Let’s ask ourselves a question – what is luxury? Is it the touch of silk or cashmere on your skin? A Rolls-Royce limousine parked in your driveway? Holidays in luxury Miami Beach hotels? Or going for a luxury Miami villa rentals offer as a honeymoon destination? Maybe it is about showing your success to other people? Luxury can be defined in many various ways depending on who is talking about it.
8100 responders from eleven countries – Brazil, Canada, France, Hong Kong, India, Holland, Spain, Taiwan, United Arab Emirates, Great Britain and USA – took part in the research and provided answers useful for the analysis of the complex luxury topic.
It seems that in the time of financial crisis some views on spending and saving money have slightly changed. On the other hand the research shows that some opinions are solid and inflexible. Saving still is a virtue, despite the fall of the trust towards the banking system. Maybe this is why 72% of UK citizens see luxury as something evil. According to researchers it is a classic case of the, so called, British guilt. People in Great Britain tend to get more satisfaction from buying something useful than giving in to temptations. The research shows that there is a similar situation in the US. People in India, Holland and Brazil would never agree on that. Spending money on luxury goods doesn’t make them feel guilty. Making themselves and the others happy brings them a feeling of fulfillment. We need to remember that the results of the research depend on the responders group. I bet that a millionaire, if asked a similar question would never say that he feels guilty buying luxury goods. Guilt is typical for the middle class representatives.
Holland is a very interesting country in terms of luxury perception. Almost half of the Dutch population associates it with something negative. Holland is a small (but very wealthy) country – maybe that is the reason why the Dutch don’t like anything that is bigger, better and simply over a reasonable scale. It is hard to find big, shiny logos on designer clothing which is of course worn in Holland. This isn’t about showing off – it’s about the feeling of comfort here. It is completely opposite in Brazil, where luxury the market of luxury goods grows very fast and luxury is a seen as a lifestyle by 24 % of Brazilians. How is it in the US? The mix of cultures and nationalities makes it difficult to find one, exact answer. One thing is certain – luxury loves America even though sometimes it brings the feeling of guilt.