Consumers are investing in luxury items, turning to social media as a top source for travel recommendations and are hungry for the hottest new restaurants
American Express today released an Amex Trendex on luxury shopping, travel, and dining trends. According to the global report, which is based on a survey of consumers from Australia, Canada, Hong Kong, Japan, Mexico, the United Kingdom, and the United States, craftsmanship and sustainability are driving attributes in luxury purchases, social media is a top source of inspiration for travel and hard-to-get reservations won’t deter consumers.
- Millennials and Gen-Z Embrace ‘Quiet Luxury’: With the rise of trends like ‘Stealth Wealth’ and ‘Quiet Luxury,’ consumers are focused on sustainability and craftsmanship when shopping for luxury goods.
- Travelers Turn to Booking Strategies and Social Media to Plan Trips: From restaurant recommendations to top things to do at their destination, travelers are using social media for inspiration and using booking strategies to plan their trips.
- Consumers Hungry for Dining Hot Spots: As consumers dine out more than ever before, hard-to-get reservations won’t deter them from experiencing the hottest new restaurants, with restaurant aesthetic ranked as important as food quality when determining where to eat.
Millennials and Gen-Z Embrace ‘Quiet Luxury’
- 8 in 10 (80%) consumers surveyed purchase luxury items at least once a year
- And 66% of consumers surveyed are more likely to purchase than rent luxury items, increasing to 71% amongst Millennials and Gen-Z
- Shoes (37%), handbags, purses, or wallets (37%), and jewelry (36%) are the top luxury items purchased/rented or plan to do so in the future
- Consumers are embracing quiet luxury with nearly 3 in 4 surveyed agreeing:
- They care more about craftsmanship and sustainability than the designer label (71%)
- And would rather spend money on premium brands than inexpensive fast fashion brands (70%)
- Top attributes consumers surveyed consider when purchasing or renting from a luxury brand are:
- High quality products (78%)
- Brand values (68%)
- Unique items (67%)
- Sustainability (67%)
Travelers Turn to Booking Strategies and Social Media to Plan Trips
- More than 8 in 10 (84%) consumers surveyed have used go-to travel booking strategies in the past 6 months, including:
- 38% who choose a hotel that offers complimentary breakfast
- 30% who travel with carry-on only to save on baggage fees
- 30% who book a trip on a specific date/time that seems less popular
- 51% of consumers surveyed like to have a full itinerary going into a trip but 49% like to go into a trip with little to no plans
- The most popular things travelers look to social media for when trip planning are restaurant recommendations (49%), landmarks to visit (49%) and top things to do at their destination (46%)
- Over one-third of consumers surveyed (36%) want to show off their travels to impress their followers on social media, increasing to nearly half (49%) for Millennials and Gen-Z
- And, nearly 3 in 4 (72%) of Millennials and Gen-Z surveyed have participated in social media trends while on vacations, with plane views (34%) and lists of things to do/places to see at the destination (31%) being most popular
Consumers Hungry for Dining Hot Spots
- Almost 8 in 10 (79%) consumers surveyed report are dining out more often or about the same this year compared to last year
- Where they choose to dine differs by location:
- US and Canadian consumers surveyed are more likely to dine out at independently owned restaurants compared to other marketsAustralian consumers surveyed are most likely to dine out at fine dining restaurants compared to other markets
- Australian and Mexican consumers surveyed are more likely to get takeout or delivery a few times a month compared to other markets
- And when it comes to dining out at restaurants:
- 85% of consumers surveyed agree they view it as a way to treat themselves
- 76% of consumers surveyed agree they value the restaurant aesthetic and food equally
- 53% of consumers surveyed agree they prefer to eat at hot new restaurants over upscale restaurants for special occasions
- Nearly half (44%) agree that they jump at the chance to get hard-to-get reservations at popular restaurants
WHAT IS THE AMEX TRENDEX?
The Amex Trendex is a trend index that tracks how consumers, small businesses, and retailers are feeling about spending, saving, traveling and more. The survey does not represent Amex customer spending data or trends.
AMEX TRENDEX METHODOLOGY
*This Morning Consult poll was conducted between August 17 – 29, 2023 among a national sample of 7,400 travelers – 2,000 travelers in the US, 1,000 travelers in Australia, Canada, Japan, Mexico, UK and 400 travelers in Hong Kong who have a household income of at least a $50k+ equivalent and defined as adults who typically travel by air at least once a year. The interviews were conducted online. Results from the full survey have a margin of error of plus or minus 2-5 percentage points. Some geographies may be weighted with fewer variables depending on local census data availability.
MEDIA CONTACTS
Margaret Manning, Margaret.K.Manning@aexp.com
Becky Brescacin, Becky.Brescacin@aexp.com
