A recent IFOP survey by French luxury goods trade association Comite Colbert reveals a change in consumer attitudes towards luxury purchases in key markets, especially in terms of second-hand goods.
As per a Women’s Wear Daily, the survey of 1,844 consumers included 60 percent Americans, 51 percent Chinese and 42 percent French consumers. It questioned luxury consumers, representing the top 20 percent of earners in the three countries, to see how their perceptions of luxury had changed since the pandemic.
Luxury as an investment emerged as a strong driver for 90 percent of Chinese consumers, 88 percent of Americans and 77 percent of French people.
Around 26 percent of consumers in the US said they often bought luxury goods second-hand; another 35 percent said they sometimes did, while 18 percent said they had not done so in the past, but planned to.
While the principal driver of second-hand purchases remained price, the need to be seen regularly with new products, galvanized by social media, was also a strong concern for consumers surveyed, especially among younger generations.
Regarding sustainability, 90 percent of Chinese consumers, 83 percent of Americans and 80 percent of the French said that luxury brands should set an example when it comes to environmental responsibility.
These findings echoed the concerns and actions of the Comité Colbert’s member companies. The body includes 90 French luxury houses and 17 cultural institutions.
