The USA vs China: The Affluent Consumer’s Mindset Post Covid-19


When it comes to luxury consumption, no other countries are as important as the USA and China, two true major wealth and luxury powerhouses. Being vital for the luxury sector, it is essential to understand what drives affluent consumers in both countries and how they have been affected by the Covid-19 pandemic.

Agility Research & Strategy has just released its US and China TrendLens™ 2021, two comprehensive studies completed in August 2020, post Covid-19, which aim to get the pulse of these two coveted consumers groups. The study covers not only shopping habits, but defines what are similarities and differences in their aspirations, needs and the way they understand and consume luxury.

Below are a snapshot of some of the findings.

ARE THEY OPTIMISTIC ABOUT THE FUTURE?

 

 

It is encouraging to see that in these two major world economies, most affluent consumers believe that their overall economic well-being and income will stay the same or increase. However, affluent Chinese are more optimistic: the majority among them are confident that their economic well-being and income will keep increasing despite the Covid 19.

 

CHINESE CONSUMERS ARE READY TO REBOUND

A large number of American affluent women (44%) in particular expect their consumption of luxury products and experiences to decrease considerably.

 

 

KEY CONCERNS
Despite an upbeat mood about personal prospects, concerns about the economy are high. The worsening of diplomatic and economic ties between China and US looms large in both countries, particularly in China, with 93% of Chinese affluent are concerned about it.

TrendLens™ 2021
The insights presented are an excerpt of the TrendLens™ 2021 study, a complete insights and research program designed for marketing and insights teams and C-level executives to understand the latest trends on affluent and HNW consumers when it comes to buying luxury goods (fashion, cosmetics, jewellery, watches, alcohol), travel and their finance in key markets.

For more information on subscription options, please contact jason@agility-research.com


Our Recent Events And Updates
  • We will be speaking on the Luxury Seminar Series organised by SMU and LVMH on 30th September, sharing our fresh reports data and insights on the affluent consumer’s mindset post Covid-19. Please click here to register. Please check here to find out more information.
  • Last week we successfully launched the first of our Wealth Webinar series with senior executives from 35 top financial brands dialling in. Affluential™ CEO Ali Mirza and senior team from our Singapore, Hong Kong and Shanghai offices shared how the financial and investment needs of the wealthy across key markets in Asia are changing post Covid-19.
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