Half of U.S. consumers are likely to make a small luxury purchase in the next six months, including 53 percent who are likely to purchase specialty food or drinks, 48 percent to purchase luxury clothing and 48 percent to purchase luxury personal care products, according to new research from Accenture.
The Accenture Luxury Shopping Survey polled more than 2,000 U.S. adult consumers and found that indulging on a small luxury is the No. 1 reason consumers buy specialty food or drinks, selected by 53 percent of those who expect to make these purchases in the coming months. Similarly, high-low fashion is the top reason shoppers shop luxury apparel. More than half (57 percent) of those who intend to purchase luxury apparel will mix a few luxury items into a wardrobe of more affordable clothing, according to a press release of the findings.
"As consumers show an increasing willingness to splurge on luxury, retailers and brands can build loyalty by offering a strategic selection of smaller-ticket luxury items to complement their more significant products," said Tom Jacobson, managing director of the Accenture pricing and profit optimization practice. "Consumers want a taste of luxury in their everyday lives, and are willing to spend a little extra for the experience, but the emphasis is on small items. They may think twice about purchasing a new handbag, but shop for a wallet as an alternative."
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