Study: Time greatest luxury, jewelry not far behind

July 24, 2007

New York—Luxury consumers across the globe share many characteristics, including an emphasis on experiences over possessions, a new study finds.

In the online survey conducted by the Consumer Research Center of The Conference Board, jewelry represented an important status luxury, with 24 percent of consumers surveyed owning fine jewelry and watch collections.

Chinese luxury consumers ranked first in ownership of fine jewelry and watches.

Of those surveyed, 35 percent believe that time represents the most highly valued luxury, 25 percent chose life experiences and 18 percent chose having things in life that surround them with comfort, beauty and quality.Among those surveyed, 26 percent believe luxury is more about experiencing life and having a sense of happiness and satisfaction than about material things. A quarter of those surveyed feel luxury is about being comfortably well off and not having to worry about tomorrow.

The online survey polled 1,800 affluent consumers in the United States, China France, Germany, Italy, Japan and the United Kingdom. All respondents were over the age of 18 and in the top 25 percent income brackets.Survey sponsors included Conde Nast Publications, Gucci Group, Gibson USA, The Ritz Carlton and Tru Vue.