Luxury Consumer Sentiment
After an extensive search through industry-related websites and media publications, COVID-19 sentiments of luxury consumers who have assets of more than $1 million do not appear to be available in the public domain. However, the research team was able to gather valuable insights about highly affluent individuals.
- According to a study by Atliant, highly affluent individuals in the US are gradually accepting that the worst commercial effects of COVID-19 are behind them.
- In the US, 14% of luxury consumers note that COVID-19 has had a significantly negative effect on their household finances. In addition, 34% claim that the pandemic had a negative impact while 37% have indicated that the effects were neutral. Also, 14% claim that the pandemic had a positive effect on their household finances.
- More than 50% of individuals with a high net worth believe that the pandemic will take more than six months for things to return to normalcy.
- A study by UBS, which interviewed 4,108 wealthy respondents revealed that 70% of the participants are optimistic about the long-term economic outlook. On the other hand, 46% showed optimism on the short-term outlook.
- In addition, 40% of US investors have noted that COVID-19's worst impact will be over by end of June. On the other hand, 28% believe that things will return to normalcy by end of September.
- Furthermore, highly affluent people in the US indicated that brands such as, Amazon, Chanel, Walmart, 3M and Target are doing a good job during the pandemic.
- Before the pandemic, affluent customers had no plans to reduce their spending. As of mid-April 2020, these consumers remained resilient about their spending. However, in May and June, affluent consumers have noted that they plan to reduce their spending in categories, such as décor, automobiles, luxury goods, accessories, and handbags.
- Affluent consumers in the US intend to continue spending on home appliances and consumer electronics, which is a reflection that they are spending more time at home.
After extensive research we did not find COVID-19 sentiments of wealthy individuals in the US who have a net worth of $1 million in assets and above. We looked at media publications and industry sites, such as CNBC, Financial Times, and the Boston Consulting Group. However, these sites provided information affluent individuals but did not indicate their net worth. We then attempted to look at specific people who had a high net worth and find out their sentiments on COVID-19’s financial and economic impacts but to no avail. While we found these individuals, we did not find any useful findings on their social media pages or media publications. Therefore, we concluded that the information is not available in the public domain. For these reasons, we opted to provide information regarding highly affluent individuals who had an income of more than $150,000.