As we advance into 2015 in an improving UK economy based on a number of positive factors such as on-going falling unemployment, very low interest rates, growing stock market and the highest levels of consumer confidence added to the sudden collapse of oil prices which mean more money in consumers pockets. We also predict more affluent consumers shopping & spending on luxury products.
Our work in the luxury and wealth markets shows that these 1 Percenters (owning £75-£100k a year) have an affinity with branded products.
When we recently interviewed a panel of the super affluent to find out what luxury purchases mean to them, they said that it represents quality, A must-have, essential, exclusive, a statement with friends.
One of the respondents has a 3 bedroom flat in Knightsbridge for sale at £10m that is decorated and furnished completely with top end brands from the likes of Versace, Armani, Fendi, Dior and Harrods.
For the super affluent brands are a way of life and a standard they came to expect not something they aspire to.