Luxury Consumer Insights

Trend - Audio hardware manufacturers are designing high-end turntables that blend modern conveniences with the analog audio quality of turntables. These premium devices are also designed with unique aesthetics to serve as a design piece as much as a functional piece of audio technology.

Insight - Audio professionals and audiophile hobbyists alike typically have higher standards than the norm when it comes to selecting technology. Important factors often include frequency ranges of the audio, compatibility with different forms of media, the overall quality of the components, and more. In order to appeal to these consumers, while offering devices that are an experience as much as a functional piece of technology, brands are launching premium turntables for higher-income consumers.

Trend - Luxury home furnishing brands are releasing more affordable product lines to appeal to a wider range of consumers. These products blend the aesthetics and build quality of luxury brands with more affordable materials to offer products with few compromises, thus appealing to younger consumers.

Insight - The average Millennial and Gen Z consumers may not have the amount of disposable income required to invest in luxury products in all aspects of their life. However, many such consumers are embracing the 'Micro Luxury' trend, investing in select luxury products that they can afford in areas of life they prioritize. These consumers invest in higher-end furnishings, appliances, or artworks that emulate luxury living on a budget, curbing the need for constant purchases, and leading to money saved.

Trend - Designer furniture brands, sometimes in collaboration with automotive brands, are launching furniture collections inspired by popular luxury vehicles. These furniture collections are designed to blend the quality of luxury furniture with the familiarity of vehicle design notes for car fans.

Insight - When higher-income consumers consider interior design products, they consider various factors, including quality, brand recognition, status symbolism, personal connection, and aesthetics. While there are near-limitless options for interior design, there is a distinct lack of high-end branded pieces inspired by hobbies or adjacent industries. For consumers with an interest in luxury cars, furniture brands are now enabling these consumers to further express themselves with co-branded collections.

Trend - Luxury fragrance brands are crafting scents that belong to the gourmand category but feature unconventional or unusual food notes. These fragrances boast eccentric compositions, appealing to adventurous individuals seeking olfactory experiences beyond the ordinary.

Insight - Luxury consumers frequently seek unique sensory experiences beyond the norm, showcasing a desire to develop and express their distinct styles. Consequently, luxury brands are creating highly specialized fragrances to attract fresh demographics and provide a means for personal expression through scent. Businesses that cater to the demand for luxury niches can appeal to consumers who value exclusivity and unique experiences.

Trend - Luxury brands are creating fragrance sample kits that allow consumers to explore a variety of scents before committing to a full-size bottle. These kits deliver a curated and exclusive fragrance experience, allowing shoppers to explore different scents and find ones that suit their style and mood.

Insight - Luxury consumers often desire products that offer the same immersive and personalized customer journey they receive when shopping in stores. In response, luxury fragrance brands are introducing discovery kits to craft virtual experiences mirroring the same standards of sensory exploration and personalized guidance. Businesses that cater to consumers seeking hands-on product demonstrations can attract those who prioritize experiential and customized products.

Trend - The Palm Beach style outfit embodies the quintessential blend of vibrant luxury and relaxed sophistication. Rooted in the playful yet plush aesthetics of Florida's upscale resort life, this fashion trend is marked by its bold colors, lush prints, and an emphasis on leisure and comfort.

Insight - The rising popularity of maximalist style in fashion underscores a broader consumer shift away from quiet luxury towards more expressive and vivid aesthetics. This trend reflects a desire among consumers to embrace fashion that combines bold personal expression with elements of fantasy and indulgence. As people increasingly seek ways to infuse their everyday lives with distinctiveness and a dash of escapism, maximalist outfits offer an accessible route. Brands can leverage this trend by providing products that not only offer comfort and glamour but also cater to the aspirational desires of consumers looking to stand out.

Trend - Though reef safety is not new among athletic brands of sun protection, brands targeted to the beauty-focused consumer are also starting to spotlight this benefit. Reef safety in SPF focuses on formulations that avoid chemicals harmful to ocean life, instead prioritizing physical UVA and UVB filters.

Insight - Expanding this language beyond athletic brands and into more cosmetics-focused spaces provides a different type of consumer with more ethical choices. As eco-consciousness continues to evolve into a status symbol among consumers, once-niche causes expand their reach and cross over into behavioral tribes also interested in luxurious aesthetics. Brands that can provide both decadence and benevolence will be seen as early adopters of a new, more holistic form of luxury.

Trend - Brands are launching luxury and designer skincare collections for newborns and infants. These products have easy-to-understand, short ingredient lists for safety and transparency. Brands position these products as better solutions for ensuring the healthy development of babies.

Insight - Younger generations of parents, such as Gen Z and Millenials, are acutely aware of the potential damage of chemical ingredients. These generations grew up learning about the dangers of microplastics, processed foods, and more. This knowledge leads these parents to prefer organic, natural, and clean products for their newborn babies, and are willing to pay a premium price to ensure the products are of the highest quality. Brands are responding to these pressures with luxury products for babies.

Trend - In a divergence from health and wellness being exclusively associated with luxury, brands are releasing traditional vice products, such as cigarettes or cannabis, positioned as luxury status symbols. These products enable wealthier consumers to display status while engaging with vices.

Insight - Higher-income consumers from the younger generations grew up with the notion that luxury is associated with cleanliness and healthiness. However, many of these consumers still find themselves engaging with industries that are typically seen as bad-for-you, such as smoking, and often do this discretely to avoid status implications, showing a desire for more designer products in the space. Brands are recognizing the shift in modern values and are releasing products that cater to these consumers.

Trend - Luxury fashion brands are unveiling anime-themed collections to foster relationships with the younger generation and today's nostalgia-fueled adults. Anime and cartoon motifs can transform pieces into collectibles valued for years, and with the popularization of diverse media, brands are finding inspiration outside the dominant culture.

Insight - Fans are eager to purchase merchandise featuring their favorite characters, making anime a more approachable marketing strategy. As consumers look for more diverse sources of culture in everything they do, the luxury scene is proving that it can appeal to a more diverse and younger consumer audience. By releasing anime-themed goods, luxury brands demonstrate that they are willing to interact with an ever-changing pop culture scene.