Milton Pedraza, CEO of the Luxury Institute, has his finger on the pulse of the luxury goods market.Luxury Institute is the world's most trusted research, training, consulting and elite business solutions partner for luxury and premium goods and services brands. With the expertise of emotionally intelligent luxury, Luxury Institute has helped its clients consistently inspire emotions that deliver extraordinary customer experiences and drive long-term relationships.
Pedraza explaining the breakdown of wealthy consumers in US —and how they’re feeling about the economy says :The top 5 percent give you 40 percent of sales. The next 15 percent give you 30 percent of sales. And the bottom 80 percent, mostly aspirational consumers, give you 30 percent. The top 5 are absolutely resilient. The stock market is going up, they are in great shape, even luxury real estate is holding up. The top 5 are very solid and they’re in the YOLO, you only live once, phase.
Commenting on n the outlook for 2024 Pedraza says “A lot of people are feeling trepidation. That 15 percent [of high-net worth individuals], they still have millions, but they’re feeling the pinch and are behaving that way. Not dramatically. I don’t think we’ll see it this Christmas. Everybody is in a mood where we’re going to spend, but I think next year will be a mixed picture. There’s enough downside to take us into what may be a mild recession.”
Pedraza says jewellery is a bright spot because it’s an investment. In a world where people are embracing quiet luxury—that’s not new among the ultra-wealthy—we see women making statements with their jewellery. I’ve been told that older women try to hide their necks with really nice jewellery, with statement necklaces and earrings. That’s one sort of power statement that hides aging well.
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