Australia’s luxury shoppers: The products most want to buy in 2023 – and the factors which influence their purchase decisions
In February, our study on Australian households’ near-term financial outlook revealed that more than a third (35%) of Australia residents expect their household finances to improve over the next 12 months.
In this article, we explore what proportion of Australia’s consumers are planning to purchase luxury goods in the next 12 months – and how this varies across different product categories. Our survey takes a broad definition of “luxury goods” – including everything from jewelry and watches, to expensive farm produce and household appliances.
Further, what is the relative importance of factors like product warranty, origin and sustainability when consumers are deciding on their final purchase?
What proportion of consumers plan to buy various kinds of luxury goods in the next 12 months?
Latest research from YouGov Surveys show that around three in five consumers in Australia intend to purchase luxury products in the next 12 months. Compared to other high-income economies in APAC, this is a larger proportion than in Singapore but smaller than in Hong Kong.
Farm produce (meat / fruit / vegetables) is the most popular category, where around a third (32%) plan to make luxury purchases, followed by clothing and shoes (29%) where over a quarter plan to fork out.
About one in five consumers are thinking of purchasing luxury alcoholic drinks (21%) and household appliances (18%), while close to a sixth intend to splurge on luxury desserts (16%) and jewellery (15%).
Want to find out how various fashion brands compare in terms of purchase consideration level among Australia’s luxury shoppers? Speak with us to learn more.
What factors do Australia’s luxury shoppers consider before making a purchase?
Latest research from YouGov Surveys reveal that when deciding between different products at similar price points, close to three in five (57%) of Australia’s luxury shoppers say they consider differences in warranty periods while half (50%) evaluate differences in product origin.
Additionally, two in five (41%) of luxury shoppers say they consider how eco-friendly the materials used in the product and its packaging are before making their decision, while around a third say that the working conditions of people involved in the product’s creation (33%) and whether they would be able to make repairs on the product themselves (32%) are factors they would consider.
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Methodology: YouGov Surveys: Serviced provides 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 510 and 2,044 for each market. All surveys were conducted online during 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.
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Australia is nationally representative of all adults (18 years or older), and weighted by age, gender, and region, and reflect the latest Australian Bureau of Statistics (ABS) population estimates. Learn more about Profiles.