Study: Luxury Brands May Be Recession-Proof

Study: Luxury Brands May Be Recession-Proof
Photo by Melanie Pongratz / Unsplash

While rececession fears spark plenty of shifts to consumer behaviors, luxury brands may be immune to these dynamics, according to a new study from Wunderkind.

The survey found that 89% of consumers are expected to maintain or increase purchases of “luxury-specific” items in the year ahead. Of the consumers surveyed, 24.9% cited “personal expression” in day-to-day wear as the biggest driver of luxury purchases. More from the findings:

  • 70.2% are confident about their personal economic outlook for 2023.
  • 67.4% of respondents saying that they are shopping “somewhat more” or “much more” online compared to last year.
  • Before purchasing, 50.4% of consumers research a brand or product three to five times.
  • 89.8% of consumers state that personalized and consistent digital engagement is influential in helping drive these decisions.