LUXE Press

Recent industry news & press coverage of The Luxury Marketing Council and its members.

Spending is Hotter Than the 4th of July

USA Today -- USA

... Or that $10,000 Brioni suit or the $1,000-a-night cruise, says Greg Furman, founder of the Luxury Marketing Council, which advises top brands on consumer trends in an elite but growing group that has at least $1 million in liquid assets.

"People want the best to reward themselves for their successful careers," Furman says. He labels the trend the "rise of connoisseurship."

Read the full story.

How the Rich Spend Their Summer

The Wall Street Journal

While the broader retail and consumer sector may be slowing, spending by the rich continues to astound.

A new survey of 198 people worth $10 million or more, conducted by Prince & Associates for Elite Traveler magazine, shows that the wealthy will spend 56% more this summer than in 2005.

Yacht charters top the list, with $384,000 in planned spending, which sounds about right, given that big yachts now charter for $200,000 to $250,000 a week. (See average planned spending of Prince respondents in 10 categories below.)

Ranking second was redecorating. Granted, redecorating may not seem like a popular summer pasttime for the rich. But since they’re usually traveling for the season, it’s an optimal time to let in the contractors and install that new lap pool or home theater.

Another high-ranking spending category: “experiential excursions.” For those unfamiliar with this new breed of primal-luxury vacation, they usually involve paying some high-priced guide to take you and your family running with springbok in Botsawana, trekking with penguins in Chile or learning wine-making in New Zealand .

Of all the categories, however, the one that almost all respondents planned to spend money on was charity. Fully 98% of them planned to donate to charity this summer, averaging $82,000. All those summer fundraisers may also explain why the rich plan to spend $56,000 on entertaining, and $24,000 for wine for entertainment.