March 29th, 2023, Janice Fernandes
Are global consumers interested in purchasing luxury goods? Here’s what data from a recent YouGov survey, conducted across 18 international markets, reveals.
Polling data shows that a significant share of global respondents are not interested in purchasing any luxury products (40%).
Of all the categories consumers indicate they are most likely to buy, luxury clothes or shoes (31%) and meat, fruit or vegetables (30%) rank the highest. Both luxury jewellery and bags, wallets, or cases register 14% of consumers. While 12% of consumers are interested in luxury watches, only one in nine consumers (11%) is planning to purchase luxury cars, the lowest of all categories listed.
We look at consumer appetite for luxury bags, wallets or cases in different countries. Overall, the data suggests that there is a high level of interest in this category in countries in Asia and the Middle East, with lower levels of interest in Europe and North America.
The country with the highest percentage of consumers interested in purchasing luxury bags, wallets, or cases is India, with 36% of consumers saying they plan to be in the market. The UAE follows closely behind with almost a third of consumers (29%). Consumers in all Asian countries studied in this survey are more likely than western markets to have plans to buy luxury bags or wallets – Indonesia (28%), Hong Kong (24%), China (18%) and Singapore (16%).
Urban Mexicans outpace the global audience with the proportion of consumers who plan to purchase luxury bags (16% vs. 14%). This purchase decision is not shared as much with consumers in neighboring countries. Fewer than one in ten Canadians (8%) are in the market to buy luxury bags or wallets. The figure drops further in America with 7% of consumers sharing the same interest.
Data indicates that countries in the European region are not all that interested in luxury bags compared to other parts of the globe. Italy, home to some of the most popular luxury brands, registers only one in nine consumers (11%) who plan to buy luxury bags or wallets. The figure continues to drop in most other markets, with Denmark and Germany registering 7% each. Britons are least likely of all markets surveyed to buy luxury bags, with only around one in 20 saying they plan to purchase these products (6%).
Globally, younger women (23% of 18-24-year-olds) are more interested in purchasing luxury bags or wallets than older women (9% of 55+) and men of all age groups combined (12%). But in countries like US and Britain it's the 25-34-year-old women who are most likely to spend on expensive bags (13% both). Women aged between 18 to 24 years old (6% US; 5% GB) are as likely to buy luxury bags as those over 55 years (6% US; 5% GB).
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 512 and 2034 for each market. All surveys were conducted online in February 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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