By Rob Starr, Content Manager, Big4.com
According to new research from Accenture (NYSE: ACN), Half of U.S. consumers are likely to make a small luxury purchase in the next six months, including 53 percent who are likely to purchase specialty food or drinks, 48 percent to purchase luxury clothing and 48 percent to purchase luxury personal care products.
The study also found that showrooming, or viewing a product in a store and then going online to make the purchase, plays an important role in luxury purchases. In the past six months, one in five consumers visited a store to experience a luxury product in person and then purchased the product online.
Additionally, the study found that having access to special deals and bargains through group membership shopping sites has invited more luxury purchases. Among the 23 percent of consumers who have bought luxury goods and services from an online group that offers exclusive discounts to members, 58 percent say these sites have increased their luxury spending.
The Accenture survey identified a number of differences between Millennials and Baby Boomers when it comes to luxury shopping. More than a third (35 percent) of Millennials indicated their likelihood to purchase luxury goods is up over the past year, while nearly half (46 percent) of Baby Boomers indicated their likelihood to purchase luxury goods has decreased in the past year.
Among those consumers who said they are not likely to purchase luxury goods, the majority of Millennials indicated they cannot afford the prices, while the majority of Baby Boomers indicated that luxury is not important to them or not worth the cost.