Splurging on festive goodies and other luxury indulgences makes most feel guilty, says a global survey, but this is not true in India, where purchases are a well thought-out bargain.
Going by a study on luxury brands by global market intelligence firm Synovate, two out of three people across 11 markets treat themselves to luxury every now and then, but one-third feel guilty about it.
“Some of us feel we deserve it and revel in unabashed luxury. Some indulge in it but, feel maybe they should not have. Some cannot afford it, but want it. And for many, it’s simply not even a consideration... The basics in life are tough enough to obtain,” Synovate’s CEO for the UK and luxury research expert Jill Telford said.
As per the survey which covered over 8,100 people across 11 different markets, the most conflicted consumers of luxury include the British and the Americans. Around 50 per cent of Britons said, they often feel guilty if they buy something luxurious for themselves while in the US the luxury goods market has been hit hard by the economy.
“Many retailers (in the US) have now designed product and pricing strategies that appeal to a more austere, guilt-ridden consumer in search of the combination of premium products and value,” Mark Berry, head of the consumer and retail industry sectors for Synovate in the US said.
On the other hand 74 per cent of Indians and 71 per cent in both Brazil and the the Netherlands say they do not feel guilty after a luxury purchase.
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“Indians will only splurge if there is money in the bank and they have considered all their options. There is less dependence on plastic money than in other nations and therefore no reason to feel bad afterwards,” Mick Gordon, managing director of Synovate in India said.
The survey further highlighted that it is the love of logo, when it comes to luxury goods, which was prevalent across the world, as 47 per cent across all 11 markets say they prefer to buy logoed items, 34 per cent would choose non-logoed items and 18 per cent do not know.
The markets that most prefer to flash their purchases include India (79 per cent), Hong Kong (68 per cent) and the UAE (58 per cent).
