NEW YORK, Dec. 7, 2017 /PRNewswire/ -- Nearly half of American "luxury consumers" say the feeling they get when buying luxury goods is better than going on a vacation and two-in-five say it's better than sex, according to a new nationwide consumer research study on luxury buying trends.
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The findings in the 2017 Modern Luxury Survey, released today by LG SIGNATURE, reveal growing shifts in perceptions of what luxury means and explore the evolving purchase trends of wealthy American consumers within the luxury category.
This shift is most prevalent when it comes to spending on luxury items for the home versus more traditional luxe categories like art and rare furniture.
In fact, the LG SIGNATURE Modern Luxury Survey revealed that a whopping 66 percent of luxury consumers in the U.S. – defined as those with annual household incomes over $100,000 – responded that their spending on the home (including kitchen appliances, 4K Ultra HD TVs, furniture, home upgrades and more), has increased in the last five to 10 years.
When compared to other traditional luxuries, 40 percent of consumers ranked home kitchen appliances as the most important category of luxury for the home, compared to about one-quarter (27 percent) who said personal luxuries like jewelry were most important.
One out of four Millennials (ages 24-35) responded that the most essential element of a luxury home is "smart" technology. It's no longer a "nice-to-have" for the home, as 25 percent of Millennials have seven or more smart technology or enabled products in their home. Their older counterparts (ages 45-55) weren't far behind with 35 percent of respondents having one to two pieces of smart technology enabled products.
Survey results highlight shifts in how consumers feel when purchasing luxury goods and even how home appliances impact their luxury lifestyle:
The Kitchen is the Heart of the Home
- 1 in 4 luxury Americans rank the kitchen as the most important space within the home, and 56 percent of American luxury consumers ranked the refrigerator as the #1 appliance in the kitchen when it comes to entertaining guests.
Can't Beat That Luxury Feeling
- 46 percent of luxury Millennial consumers reported feeling "superior" when purchasing luxury products.
- 41 percent of luxury consumers say the feeling they get when buying luxury products is better than sex; 47 percent say it's better than a great first date.
- 47 percent say it is better than going on a vacation or trip and 59 percent say it's a better feeling than drinking a 10+ year glass of scotch.
- 67 percent of luxury consumers said that they associate "innovative" with luxury more than they did 5-10 years ago.
"We've seen the definition of 'luxury' shifting over the past decade, and we commissioned the Modern Luxury Survey to tap into the minds of consumers to better understand that shift," said David VanderWaal, vice president of marketing for LG Electronics USA, which launched the luxury LG SIGNATURE brand in the United States. "We discovered the way wealthier Americans think and speak about luxury has evolved drastically within the last five to 10 years. Now, more than ever before, luxury-identifying Americans value home kitchen appliances as a top category for creating a luxurious and sophisticated home environment."
Even the way consumers are talking about luxury has changed. According to the LG SIGNATURE Modern Luxury Survey, tens of millions of affluent Americans most closely associate luxury with terms like "high quality" (47 percent), "expensive" (47 percent) and "exclusive" (42 percent). This shift has evolved even more among Millennial consumers who are using terms like "innovative" (67 percent) as opposed to a more traditional view of luxury that once used terms like "rare" (34 percent) or "iconic" (45 percent).
Positioned squarely in this new luxury consumer market is LG SIGNATURE, which artfully combines sophisticated design and premium technology. As affluent Americans place increasing importance on luxury goods and appliances in the home, LG SIGNATURE represents a unique new family of high-quality products that directly align with this desire.
The LG SIGNATURE products were designed with their true essence in mind – streamlined to focus on each product's essential function while maintaining a modern, signature design. LG SIGNATURE encompasses a wide array of products including:
- LG SIGNATURE OLED TV (W-series) has a super-thin "wallpaper" design that allows the television to become one with the wall, the unique Picture-on-Wall design only possible with LG OLED TV technology.
- LG SIGNATURE InstaView™ Door-in-Door® Refrigerator (LUPXS3186N) features a sleek mirrored glass panel that illuminates with two quick-knocks, allowing you to see inside without opening the door - reducing cold air loss and keeping food fresher longer.
- LG SIGNATURE Washer/Dryer Combo (LUWM101HWA) is loaded with SmartThinQ® technology, allowing you to remotely operate the washing machine, download specialized wash cycles and track water/electricity usage.
- LG SIGNATURE Air Purifier (AM501YWM1) incorporates a Smart Indicator and Smart Lighting; while fine dust particles are invisible to the naked eye, you can check indoor air quality easily with 4 stylish colors and detect the amount of airborne particulate matter (PM10, PM2.5 & PM1.0) with a PM 1.0 Sensor.
- LG SIGNATURE Double Oven Range (LUTD4919SN) delivers even baking results on every rack, every time through LG ProBake Convection® - with the heating element repositioned to the back wall of the oven for optimal heat distribution. The range uses SmartThinQ® technology for auto cook features.
To learn more about each of the LG SIGNATURE products, please visit: www.LGSIGNATURE.com
Methodology: Research findings are based on a survey conducted on behalf of LG SIGNATURE by Morar Consulting fielded across the United States, August 18-20, 2017. For this survey, 1,002 respondents were asked about their views regarding innovation, smart technology, home design and decor. The study targeted respondents with annual household income of $100,000 and above. Respondents are recruited through a number of different mechanisms, via different sources to join the panels and participate in market research surveys. All panelists have passed a double opt-in process and complete on average 300 profiling data points prior to taking part in surveys. Respondents were invited to take part via email and were provided with a small monetary incentive for doing so. The margin of error is 3.5 percent.
About LG SIGNATURE
LG SIGNATURE is a luxury brand from global innovator LG Electronics. LG SIGNATURE is designed to provide a state-of-the-art living experience that feels pure, sophisticated and luxurious. The distinctive new LG SIGNATURE products were designed with their true essence in mind – streamlined to focus on each product's essential function while maintaining the LG SIGNATURE's modern, signature design.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $48 billion global force and technology leader in home appliances, consumer electronics and mobile communications. LG Electronics sells a range of stylish and innovative home appliances, home entertainment products, mobile phones, commercial displays, air conditioning systems and solar energy solutions in the United States, all under LG's "Life's Good" marketing theme. For more news and information on LG Electronics, please visit www.LG.com.
SOURCE LG SIGNATURE