high-end luxury spend is overtaken by female, brands need to rethink how they understand the category” – Cherry Collins, Global Strategy Partner, Havas Media Network.

*The research is based on a survey of 150 HNWIs (£250k+ personal income and £1m+ investable assets) 

Sourced from Havas Media Network