The idea distilled.
The Australian luxury consumer is unique, in aspiration, in expectation and in behaviour, and they are reshaping the luxury category to meet these needs. This study breaks down what luxury means to the Australian consumer and the expressions of luxury, or “codes”, that resonate most deeply.
If nothing else, three things to fuel your growth.
- Today, the Australian luxury landscape is a blend of the traditional and emerging expressions of luxury, where the focus is shifting from exclusivity and expense to include aspects like quality, uniqueness, and the freedom of individual choice.
- While exclusivity has long been a hallmark of luxury, Australian consumers now prioritise craftsmanship, quality and value as drivers of purchase.
- There are 10 distinct expressions of Australian luxury that brands can harness to build relevance in Australia, but the consumer preference is not reflected in supply to the Australian market.
Some additional food for thought…
- It is estimated that $3.5tr will be inherited by Australians over the next 20 years and the new generation of consumers are rethinking what luxury means to them.
- 75% of Australian consumers prefer more intrinsic expressions of luxury to more external and overt expressions.
- 44% of Australians rate the “Relaxed Exploration” code of luxury as their favourite expression, but this expression makes up only 10% of the supply to the Australian market.
