March 29th, 2023, Hoang Nguyen
Consumers seeking out high-quality and unique food experiences are creating burgeoning demand for luxury food products.
New data from YouGov shows the global demand for luxury food products is among the highest in any luxury category, second only to luxury clothing items or shoes. In an 18-market survey, three in 10 global respondents (30%) say they plan on buying meats, fruits and vegetables in the luxury category over the next year.
From rare and exotic fruits found around the world to high-end cuts of meat such as Wagyu and Kobe beef, it’s clear that many consumers are willing to pay a premium for these products, which are often grown in small quantities or require special care and attention.
A few countries stand for their demand for luxury meats, fruit or vegetables. Mexico sits at the top of the list, with roughly half of urban Mexican consumers (48%) saying they plan to buy these types of luxury food products in the next 12 months.
Consumers in Canada (38%), Spain (37%), the UAE (36%) and India (33%) are close behind, with a third or more saying they plan on buying luxury food products in the next year.
Respondents in Singapore (20%), France (22%), the US (27%), Sweden (27%) and Italy (27%) prove less likely to be in the market for these luxury food products, though a fifth or more indicate they plan to purchase specialty meats, fruits or vegetables in the next 12 months.
The luxury dessert market is another area of strong interest and draws demand from 17% of global consumers. From artisanal chocolates and pastries to one-of-a-kind ice creams, consumers are seeking out unique and high-quality dessert experiences.
Consumers in Hong Kong show the greatest demand for luxury desserts, with a third (32%) saying they plan to buy this type of luxury good. Interest in luxury desserts also ranks highly in places such as urban Mexico (29%), Spain, (23%), the UAE (23%) and India (20%).
In recent years, the growth of e-commerce and online marketplaces has made it easier than ever for consumers to access luxury food products from around the world. Recent research shows that people are also willing to travel to taste and enjoy high-end foods.
YouGov’s latest report into the future of luxury travel reveals that 16% of global consumers say they would be willing to travel and pay more for Michelin star chefs or unique gourmet experiences. This number rises to 23% among affluent consumers (those who make over 200% the median income in their respective market) and 25% among affluent consumers between the ages of 18 and 34.
Download YouGov’s new global report into luxury travel in the post-pandemic world.
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Photo by Oskar Kadaksoo on Unsplash