Thirst for Luxury Subdued Among Established Wealthy, Report Says

The YouGov Affluent Perspective Global Study, a report that gauges the consumer behaviors of the world’s wealthiest people, reveals that the thirst for luxury among those in healthy economies is subdued.

The recently issued study also finds that when it comes to having confidence in their country’s economy (and their own personal economies), affluent individuals in established countries “who are older and more experienced with wealth” very often have a “glass-half-empty” feeling about their financial situation and future.

Conversely, newly wealthy people who live in countries with developing economies “tend to view these economies with a glass half-full [attitude].”

The study claims the positive mood of the latter group will likely translate “into greater luxury spending enthusiasm this year, while the desire for luxury among the established economies is subdued.”

The regions with the most pessimistic affluent are the U.K. and South Korea, while the spots with the most wealthy optimists are Kuwait and the United Arab Emirates.

“Even the most successful (and connected) consumers are about 50-50 on their continued prosperity,” reads the report’s summary.

“Some of this is natural self-doubt, but some of it also represents the uncertain times in which the affluent find themselves living. From a slow economic recovery in the West to political instability seemingly the world over, consumers are inclined to measure their decisions carefully and deliberately.”

Top: Paris Hilton in 2010 (Image from PopSugar)

JCK Magazine Editor