01 Nov '16, 9am

Newly minted super rich leaking into accessible luxury: BCG

Newly minted super rich leaking into accessible luxury: BCG

NEW YORK – Acquisition of new ultra-high-net-worth (UHNW) consumers will be key to building sales for luxury brands as they adapt to the new normal of annual growth in the 3-5 percent range, down from 8-10 percent during the halcyon days of the past. The fastest-growing demographic for buying luxury is at the top of the pyramid, according to a presentation by The Boston Consulting Group held last month for Luxury Marketing Council members held in New York. Households with a net worth of $20 million or more are expected to increase purchases of luxury goods and services by a whopping 80 percent by 2022. At the same time, aspirational consumers, defined as having a net worth of less than $5 million, will only grow buying by 4 percent per annum in that same period. “The top of the pyramid will be the driver of luxury growth over the next five years as aspirational consumers t...

Full article: https://www.luxurydaily.com/newly-minted-super-rich-leaki...

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