Amex Trendex Highlights Luxury Items, Travel and Restaurants
The newest installment of Amex Trendex, a monthly trend report by American Express that surveys people across the U.S., Australia, Canada, Mexico and Hong Kong, on consumer behavior and financial decisions, and found that consumer spending habits include investing in luxury items and using social media to help plan their travels. Furthermore, snagging a reservation at the hottest new restaurants is not a deterrent to customers.
The survey polled consumers with a household income of at least $50,000 a year, or country equivalent, and who travel by air at least once a year.
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Luxury goods
American Express reports that the rise of the “quiet luxury” and “stealth wealth” trends are driving forces in shaping consumer behavior, focusing on sustainability and craftsmanship when luxury goods shopping.
Eighty percent of consumers surveyed noted that they purchase luxury items at least once a year, with 71 percent of Generation Z and Millennials noting that they are more likely to purchase over renting. Accessory purchases including shoes, handbags, wallets and jewelry rank amongst the top purchases of luxury goods.
Nearly 3 in 4 consumers said they care more about the craftsmanship and sustainability aspects of their product, over a designer label. Furthermore, 70 percent of consumers said they would rather invest in premium brands over cheaper fast fashion.
Travel
When searching for travel inspiration such as restaurant recommendations and top things to do at the destination, social media and booking strategies are driving consumer trip planning.
Thirty-eight percent of people chose a hotel that has complimentary breakfast, 30 percent of people travel with a carry-on to save on airline baggage fees and 30 percent book a trip during a less popular date and time frame. More than half of consumers noted that having an itinerary set up in advance of a trip, however, 49 percent said they prefer to go on a trip with as little or no plans as possible.
Notably, 49 percent of Millennials and Generation Z consumers surveyed have noted that they want to show off their travels to impress followers on social media. Nearly 3 in 4 Millennials and Gen Z polled said they participated in social media trends while on vacation.
Dining
With consumer dining higher than ever, the hottest spots on the map aren’t steering consumers away from experiencing new restaurants — with 76 percent of people noting that the restaurants’ overall aesthetic is just as important as food quality when choosing where to eat.
Seventy-nine percent of consumers surveyed reported dining out more or the same this year, compared to last year. U.S. and Canadian consumers dine out frequently at independent-owned restaurants, while Australian consumers dine out frequently at fine-dining restaurants.
Furthermore, 85 percent of consumers said they view dining out as a treat to themselves. For special occasions, more than half of consumers said they prefer to try out a hot new restaurant versus a higher-end restaurant — with 44 percent of people noting they would jump at the chance to get into hard-to-get reservations at a hot spot.
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