Shocking! Study shows 75% of luxury items are bought by the middle and poor class... not the rich

[The Plug]

Believe itsonsite brehs

 

[Batsute]

I but my luxury items on discounts and i mean banana republic

 

[MeachTheMonster]

also “luxury item” is a very broad term.

We talking private jets or air max sneakers??

that tweet and this thread only exist to fuel respectability politics nonsense.

It’s crazy how easy it is to whip people up into judging others

 

[O.T.I.S.]

The really rich don’t got to keep up with themselves


It’s everybody else that want to pretend to be them

 

[Da King]

No shyt it’s a con

 

[concise]

For the first time in the 23-year history of our luxury report, the market’s customer base contracted. We estimate the market lost about 50 million customers globally between 2022 and 2024, shrinking from 400 million customers to an estimated 350 million at the end of 2024. This contraction may have resulted in part from elevation strategies, which prioritized top-tier clients. These very important clients (VICs), who represent just over 2% of the total customer base, now account for 45% of global luxury purchases, up from 35% in 2021. However, VICs feel less pampered by brands, as their experiences have become more transactional.

Luxury in Transition: Securing Future Growth

The latest Bain-Altagamma Luxury Goods Worldwide Market Study forecasts long-term growth after spending dipped in 2024, although reinvention is needed for brands to benefit fully.

www.bain.com

I don't see what they're claiming in the article.

 

[Savvir]

I hate these IG hip hop 'news' sites.

Some discrepancies:

• Bain mentioned nothing of the lower class, only the middle class ($75k - $150k)
• The middle class is something like 4x the size of the upper class, so it is not totally shocking they would be a greater share of any market
• Luxury brands includes a WIDE variety of lower-luxury brands like Kate Spade and Coach.

But iTsOnSitE wants us to believe that everyone in the projects is walking around with Gucci Belts

lol @ including coach and Kate spade.

This study is boo boo

 

[Prodyson]

I don't believe this....

The follow up question is “what percentage of consumers as a whole fall into the middle class range.” I’d imagine that it’s the overwhelming majority since wealth is concentrated among a small number of people. If the upper class only makes up like 10% (or less) of the population, it stands to reason that middle class consumers would make up a very large percentage of ALL goods, except the infeasible ones that they’d never be able to afford, even living paycheck to paycheck.

I’m sure the ratio is still larger than it should be but it may not be big of a deal as the headline makes it seem.

 

[Scustin Bieburr]

I don't believe this....

You don't have to.

If someone has been rich for a long time and comes from a rich family, they're not obsessed with brands. Zuckerberg, gates, even trump are never seen sporting luxury brands. Jay Z in his quest to emulate an upper east side jew is rarely seen sporting brands either.

Someone who is genuinely rich gets their clothes custom made. They don't need to let other people know they have money. It's not important for them to make you know that they can afford Chanel or Gucci or Louis Vuitton. To the extent that SERIOUSLY rich people(I'm talking net worth of 10 million or more) have brands, you dont know it's Gucci or LV or whatever because it's in a discrete label that you can't see.

 

[Luke Cage]

The follow up question is “what percentage of consumers as a whole fall into the middle class range.” I’d imagine that it’s the overwhelming majority since wealth is concentrated among a small number of people. If the upper class only makes up like 10% (or less) of the population, it stands to reason that middle class consumers would make up a very large percentage of ALL goods, except the infeasible ones that they’d never be able to afford, even living paycheck to paycheck.

I’m sure the ratio is still larger than it should be but it may not be big of a deal as the headline makes it seem.

Exactly what i'm saying.

 

[jerzboy]

I hate these IG hip hop 'news' sites.

Some discrepancies:

• Bain mentioned nothing of the lower class, only the middle class ($75k - $150k)
• The middle class is something like 4x the size of the upper class, so it is not totally shocking they would be a greater share of any market
• Luxury brands includes a WIDE variety of lower-luxury brands like Kate Spade and Coach.

But iTsOnSitE wants us to believe that everyone in the projects is walking around with Gucci Belts

This is what I was wondering and makes sense. I can’t articulate it, but if only the wealthy were buying these brands, numbers wise, their sales wouldn’t be that huge and they wouldn’t have as many brick and mortar stores

 

[jerzboy]

well when rich people make up like 5% of the population, of course their consumption is not going to reach the level of the remaining 95%


its maths.

This is what I was trying to say… lol long day at work and I couldn’t put the sentences together lol

 

[ViShawn]

Zuck's watch collection FYI.

Mark Zuckerberg's Watch Collection: A Closer Look at The Tech Billionaire's Timepieces

In this article, we take a look at Mark Zuckerberg's watch collection, which includes both rare and intricate timepieces.

swisswatches-magazine.com

 

[IsThatBrothaMouzone?]

I hate these IG hip hop 'news' sites.

Some discrepancies:

• Bain mentioned nothing of the lower class, only the middle class ($75k - $150k)
• The middle class is something like 4x the size of the upper class, so it is not totally shocking they would be a greater share of any market
• Luxury brands includes a WIDE variety of lower-luxury brands like Kate Spade and Coach.

But iTsOnSitE wants us to believe that everyone in the projects is walking around with Gucci Belts

Bingo.

The fact that the upper class, rich and wealthy are such a small percentage yet consume 25% of luxury items says A LOT. They punch well above their weight.

The "household" thing doesn't tell us much either. There's a big difference between Colibreh #1, making $145k/year...single and no debt versus generic family of 4 in Ohio with an HHI of $85k. Both households are middle income but they're not really playing on the same field

 

[Cladyclad]

How is that even possible

For every rich cat
there are 100 broke cats

its a numbers game