TIME IS LUXURY – 2009 LUXURY SURVEY
Having time and the freedom to enjoy it are our most important luxuries, according to this year’s reader lifestyle survey by Centurion and Departures, Europe’s premier luxury magazines. That holds true despite the current economic downturn, which is forecast to last through 2009, and the study predicted the state of the economy would provoke a return to classic “material values” such as luxury travel, luxury hotels, consumer technology and fine dining.
First published in late 2007, the reader survey was updated this year to reflect the latest developments in the luxury segment. Journal International also asked international brands about their partnerships with American Express's international magazines Departures, Platinum and Centurion.
Almost 5,000 readers of the two leading American Express magazines for holders of the Platinum Card and the black Centurion Card took part in the Europe-wide survey in 2007. The high calibre of the participants indicates the informative value of the study: 58 percent of the German participants are company owners, with a further 12 percent in top management positions. Their average yearly household income is over €350,000.
From Europe to Asia, from the Pacific to the Middle East, the luxury-goods market is buoyed by the growing class of the super-rich, especially in times of economic stagnation. The results of the survey indicate that the members of this group see little or no necessity to change their consumer habits.In these difficult times, it is all the more essential to have an exact understanding of premium consumers' preferences and what influences their behaviour.
The survey revealed that affluent Europeans are willing to devote considerable time to informing themselves about luxury products and lifestyle choices. On average, they spend about one hour reading an issue of the high-end consumer magazines Centurion and Departures, paying attention to both editorial content and adverts, and particularly valuing tips and advice from experts, special offers and editor's suggestions. They also said they often acted on what they read; for example, 69 % of readers use the magazines for ideas on their next holiday. The study found that the magazines have firmly established themselves in the European luxury lifestyle segment as sources of inspiration and style "bibles".
Journal International has therefore invited leading brands to share their views on the unique benefits offered by Departures, Platinum and Centurion. The film clip features statements by Mike Biscoe, the head of marketing at Maserati, and Simon Chambers, IWC-UK brand manager, among others. Both the film and survey reveal how important quality journalism and a professional editorial team are to readers. And though non-material values such as time, freedom, independence, pleasure and quality are clearly the most important luxuries, material goods are an important prerequisite for achieving them. Thus financial independence was one of the luxuries most frequently mentioned by German participants in the survey.
Journal International publishes target-group-specific magazines and electronic media in a wide variety of segments. Innovative, up-to-the-minute market research projects regularly analyse readers’ interests, enabling Journal International publications to keep abreast of consumer needs and actively set new trends.
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