Luxury Industry Optimistic About Q1 2014 UHNW Spending, Luxury Sentiment Survey Shows
SINGAPORE, March 5, 2014 /PRNewswire/ -- Despite slowing global demand and consumption, luxury industry executives are optimistic about the first quarter of 2014, with nearly 80% confident they will see an increase in revenue from ultra high net worth (UHNW) individuals during the period, according to the inaugural Wealth-X Luxury Sentiment Survey Report released today.
More than 30% of those polled expect revenue to rise by more than 10% in Q1 2014, the report shows.
Below are other key findings from the report:
- 71% indicated they were likely to expand into new markets;
- 77% saw increased UHNW customer enquiries;
- 64% believed that customers will make more purchases in Q1 2014;
- 76% said their clients were mostly domestic, not tourists;
- Asia and North America were selected by participants as the locations that are most likely to have the fastest revenue growth for Q1 2014;
- 67% expect that Asia will contribute the largest Q1 2014 growth in the hospitality and services sector;
- 87% expect revenue growth in the yacht and private aviation sectors;
- 50% indicated that more than half of their total marketing budget goes to UHNW marketing;
- 55% plan to start targeting UHNW individuals or increase existing targeting of UHNW clients;
- 74% said they targeted UHNW clients through events.
The electronic survey conducted in January 2014 polled global senior luxury executives from various luxury sub-sectors.
Wealth-X CEO Mykolas Rambus commented: "The results of this business-to-business survey show that despite the variety of conditions across different sectors of the luxury industry, the responses of the world's leading luxury brands are broadly similar: more engagement and more targeting of UHNW individuals are expected to go hand in hand with better performance in the year ahead."
For the full report, visit http://www.wealthx.com/articles/2014/luxury-sentiment-survey-report/
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)
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