Off the press...HNW Individuals expected to increase the amount of money spent on jewelry!

The Forbes sample of wealthy shoppers consisted of those with over $2 million in investible assets, with a third of the group having over $30 million in investible assets. Investible assets are those that are liquid and readily converted to cash. Of the 250 surveyed, 36 percent were female; 64 percent were male, and 27 percent were under 40 years old.

Dissecting the data further, Forbes indicated that 84 percent of the ultra-high-net worth individuals surveyed — those with at least $30 million in investible assets — plan to increase their luxury spending this year. Also, 93 percent of those in the segment favor brands that provide unique experiences, whereas 82 percent of those surveyed favor unique experiences.

The study also suggests that the vast majority of HNW individuals value knowledge about premium brands and purchase luxury goods and experiences as self rewards for milestones. Stores are the most preferred source of information on luxury, followed by events, social media, brand websites and lastly, virtual reality.

Forbes also found that women are more comfortable shopping online (58 percent for women vs. 47 percent for men), women are more likely to purchase luxury goods from brands seen on social media (67 percent vs. 58 percent), and men view owning luxury vehicles as the top symbol of success (71 percent vs. 44 percent) while 59 percent of the women a surveyed said designer jewelry is the most important symbol of success.

According to a Forbes spokeswoman, the data was collected online from April 2023 to May 2024 to ensure it is reflective of consumer habits and opinions as they change over the course of a year.

Ref: WWD – Forbes