Luxury shoppers are bucking the trend in retail: visiting the mall more often and spending more money in each visit than the average shopper. They’re in malls because they know they can find the most variety and enjoy spending time there, according to Eye’s survey, one of the US leading mall media provider, that has conducted a study to better understand the mindset of Luxury Shoppers.
The trends found in EYE’s survey affirm an ongoing trend. The global luxury market, including both luxury goods and experiences, will hit $1.5 trillion in 2012. Luxury goods are in high demand and luxury malls have remained largely insulated from economic conditions thanks to their affluent client base.
Malls reach 92% of all US residents earning $100K+(1). These consumers plan to spend $1000+ on accessories this year, including footwear. Luxury Shoppers visit the mall 4x a month — 25% more than the average shopper — spending more in an average visit — $181 (vs. $117(2) average consumer spend at the mall) to be exact. Almost a third spend $200+.
Supreme quality is amongst the many reasons that Luxury Shoppers continue to spend. The marks of luxury make these shoppers feel special (39%), tasteful (38%) and fabulous (37%). Such emotions lead to purchases of luxury clothing, footwear, bath and beauty supplies, and more. These shoppers don’t just stop for Louis Vuitton, Cartier and Gucci, though. They also cater to their everyday beauty needs and household services, including lawn care and cleaning services. They treat themselves well, love to go on vacation and many are planning on purchasing a car in the next year.