Are American consumers shifting their thinking of what luxury means?
Volvo Car USA thinks so. Volvo, which is repositioning the brand into the luxury space, partnered with The Harris Poll to get some insight on American attitudes on different themes, such as design, safety, technology and environment. The latest study on luxury indicates that Americans are rethinking their attitudes toward their possessions, looking to streamline and declutter their lives. The poll was conducted from April 26 to May 1, surveying more than 2,014 U.S. adults over the age of 18.
According to the study, 82 percent of Americans agree that people have too much stuff, while a slightly higher percentage at 85 percent said they are actively working to declutter and simplify their spaces. That includes 49 percent looking to declutter their bedrooms, while 34 percent are looking to streamline their wardrobes. Millennials in particular at 60 percent said they have more stuff than they did 10 years ago.
The study also found that respondents are saying they are shifting away from quantity, with 68 percent agreeing that “when it comes to modern luxury, less is more.” The latter has impacted purchase volumes and frequency in connection with how they spend for “modern luxury.” Seventy-four percent it is better to spend more on high-quality products so they can spend less overall, particularly among those with household annual income of more than $100,000, or about 82 percent of respondents. That also correlates with 70 percent stating that quality is the most important trait of a modern luxury product or service.